§ 58.1-2607. Local taxation of real and tangible personal property of railroads
A. Notwithstanding the provisions of §§ 58.1-2604 and 58.1-2606, and beginning with assessments initially effective January 1, 1980, all assessments of real estate and tangible personal property of railroads shall be made by application of the local assessment ratio prevailing in such taxing district for other real estate as determined or published by the Department, except that land and noncarrier property shall be assessed as provided in § 58.1-2609.
B. The real estate and tangible personal property (other than the rolling stock) of every railway company, but not its franchise, shall be assessed on the valuation fixed by the Department and shall be taxed by a county, city, town, and magisterial district at the real estate tax rate applicable in such respective locality.
(Code 1950, §§ 58-514.2:2, 58-522; 1972, c. 813; 1978, c. 784; 1979, c. 160; 1983, c. 570; 1984, c. 675.)
Sections: Previous 58.1-2600 58.1-2601 58.1-2602 58.1-2603 58.1-2604 58.1-2605 58.1-2606 58.1-2607 58.1-2608 58.1-2609 58.1-2610 58.1-2611 58.1-2612 58.1-2620 58.1-2621 NextLast modified: April 16, 2009