Before any motor vehicle is used by a motor carrier to transport property for compensation over the highways of the Commonwealth, the owner of the vehicle shall declare to the Department that the operation of such vehicle is for hire. Any passenger car, motorcycle, autocycle, or pickup or panel truck, as defined in § 46.2-100, subject to the declaration required by this section and determined pursuant to § 58.1-3523 to be (i) privately owned, (ii) leased pursuant to a contract requiring the lessee to pay the tangible personal property tax on such vehicle, or (iii) held in a private trust for nonbusiness purposes and registered with the Department as a personal vehicle shall be presumed to be used for nonbusiness purposes in determining whether such vehicle is a qualifying vehicle under § 58.1-3523 absent clear and convincing evidence to the contrary. Any declaration given pursuant to this section shall not create any presumption of business or commercial use of the vehicle or of business activity on the part of the vehicle owner, lessee, or operator for purposes of any state or local requirement.