A. Subject to the limitations provided herein, any county, city, or town or public service corporation or other entity whose property is assessed by the State Corporation Commission or the Department of Taxation aggrieved by the Department of Taxation’s ascertainment of the applicable local assessment ratio prevailing for such taxing district as specified in subsection A of § 58.1-2604, may petition to the Circuit Court for the City of Richmond for correction of such ratio. Such petition must be filed within three months after the Department of Taxation gives notice of the applicable prevailing local assessment ratios to all counties, cities, towns, and to the Commission pursuant to subsection A of § 58.1-2604. This section shall apply only to counties, cities and towns in which a public service corporation’s property represents twenty-five percent or more of the total assessed value of real estate in such county, city or town.
B. Any proceeding maintained under this section shall name the Department of Taxation and the applicable public service corporation, other entity whose property is assessed by the State Corporation Commission or the Department of Taxation, and the county, city or town which is the taxing district, as respondents. The action shall be conducted in accordance with the Rules of the Supreme Court of Virginia applicable to suits in equity, and no trial by jury will be permitted.
C. If the Circuit Court finds the local assessment ratio as ascertained by the Department of Taxation to be erroneous, it shall determine the correct local assessment ratio and shall order the Department of Taxation to adopt the corrected ratio as its prevailing local assessment ratio and provide such corrected ratio to the Commission in accordance with subsection A of § 58.1-2604.
D. If a suit is commenced by any party under this section, the period of time for any county, city, town or public service corporation or other entity whose property is assessed by the State Corporation Commission in which to file a petition with the Commission, pursuant to § 58.1-2670, challenging the ascertainment of, or the assessment for taxation of, the value of any property of any public service corporation assessed by the Commission, shall commence to run on the date of the final order entered by the Circuit Court or, in the event of an appeal, on the date of the final order of the Supreme Court of Virginia.