                                 CODE OF VIRGINIA

WHAT REAL ESTATE TO BE TAXED; AMOUNT OF ASSESSMENT; PUBLIC SERVICE CORPORATION
PROPERTY (§ 58.1-3201)

All real estate, except that exempted by law, shall be subject to such annual
taxation as may be prescribed by law.
		All general reassessments or annual assessments in those localities which have
annual assessments of real estate, except as otherwise provided in § 58.1-2604,
shall be made at 100 percent fair market value and, except as provided in §
58.1-2608, the State Corporation Commission and the Department of Taxation shall
certify public service corporation property to such county or city, with the
exception of the nonoperating (noncarrier) property of railroads, on the basis
of the assessment ratio as most recently determined and published by the
Department of Taxation. The Department of Taxation shall, ten days after
determining the assessment ratio, notify the locality of that determination and
the basis on which the determination was made. Nonoperating (noncarrier)
property of railroads shall be valued for assessment by the city or county in
which it is located uniformly with similarly situated real estate in the same
jurisdiction upon the best and most reliable information that can be procured.
The Tax Commissioner shall determine which property is part of the operating
unit of the railroads and which is nonoperating (noncarrier) property for
purposes of the report described in § 58.1-2653. Such determination shall be
made in accordance with the meaning of such terms in the Interstate Commerce
Commission&#8217;s Uniform System of Accounts. The inclusion, or failure to
include, property in such report described in § 58.1-2653 may be reviewed and
redetermined by the Tax Commissioner at the request of any railroad, county,
city, town or magisterial district.

HISTORY: Code 1950, § 58-760; 1982, c. 619; 1983, cc. 556, 570; 1984, c. 675;
1985, c. 30.