                                 CODE OF VIRGINIA

LOCAL TAXATION OF REAL AND TANGIBLE PERSONAL PROPERTY OF RAILROADS (§
58.1-2607)

A. Notwithstanding the provisions of &#xA7;&#xA7; 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 &#xA7; 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.

HISTORY: Code 1950, §§ 58-514.2:2, 58-522; 1972, c. 813; 1978, c. 784; 1979,
c. 160; 1983, c. 570; 1984, c. 675.