                                 CODE OF VIRGINIA

APPLICATION TO COURT TO CORRECT ERRONEOUS LOCAL ASSESSMENT RATIO (§
58.1-2670.1)

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&#8217;s ascertainment of the applicable local assessment
ratio prevailing for such taxing district as specified in subsection A of &#xA7;
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 &#xA7; 58.1-2604. This section shall apply only to counties,
cities and towns in which a public service corporation&#8217;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 &#xA7;
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 &#xA7; 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.

HISTORY: 1993, c. 528.