                                 CODE OF VIRGINIA

MERCHANTS&#8217; CAPITAL SUBJECT TO LOCAL TAXATION; RATE LIMIT (§ 58.1-3509)

The capital of merchants is segregated for local taxation only; however, no
county, city or town shall be required to impose a tax on such capital. However,
no rate or assessment ratio in any county, city or town for merchants&#8217;
capital shall be greater than such rate and ratio as was in effect in such
county, city or town on January 1, 1978.

HISTORY: Code 1950, §§ 58-266.1, 58-832; 1950, p. 155; 1956, c. 242; 1964, c.
424; 1968, c. 619; 1970, cc. 231, 547; 1974, cc. 196, 438; 1975, cc. 23, 621;
1976, cc. 521, 719; 1977, c. 320; 1978, cc. 772, 799, 817; 1979, cc. 565, 568,
570; 1980, cc. 318, 736; 1981, cc. 419, 636; 1982, cc. 348, 548, 552, 554, 558,
633; 1983, c. 554; 1984, cc. 247, 675, 695; 1999, c. 200.