                                 CODE OF VIRGINIA

VALUATION OF PROPERTY OWNED OR RENTED (§ 58.1-410)

Property owned by the corporation shall be valued at its original cost plus the
cost of additions and improvements. Property rented by the corporation shall be
valued at eight times the annual rental rate paid by the corporation. The value
of movable tangible personal property used both within and without the
Commonwealth shall be included in the numerator to the extent of its utilization
in the Commonwealth. The extent of such utilization shall be determined by
multiplying the total value of such property by a fraction, the numerator of
which is the number of days of physical location of the property in the
Commonwealth during the taxable period and the denominator of which is the
number of days of physical location of the property everywhere during the
taxable period. The number of days of physical location of the property may be
determined on a statistical basis or by such other reasonable method acceptable
to the Department.

HISTORY: Code 1950, § 58-151.043; 1971, Ex. Sess., c. 171; 1981, c. 402; 1984,
c. 675.