58.1-2655 - Assessment by Department and Commission.
§ 58.1-2655. Assessment by Department and Commission.
A. The Tax Commissioner shall annually assess for local taxation the value ofthe real and tangible personal property, including real property used forcommon carrier purposes, of each railroad, except for nonoperating(noncarrier) property which shall be assessed pursuant to § 58.1-3201, uponthe best and most reliable information that can be procured, and to this endshall be authorized and empowered to send for persons and papers. The TaxCommissioner shall also assess upon the rolling stock of such railroads thetaxes imposed by § 58.1-2652.
B. The Commission shall assess the average value of the rolling stock of eachmotor vehicle carrier used in the Commonwealth.
In the case of an interstate carrier, the rolling stock used in theCommonwealth shall be deemed to be that portion of the total rolling stock,owned or operated on the public highways of the Commonwealth, multiplied by afraction wherein the numerator is the total vehicle miles traveled by suchrolling stock in the Commonwealth and the denominator is the total vehiclemiles traveled both within and without the Commonwealth on such operations asare related to the Commonwealth.
C. The Tax Commissioner shall assess, from the best and most reliableinformation that can be obtained, upon the rolling stock of a freight carcompany the taxes imposed by § 58.1-2652.
D. No local property taxes shall be imposed upon the rolling stock of arailroad or a freight car company.
(Code 1950, §§ 58-529, 58-558, 58-620; 1972, c. 813; 1978, c. 784; 1983, c.570; 1984, c. 675; 1985, c. 30; 1992, c. 388.)