58.1-2607 - Local taxation of real and tangible personal property of railroads. - Virginia Statutes

§ 58.1-2607. Local taxation of real and tangible personal property ofrailroads.

A. Notwithstanding the provisions of §§ 58.1-2604 and 58.1-2606, andbeginning with assessments initially effective January 1, 1980, allassessments of real estate and tangible personal property of railroads shallbe made by application of the local assessment ratio prevailing in suchtaxing district for other real estate as determined or published by theDepartment, except that land and noncarrier property shall be assessed asprovided in § 58.1-2609.

B. The real estate and tangible personal property (other than the rollingstock) of every railway company, but not its franchise, shall be assessed onthe 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 suchrespective locality.

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