58.1-3917 - Assessment of public service corporations in such cases. - Virginia Statutes

§ 58.1-3917. Assessment of public service corporations in such cases.

A. In any locality which requires payment of real estate taxes ininstallments, the assessment by the State Corporation Commission or theDepartment of the properties of public service corporations for the precedingyear shall be taken as the assessment of such properties for levying taxesand collecting installments thereon, until the regular annual assessment ofsuch properties by the Commission or the Department for the current year iscompleted as otherwise provided by law; and, upon the payment of the finalinstallment of such taxes to any county, city or town by any such publicservice corporation, the total of such taxes for the current year shall beadjusted between such county, city or town and such public servicecorporation on the basis of the assessment by the Commission or theDepartment for the current year.

B. The State Corporation Commission or the Department may, upon theapplication of any such public service corporation or any such city or townfiled on or before the fifteenth day of January in any year, amend itsassessment for the preceding year by increasing or decreasing the same, byreason of any improvements or additions thereto, or proper deductionstherefrom, or other changes affecting the assessment of the properties ofsuch corporation within the preceding year, such increases, decreases andchanges to be subject to adjustment by the Commission or the Department untilthe regular annual assessment of the properties of the corporation iscompleted by the Commission or the Department.

(Code 1950, §§ 58-848, 58-849; 1974, c. 293; 1983, c. 570; 1984, c. 675.)