VIRGINIA LAW PORTAL

• Code of Virginia
• Virginia Administrative Code
• Constitution of Virginia
• Charters
• Authorities
• Compacts
• Uncodified Acts
• RIS Users (account required)

SEARCHABLE DATABASES

• Bills & Resolutions
  session legislation
• Bill Summaries
  session summaries
• Reports to the General Assembly
  House and Senate documents
• Legislative Liaisons
  State agency contacts

ACROSS SESSIONS

• Subject Index: Since 1995
• Bills & Resolutions: Since 1994
• Summaries: Since 1994

Developed and maintained by the Division of Legislative Automated Systems.

1999 SESSION

• history | hilite | pdf | print version

CHAPTER 866 An Act to amend and reenact § 58.1-2606 of the Code of Virginia, relating to local taxation of real and tangible personal property of public service corporations. [H 2092] Approved March 29, 1999

Be it enacted by the General Assembly of Virginia:

1. That § 58.1-2606 of the Code of Virginia is amended and reenacted as follows:

§ 58.1-2606. Local taxation of real and tangible personal property of public service corporations.

A. Notwithstanding the provisions of this section and §§ 58.1-2607 and 58.1-2690, all local taxes on the real estate and tangible personal property of public service corporations referred to in such sections shall be at the real estate rate applicable in the respective locality. Property, however, which has not been equalized as provided for in § 58.1-2604 shall continue to be assessed at forty percent of fair market value and taxed at the nominal rate applicable to public service corporation real property for the taxable year immediately preceding the year such locality assesses as provided in § 58.1-3201. If the resulting effective tax rate for such unequalized public service corporation property in any county, city or town is less than the effective tax rate applicable to other real property therein, the locality shall adjust such nominal rate to equalize the effective tax rate on such public service corporation property with the effective tax rate applicable to other real property.

B. The assessed valuation of any class of property taxed as tangible personal property by any county, city or town before January 1, 1966, may continue to be taxed at rates no higher than those levied on other tangible personal property on January 1, 1966. On January 1, 1967, one-twentieth, and on each subsequent January 1 for nineteen years an additional one-twentieth, of the assessed valuation of such tangible personal property on January 1, 1966, shall be taxed at the real estate rate and the remainder may continue to be taxed at a rate no higher than the rate levied on tangible personal property on January 1, 1966. After December 31, 1985, the whole shall be taxed at the full local real estate tax rate.

C. Notwithstanding any of the foregoing provisions, all aircraft, automobiles and trucks of such corporations shall be taxed at the same rate or rates applicable to other aircraft, automobiles and trucks in the respective locality.