2006 Code of Virginia § 58.1-3201 - What real estate to be taxed; amount of assessment; public service corporation property

58.1-3201. What real estate to be taxed; amount of assessment; publicservice corporation property.

All real estate, except that exempted by law, shall be subject to such annualtaxation as may be prescribed by law.

All general reassessments or annual assessments in those localities whichhave annual assessments of real estate, except as otherwise provided in 58.1-2604, shall be made at 100 percent fair market value and, except asprovided in 58.1-2608, the State Corporation Commission and the Departmentof Taxation shall certify public service corporation property to such countyor city, with the exception of the nonoperating (noncarrier) property ofrailroads, on the basis of the assessment ratio as most recently determinedand published by the Department of Taxation. The Department of Taxationshall, ten days after determining the assessment ratio, notify the localityof that determination and the basis on which the determination was made.Nonoperating (noncarrier) property of railroads shall be valued forassessment by the city or county in which it is located uniformly withsimilarly situated real estate in the same jurisdiction upon the best andmost reliable information that can be procured. The Tax Commissioner shalldetermine which property is part of the operating unit of the railroads andwhich is nonoperating (noncarrier) property for purposes of the reportdescribed in 58.1-2653. Such determination shall be made in accordance withthe meaning of such terms in the Interstate Commerce Commission's UniformSystem of Accounts. The inclusion, or failure to include, property in suchreport described in 58.1-2653 may be reviewed and redetermined by the TaxCommissioner at the request of any railroad, county, city, town ormagisterial district.

(Code 1950, 58-760; 1982, c. 619; 1983, cc. 556, 570; 1984, c. 675; 1985,c. 30.)