Virginia Code 58.1-2658.1: Distribution of certain taxes collected.
The taxes assessed upon the rolling stock of railroads and freight car companies as provided in § 58.1-2652 shall be distributed in the following manner:
Terms Used In Virginia Code 58.1-2658.1
- City: means an independent incorporated community which became a city as provided by law before noon on July 1, 1971, or which has within defined boundaries a population of 5,000 or more and which has become a city as provided by law. See Virginia Code 1-208
- Department: means the Department of Taxation which is hereby designated pursuant to Article X, § 2 of the Constitution of Virginia as the central state agency to assess the real and personal property of railroads and pipeline transmission companies as defined herein. See Virginia Code 58.1-2600
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Town: means any existing town or an incorporated community within one or more counties which became a town before noon, July 1, 1971, as provided by law or which has within defined boundaries a population of 1,000 or more and which has become a town as provided by law. See Virginia Code 1-254
1. One-half shall be distributed to the counties, cities and incorporated towns of the Commonwealth in such percentage as the fair market value of roadway and track located in such county, city or town bears to the total fair market value of roadway and track in the Commonwealth.
2. One-half shall be distributed to the counties, cities and incorporated towns of the Commonwealth in such percentage as the miles of track located in such county, city or town bears to the total miles of track in the Commonwealth.
The Department shall determine the percentage of fair market value and of miles of track in the Commonwealth for each county, city and incorporated town to which it shall be entitled using the latest available information.
After ascertaining the amount of tax payable to each county, city and incorporated town, the Department shall certify to the Comptroller the respective sums to be paid and the Comptroller shall thereupon make payment to the treasurer or other proper fiscal officer of the localities the amounts respectively due them as certified by the Department. When received by the respective local political subdivisions, these payments shall constitute and be regarded as receipts for the general purpose of local government.
1985, c. 557.