CHAPTER 539

An Act to amend the Code of Virginia by adding a new section numbered
58-514.2, relating to the local taxation of the physical properties of
public service corporations.

(S 256]
Approved April 5, 1966

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia be amended by adding a new section num-
bered 58-514.2 as follows:

§ 58-514.2. Notwithstanding the provisions of §§ 58-518, 58-522,
58-544, 58-551, 58-578, 58-596, 58-602, 58-605 and 58-851 all local taxes
on the real estate and tangible personal property referred to in such sections
shall be at the same rate as is applicable to other real estate in the respective
locality, except that with respect to the assessed valuation of any class of
property taxed as tangible personal property by any taxing district before
January one, nineteen hundred sixty-six, such class of property may con-
tinue to be taxed by such taxing district at rates no higher than those levied
on other tangible personal property on January one, nineteen hundred sixty-
81x ; provided, however, that on January one, nineteen hundred sixty-seven,
one-twentieth, and on each subsequent January one for nineteen years an
additional one-twentieth, of the assessed valuation of such tangible personal
property on January one, nineteen hundred sixty-six, shall be taxed at the
real estate rate and the remainder may continue to be taxed at the tangible
personal property rate as provided above. Thereafter the whole shall be
taxed at the real estate rate as provided above. Notwithstanding any of
the foregoing provisions, all automobiles and trucks of such corporations
shall be taxed at the same rate or rates applicable to other automobiles
and trucks in the respective locality.

This act shall apply to the tax years beginning January one, nineteen
hundred sixty-seven.