CHAPTER 541

An Act relating to the assessment of property of public service corpora-
tions for local taxation and prescribing the procedure therefor.

[(S 258]
Approved April 5, 1966

Be it enacted by the General Assembly of Virginia:
1. §1. Any increase in the assessed valuation of any public service
corporation property in any taxing district shall be made by application
of the local assessment ratio prevailing in such taxing district for other
real estate as determined by the most recently published findings of the
Department of Taxation; 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
on January one, nineteen hundred sixty-six, (reduced by forty per centum
of the value of the amount, if any, by which total retirements since January
one, nineteen hundred sixty-six, exceed total additions since that date),
shall be assessed by application of the local assessment ratio as provided
above, and the remainder shall continue assessed by application of the
forty per centum assessment ratio as heretofore administered. Thereafter
the whole shall be assessed by application of the local assessment ratio
as provided above provided however, such property will be assessed at its
fair market value at the time of each assessment.

On request of any local taxing district in connection with any reas-
sessment of property representatives of the State Corporation Commission
shall consult with representatives of the district with regard to ascertain-
ment and equalization of values to help assure uniformity of appraisals
and assessments in accordance with the provisions of this act.

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