58.1-410 - Valuation of property owned or rented.
§ 58.1-410. Valuation of property owned or rented.
Property owned by the corporation shall be valued at its original cost plusthe cost of additions and improvements. Property rented by the corporationshall be valued at eight times the annual rental rate paid by thecorporation. The value of movable tangible personal property used both withinand without the Commonwealth shall be included in the numerator to the extentof its utilization in the Commonwealth. The extent of such utilization shallbe determined by multiplying the total value of such property by a fraction,the numerator of which is the number of days of physical location of theproperty in the Commonwealth during the taxable period and the denominator ofwhich is the number of days of physical location of the property everywhereduring the taxable period. The number of days of physical location of theproperty may be determined on a statistical basis or by such other reasonablemethod acceptable to the Department.
(Code 1950, § 58-151.043; 1971, Ex. Sess., c. 171; 1981, c. 402; 1984, c.675.)