58.1-3503 - General classification of tangible personal property.
§ 58.1-3503. General classification of tangible personal property.
A. Tangible personal property is classified for valuation purposes accordingto the following separate categories which are not to be considered separateclasses for rate purposes:
1. Farm animals, except as exempted under § 58.1-3505.
2. Farm machinery, except as exempted under § 58.1-3505.
3. Automobiles, except those described in subdivisions 7, 8 and 9 of thissubsection and in subdivision A 8 of § 58.1-3504, which shall be valued bymeans of a recognized pricing guide or if the model and year of theindividual automobile are not listed in the recognized pricing guide, theindividual vehicle may be valued on the basis of percentage or percentages oforiginal cost. In using a recognized pricing guide, the commissioner shalluse either of the following two methods. The commissioner may use allapplicable adjustments in such guide to determine the value of eachindividual automobile, or alternatively, if the commissioner does not utilizeall applicable adjustments in valuing each automobile, he shall use the basevalue specified in such guide which may be either average retail, wholesale,or loan value, so long as uniformly applied within classifications ofproperty. If the model and year of the individual automobile are not listedin the recognized pricing guide, the taxpayer may present to the commissionerproof of the original cost, and the basis of the tax for purposes of themotor vehicle sales and use tax as described in § 58.1-2405 shall constituteproof of original cost. If such percentage or percentages of original cost donot accurately reflect fair market value, or if the taxpayer does not supplyproof of original cost, then the commissioner may select another method whichestablishes fair market value.
4. Trucks of less than two tons, which may be valued by means of a recognizedpricing guide or, if the model and year of the individual truck are notlisted in the recognized pricing guide, on the basis of a percentage orpercentages of original cost.
5. Trucks and other vehicles, as defined in § 46.2-100, except thosedescribed in subdivisions 4, and 6 through 10 of this subsection, which shallbe valued by means of either a recognized pricing guide using the lowestvalue specified in such guide or a percentage or percentages of original cost.
6. Manufactured homes, as defined in § 36-85.3, which may be valued on thebasis of square footage of living space.
7. Antique motor vehicles, as defined in § 46.2-100, which may be used forgeneral transportation purposes as provided in subsection C of § 46.2-730.
8. Taxicabs.
9. Motor vehicles with specially designed equipment for use by thehandicapped, which shall not be valued in relation to their initial cost, butby determining their actual market value if offered for sale on the openmarket.
10. Motorcycles, all-terrain vehicles and off-road motorcycles as defined in§ 46.2-100, campers and other recreational vehicles, which shall be valued bymeans of a recognized pricing guide or a percentage or percentages oforiginal cost.
11. Boats weighing under five tons and boat trailers, which shall be valuedby means of a recognized pricing guide or a percentage or percentages oforiginal cost.
12. Boats or watercraft weighing five tons or more, which shall be valued bymeans of a percentage or percentages of original cost.
13. Aircraft, which shall be valued by means of a recognized pricing guide ora percentage or percentages of original cost.
14. Household goods and personal effects, except as exempted under §58.1-3504.
15. Tangible personal property used in a research and development business,which shall be valued by means of a percentage or percentages of originalcost.
16. Programmable computer equipment and peripherals used in business whichshall be valued by means of a percentage or percentages of original cost tothe taxpayer, or by such other method as may reasonably be expected todetermine the actual fair market value.
17. All tangible personal property employed in a trade or business other thanthat described in subdivisions 1 through 16 of this subsection, which shallbe valued by means of a percentage or percentages of original cost.
18. All other tangible personal property.
B. Methods of valuing property may differ among the separate categories, solong as each method used is uniform within each category, is consistent withrequirements of this section and may reasonably be expected to determineactual fair market value as determined by the commissioner of revenue orother assessing official; however, assessment ratios shall only be used withthe concurrence of the local governing body. A commissioner of revenue shallupon request take into account the condition of the property. The term"condition of the property" includes, but is not limited to, technologicalobsolescence of property where technological obsolescence is an appropriatefactor for valuing such property. The commissioner of revenue shall makeavailable to taxpayers on request a reasonable description of his valuationmethods. Such commissioner, or other assessing officer, or his authorizedagent, when using a recognized pricing guide as provided for in this section,may automatically extend the assessment if the pricing information is storedin a computer.
(Code 1950, §§ 58-829, 58-829.3, 58-829.5; 1960, c. 418; 1970, cc. 325, 655;1974, c. 445; 1975, cc. 47, 541; 1976, c. 567; 1978, cc. 155, 178, 656, 843;1979, c. 576; 1980, c. 412; 1981, c. 236; 1982, c. 633; 1984, cc. 675, 689;1985, c. 105; 1987, c. 568; 1991, cc. 253, 255; 1994, c. 827; 1996, c. 529;1997, cc. 192, 250, 433, 457; 2006, c. 896.)