58.1-3663 - Partial taxation by one political subdivision of utility property owned by another.
§ 58.1-3663. Partial taxation by one political subdivision of utilityproperty owned by another.
A. In the event any land or buildings constituting any portion of any watersystem or other public utility owned directly or indirectly by any politicalsubdivision of the Commonwealth is legally assessable for taxation by anypolitical subdivision other than the owner of such public utility, suchproperty located without the limits of such owner shall be assessed only forthe portion of fair market value thereof in the proportion that the grossrevenues of the utility derived from consumers outside of the limits of theowner bears to the gross revenues derived from the whole utility. Suchproportion for each year shall be based on the gross revenues of the yearnext preceding. The commissioner of revenue shall each year so extend theassessment on his books.
B. The owner of such utility shall annually on or before April 1 report, tothe commissioner of the revenue of the county in which any of such propertyis located, the gross revenues of the utility derived from consumers outsideof the limits of the owner as well as the gross revenues derived from thewhole utility. The books of the owner shall at all reasonable times be opento the inspection of the commissioner of the revenue of any such county forthe ascertainment of such proportion of the revenues.
C. The provisions of this section shall not apply to any land or buildingsacquired by any such political subdivision by condemnation, purchase orotherwise for any such public utility unless the same is actually used andnecessary for such public utility.
(Code 1950, § 58-19; 1984, c. 675.)