Va. Code » Title 58.1. Taxation » Subtitle II. Taxes Administered by Other Agencies » Chapter 26. Taxation of Public Service Corporations » Article 5. Rolling Stock Tax on Railroads, Freight Car Companies and Mo
Virginia Code

Va. Code Ann. § 58.1-2655 (2026)

Assessment by Department and Commission

✓ laws through the 2026 session (checked Sept. 2026)
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A. The Tax Commissioner shall annually assess for local taxation the value of the real and tangible personal property, including real property used for common carrier purposes, of each railroad, except for nonoperating (noncarrier) property which shall be assessed pursuant to § 58.1-3201, upon the best and most reliable information that can be procured, and to this end shall be authorized and empowered to send for persons and papers. The Tax Commissioner shall also assess upon the rolling stock of such railroads the taxes imposed by § 58.1-2652.

B. The Commission shall assess the average value of the rolling stock of each motor vehicle carrier used in the Commonwealth.

In the case of an interstate carrier, the rolling stock used in the Commonwealth shall be deemed to be that portion of the total rolling stock, owned or operated on the public highways of the Commonwealth, multiplied by a fraction wherein the numerator is the total vehicle miles traveled by such rolling stock in the Commonwealth and the denominator is the total vehicle miles traveled both within and without the Commonwealth on such operations as are related to the Commonwealth.

C. The Tax Commissioner shall assess, from the best and most reliable information that can be obtained, upon the rolling stock of a freight car company the taxes imposed by § 58.1-2652.

D. No local property taxes shall be imposed upon the rolling stock of a railroad or a freight car company.

Code 1950, §§ 58-529, 58-558, 58-620; 1972, c. 813; 1978, c. 784; 1983, c. 570; 1984, c. 675; 1985, c. 30; 1992, c. 388.

Notes of Decisions
Cited in 2 cases, 1990–1992 · leading case: Cnty. Bd. of Arlington Cnty. v. Commonwealth, 393 S.E.2d 194 (Va. 1990).
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Cnty. Bd. of Arlington Cnty. v. Commonwealth, 393 S.E.2d 194 (Va. 1990). · cites it 2× “” Furthermore, Code § 58.1-2655 directs the department annually to assess railroad real property “upon the best and most reliable information that can be procured.”
CSX Transp., Inc. v. Forst, 808 F. Supp. 517 (E.D. Va. 1992). · cites it 3× “” Va.Code § 58.1-2655 (1991). Notwithstanding this manifest grant of discretion to local authorities, the Supreme Court of Virginia has imposed some controls over assessments in light of the fair market value requirement contained in the Constitution.”
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