Real and leased tangible personal property of banks to be assessed as other real and personal property
Known as the Virginia Bank Franchise Tax Act
The act spans §§ 58.1-1200 to 58.1-1217 (19 sections).
Code 1950, § 58-485.05; 1980, c. 578; 1984, c. 675.
A. The real estate of all banks shall be assessed on the land books with the same taxes with which other real estate is assessed.
B. The tangible personal property of all banks which is leased for a consideration to customers or other lessees shall be assessed on the personal property books with the same taxes with which other tangible personal property held for lease is assessed.
Official source: Virginia Law Portal (LIS). Reproduced from public-domain Virginia statutes; confirm against the official source for the current text. Not legal advice.