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AN ORDINANCE AMENDING AND REENACTING SECTION 148 OF
<br />CHAPTER 2 OF THE CODE OF THE CITY OF CHARLOTTESVILLE,
<br />1959, ENTITLED "ASSESSMENT OF PERSONAL PROPERTY - LISTS
<br />OF VALUATIONS; PERSONAL PROPERTY USED IN CONNECTION
<br />WITH BUSINESS, ETC."
<br />BE IT ORDAINED BY THE COUNCIL OF THE CITY OF CHARLOTTESVILLE THAT SECTION 148 OF CHAPTER 2 OF THE
<br />CODE OF THE CITY OF CHARLOTTESVILLE, 1959, ENTITLED "ASSESSMENT OF PERSONAL PROPERTY - LISTS OF VALUATIONS;
<br />PERSONAL PROPERTY USED IN CONNECTION WITH BUSINESS, ETC." BE AND THE SAME IS HEREBY AMENDED AND REENACTED
<br />TO READ AS FOLLOWS:
<br />SECTION 148. ASSESSMENT OF PERSONAL PROPERTY - LISTS OF VALUATIONS;
<br />PERSONAL PROPERTY USED IN CONNECTION WITH BUSINESS, ETC.
<br />THE COMMISSIONER OF REVENUE SHALL FURNISH TO EACH PERSON FORMS FOR LIST OF VALUATIONS, AS PROVIDED BY
<br />STATE LAWS, AND SUCH PERSON SHALL, WITHIN THE TIME AND IN THE MANNER THEREIN MENTIONED, MAKE OUT AND DELIVER
<br />TO THE COMMISSIONER SWORN STATEMENTS OF ALL PERSONAL ESTATE, MONIES, CONTRACTS AND CREDITS WHICH SUCH PERSON
<br />IS REQUIRED, BY THE LAWS OF VIRGINIA AND THIS CHAPTER, TO LIST; PROVIDED, HOWEVER, THAT SUCH PERSON MAY
<br />ELECT TO REPORT BY THE ALTERNATE PERSONAL PROPERTY TAX METHOD, AS HEREINAFTER SET FORTH, IN WHICH CASE
<br />THE ABOVE STATEMENTS ARE NOT REQUIRED EXCEPT FOR ALL MOTOR VEHICLES, TRAILERS AND BOATS OWNED BY SUCH PERSON.
<br />IN LIEU OF LISTING IN DETAIL HIS PERSONAL ESTATE LOCATED ON PROPERTY ON WHICH HE RESIDES, OTHER THAN OWNED
<br />MOTOR VEHICLES, TRAILERS AND BOATS, A PERSON MAY REPORT HIS TAX BASED ON THE FOLLOWING FORMULA: MULTIPLY
<br />BY12% THE ASSESSED VALUE OF HIS RESIDENCE, LOT AND IMPROVEMENTS THEREON; OR, IF HE DOES NOT OWN A RESIDENCE
<br />IN WHICH HE RESIDES, THEN MULTIPLY BY 50% THE ANNUAL RENT ON THE RESIDENCE OR APARTMENT IN WHICH HE RESIDES,
<br />THE ANNUAL RENT BEING 12 TIMES THE MONTHLY RENT. IF THE ALTERNATE METHOD IS USED THE INFORMATION PROVIDED
<br />BY THE PERSON FOR DETERMINATION OF THE TAX BY THAT METHOD SHALL BE SWORN TO AS FOR THE LIST OF VALUATIONS.
<br />IN ASSESSING THE VALUE OF MACHINERY, TOOLS AND OTHER TANGIBLE PERSONAL PROPERTY, EXCEPT AUTOMOTIVE
<br />VEHICLES, USED OR HELD IN CONNECTION WITH ANY MINING, MANUFACTURING OR OTHER BUSINESS, TRADE, OCCUPATION OR
<br />PROFESSION, THE COMMISSIONER OF REVENUE SHALL REQUIRE EACH PERSON MAKING A RETURN ON SUCH PROPERTY TO FILE
<br />UNDER OATH A COPY OF THE DEPRECIATION SCHEDULE FILED WITH THE PERSON'S MOST RECENTLY FILED FEDERAL INCOME
<br />TAX RETURN ON SUCH PROPERTY LISTED ON THE PERSON'S BOOKS ON THE FIRST DAY OF JANUARY OF THE YEAR IN WHICH
<br />THE ASSESSMENT IS MADE. ALL SUCH PROPERTY REQUIRED TO BE INCLUDED ON SUCH SCHEDULE AND IN ADDITION, (1)
<br />THE ORIGINAL BOOK COST, BEFORE DEPRECIATION, OF ALL SUCH PROPERTY ACQUIRED AFTER THE DATE AS OF WHICH SUCH
<br />DEPRECIATION SCHEDULE WAS MADE AND LISTED ON THE PERSON'S BOOKS ON THE FIRST DAY OF JANUARY OF THE YEAR IN
<br />WHICH THE ASSESSMENT IS MADE AND (2) THE ORIGINAL BOOK COST, BEFORE DEPRECIATION, OF ALL SUCH PROPERTY USED
<br />OR HELD IN CONNECTION WITH ANY SUCH BUSINESS, TRADE, OCCUPATION OR PROFESSION, BUT NOT LISTED ON THE PERSON'S
<br />BOOKS ON THE AFORESAID DATE BECAUSE IT HAD BEEN FULLY DEPRECIATED SHALL BE SHOWN ON SUCH SCHEDULE. SUCH
<br />INFORMATION SHALL BE USED AS A BASIS OF ASSESSMENT, WHICH SHALL BE AT THE FAIR MARKET VALUE OF SUCH MACHINERY,
<br />TOOLS AND OTHER TANGIBLE PERSONAL PROPERTY. IN THE EVENT ORIGINAL BOOK COST FIGURES ARE NOT AVAILABLE, THE
<br />PERSON MAKING SUCH RETURN SHALL MAKE A BONA FIDE EFFORT TO ESTIMATE THEM. IN ANY CASE IN WHICH THE COMMISSIONER
<br />OF REVENUE HAS REASON TO BELIEVE THAT ANY RETURN MADE ON ANY SUCH MACHINERY, TOOLS AND OTHER TANGIBLE PERSONAL
<br />PROPERTY BY ANY PERSON IS INADEQUATE, THE COMMISSIONER OF REVENUE SHALL, IN ADDITION TO SUCH OTHER POWERS AS
<br />HE MAY HAVE, BE AUTHORIZED TO EXAMINE, OR CAUSE TO BE EXAMINED, ANY AND ALL BOOKS AND RECORDS OF THE PERSON
<br />MAKING SUCH RETURN AND MAY ALSO REQUIRE THE ATTENDANCE AT HIS OFFICE OF THE PERSON MAKING SUCH RETURN AND
<br />EXAMINE SUCH PERSON UNDER OATH CONCERNING THE SAME.
<br />THE TERM "ORIGINAL BOOK COST", WHENEVER USED IN THIS SECTION, SHALL BE CONSTRUED TO MEAN THE INVOICE
<br />PRICE AT THE TIME OF PURCHASE, PLUS ALL FREIGHT AND HANDLING CHARGES, PLUS ALL INSTALLATION COSTS.
<br />x
<br />, --jCLERK-)
<br />ADOPTED BY THE COUNCIL
<br />JULY 17, 1961
<br />AYES: MR. LEE, MR. MICHIE, MR. MOUNT AND
<br />MR. SCRIBNER.
<br />NOES: NONE. (MR. HAGGERTY ABSENT)
<br />PRESIDENT
<br />
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