Richmond, Fredericksburg & Potomac Railroad v. State Corp.

In this appeal of right, we review the assessment established by the State Corporation Commission for the 1975 tax year on 156 acres of real estate in Arlington County owned by the Richmond, Fredericksburg and Potomac Railroad Company.

The Constitution of Virginia and the pertinent statutes require the Commission to assess for local taxation the value of the real property of railroads and other public service corporations. Under the procedure, the Commission’s Division of Public Service Taxation initially determines the appraised property value. This valuation is furnished to the railroad and…