SEC 178 The amount of such franchise tax shall be equal to one per centum of the gross transportation receipts of such corporation, for the year ending June the thirtieth of each year, to be ascertained by the State Corporation Commission, in the following manner:
(a) When the road or canal of the corporation lies wholly within this State, the tax shall be equal to one per centum of the entire gross transportation receipts of such corporation
(b) When the road or canal of the corporation lies partly within and partly without this State or is operated as a part of a line or system extending beyond this State, the tax shall be equal to one per centum of the gross transportation receipts earned within this State, to be determined as follows: By ascertaining the average gross transportation receipts per mile over its whole extent within and without this State, and multiplying the result by the number of miles operated within this State provided, that from the sum so ascertained there may be a reasonable deduction because of any excess of value of the terminal facilities or other similar advantages in other states over similar facilities or advantages in this State.
SEC 179 Each corporation mentioned in sections One Hundred and Seventy six and One Hundred and Seventy seven shall annually, on the first day of September, make to the State Corporation Commission the report which the law, in force January the first, nineteen hundred and two, required to be made annually to the Board of Public Works by every railroad and canal company in this State, not exempt from taxation by virtue of its charter, which report shall also show the property taxable in this State belonging to the corporation on the thirtieth day of June preceding, and its total gross transportation receipts for the year ending on that date. Upon receiving such report the State Corporation Commission shall, after thirty days' notice previously given, as provided by said law, assess the value of the property not exempt from taxation, of the corporation, and ascertain the amount of the franchise tax and other state taxes chargeable against it. All taxes for which the corporation is liable shall be paid on or before the first day of December following the provisions of said law, except as changed by this article shall apply to the ascertainment and collection of the franchise, as well as other taxes of such corporations. Said taxes, until paid, shall be a lien upon the property within this State of the corporation owning the same, and take precedence of all other liens or incumbrances.
SEC. 180 Any corporation aggrieved by the assessment and ascertainment made under sections One Hundred and Seventy six and One Hundred and Seventy eight may, within thirty days after receiving a certified copy thereof, apply for relief to the circuit court of the city of Richmond Justice of the application, setting forth the grounds of complaint, verified by affidavit, shall be served on the State Corporation Commission, and on the Attorney General whose duty it shall be to represent the State. The court, if of opinion that the assessment or tax is excessive shall reduce the same, but if of opinion that it is insufficient, shall increase the same. Unless the applicant paid the taxes under protest, when due, the court, if it disallow the application, shall give judgment against it for a sum, by way of damages, equal to interest at the rate of one per centum per month upon the amount of taxes from the time the same were payable. If the application be allowed, in whole or in part, appropriate relief shall be granted, including the right to recover any excess of taxes that may have been paid, with legal interest thereon, and costs, from the State or local authorities, or both, as the case may be, the judgment to be enforceable by mandamus or other proper process issuing from the court finally adjudicating the application. Subject to the provisions of Article Six of this Constitution, the Supreme Court of Appeals may allow a court of error to either party.
SEC. 181. As of January the first, nineteen hundred and three, the system of taxation, as to the corporations mentioned in sections One Hundred and Seventy six and One Hundred and Seventy seven, shall be as set forth in sections One Hundred and Seventy six to One Hundred and Eighty, inclusive, and for that year the franchise tax shall be based upon such gross receipts for the year ending the thirtieth day of June, nineteen hundred and three, and such system shall so remain until the first day of January, nineteen hundred and thirteen, and thereafter until modified or changed, as may be prescribed by law provided, that, if the said system shall for any reason become inoperative, the General Assembly shall have power to adopt some other system.
SEC. 182. Until otherwise prescribed by law, the shares of stock issued by trust or security companies chartered by this State, and by incorporated banks, shall be taxed in the same manner in which the shares of stock issued by incorporated banks were taxed, by the law in force January the first, nineteen hundred and two, but from the total assessed value of the shares of stock of any such company or bank, there shall be deducted the assessed value of its real estate otherwise taxed in this State, and the value of each share of stock shall be its proportion of the remainder.
SEC. 183. Except as otherwise provided in this Constitution, the following property and no other, shall be exempt from taxation, state and local, but the General Assembly may hereafter tax any of the property hereby exempted save that mentioned in sub-section (a)
(a) Property directly or indirectly owned by the State, however held, and property lawfully owned and held by counties, cities, towns, or school districts, used wholly and exclusively for county, city, town, or public school purposes, and obligations issued by the State since the fourteenth day of February, eighteen hundred and eighty two or hereafter exempted by law. (b) Buildings with land they actually occupy, and the furniture and furnishings therein lawfully owned and held by churches or religious bodies, and wholly and exclusively used for religious worship, or for the residence of the minister of any such church or religious body, together with the additional adjacent land reasonably necessary for the convenient use of any such building.
(c) Private family burying grounds not exceeding one acre in area, reserved as such by will or deed or shown by other sufficient evidence to be reserved as such, and so exclusively used, and public burying grounds and lots therein exclusively used for burial purposes, and not conducted for profit, whether owned or managed by local authorities or by private corporations.