[Amended 6-18-1991 by Ord. No. 1991-1]
Every bank which qualifies as a bank under § 58.1-1201
of the Code of Virginia of 1950, as amended, and which is located
within the Town shall pay an annual Town tax of 80% of the Commonwealth
of Virginia rate of taxation for each $100 of the net capital of such
bank as set forth in § 58.1-1204 of the Code of Virginia;
but if such bank also has offices (branches) located outside the corporate
limits of the Town, the tax imposed hereunder shall be apportioned
as provided in § 58.1-1211 of the Code of Virginia.
[Amended 6-18-1991 by Ord. No. 1991-1]
Every bank which qualifies as a bank under § 58.1-1201
of the Code of Virginia of 1950, as amended, whose principal office
is located outside the Town and which has a branch office of the bank
located within the Town shall pay an annual Town tax of 80% of the
Commonwealth of Virginia rate of taxation only upon such proportion
of the taxable value of the net capital under § 58.1-1204
of the Code of Virginia as the total deposits of such branch office
located inside the Town bears to the total deposits of the bank as
of the end of the preceding year.
