Every bank which qualifies as a bank under § 58.1-1201,
Code of Virginia, 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 State of Virginia
rate of taxation only upon such proportion of the taxable value of
the net capital under § 58.1-1204, Code of Virginia, as
the total deposits of such branch office located inside the Town bear
to the total deposits of the bank as of the end of the preceding year.
Every bank which qualifies as a bank under § 58.1-1201,
Code of Virginia, as amended, and which is located within the Town
shall pay an annual Town tax of 80% of the State of Virginia rate
of taxation for each $100 of the net capital of such bank as set forth
in § 58.1-1204, 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, Code of Virginia.
