A service charge is hereby levied and imposed upon
the property of the Virginia Port Authority and its instrumentalities
located within Warren County. The service charge shall be based on
the assessed value of such tax-exempt real estate and the amount of
cargo tonnage shipped through such property in the year preceding
the year in which such charge is assessed.
The assessed value of the Virginia Port Authority
real property in Warren County divided by the total assessed value
of real property owned by the Virginia Port Authority in all counties,
cities, or towns; and
The Virginia Port Authority cargo tonnage shipped
through Warren County divided by the total Virginia Port Authority
cargo tonnage shipped through all counties, cities and towns.
Such service charge rate for Warren County shall then
be applied to the product of the total Virginia Port Authority cargo
tonnage multiplied by $0.25.