CHAPTER 590 AN ACT TO AMEND AN ACT TO PROVIDE FOR THE ASSESS- MENT OF PROPERTY AND THE COLLECTION OF TAXES. The General Assembly of North Carolina do enact: That chapter two hundred and fifty-one of the Public Laws of one thousand nine hundred and three be amended so as hereafter to read as follows: ARTICLE I. Boarp oF STATE TAx COMMISSIONERS.
Section 48. Manner of assessment. Said Corporation Commission shall first ascertain the TRUE cash value of the entire property owned by the said association, company, copartnership or corporation from said statements or otherwise for that purpose, taking the aggregate value of all the shares of capital stock, in case shares have a market value, and in case they have none, taking the actual value thereof or of the capital of said association, company, copartnership or corporation in whatever manner the same is divided, in case no shares of capital stock have been issued: Provided, however, that in case the whole or any portion of the property of such association, company, copartnership or corporation shall be encumbered by a mortgage or mortgages such board shall ascertain the TRUE cash value of such property by adding to the market value of the aggregate shares of stock or to the value of the capital; in case there should be no such shares, the aggregate amounts of such mortgage or mortgages, and the result shall be deemed and treated as the TRUE cash value of the property of such association, company, copartnership or corporation. Such Board of Corporation Commissioners shall, for the purpose of ascertaining the TRUE cash value of the property within the State of North Carolina, next ascertain from such statements, or otherwise, the assessed value for taxation in the localities where the same is situated, of the several pieces of real estate situated within the State of North Carolina and not specifically used in the general business of such associations, companies, copartnerships or corporations, which said assessed value for taxation shall be by said board deducted from the gross value of the property aS above ascertained. Said State Board of Corporation Commissioners shall next ascertain and assess the TRUE cash value of the property of the associations, companies, copartnerships or corporations within the State of North Carolina by taking as a guide, as far as practicable, the proportion of the whole aggregate value of said associations, companies, copartnerships or corporations as above ascertained, after deducting the assessed value of such real estate without the State which the length of lines of said associations, companies, copartnerships or corporations, in the case of telegraph and telephone companies within the State of North Carolina, bears to the total length thereof, and in the case of express companies and sleeping-car companies the proportion shall be the proportion of the whole aggregate value, after such deduction, which the length of the lines or routes within the State of North Carolina bears to the whole length of the lines or routes of such associations, companies, copartnerships or corporations, and such amount so ascertained shall be deemed and held as the entire value of the property of said associations, companies, copartnerships or corporations within the State of North Carolina. The Corporation Comumnission shall also assess the value for taxation of all real estate, structures, machinery and appliances of telegraph and telephone companies within the State subject to local taxation, and this assessment shall be certified by the Commission to the localities in which such property is situated. Irom the entire value of the property within the State so ascertained there shall be deducted by the Commissioners the assessed value for taxation of all real estate, structures, machinery and appliances within the State and subject to local taxation in the counties as hereinbefore described in sections 40, 41, 42, 43, 44 and 45 of this act, and the residue of such value so ascertained, after deducting therefrom the assessed value of such local properties, shall be by said board assessed to said association.