Whig and tribune. [volume] (Jackson, Tenn.) 1870-1877, 1873-04-19

| mat llOu mast mixed tcr me,
But IN the spirit Of thy son
Teach me 10 say "Thy viii be done
THE ASSESSMENT LAW.
The new assessment law recently
passed by the Legislature aud ap-
proved by the Governor on the 25th
of March, is so important in its
bearings upon the revenues of the
State, that we make the following
synopsis of its provisions
An property, real, personal and
mixed, is assessed for taxation.
except property belonging to the
United States, the State of Tennes-
see, to any county or Incorporated
city or town in the State, used for
public or corporation purposes, ex-
clHsively; property of religious.
charitable, scientific, literary or
educational purposes for which the
Institution was created, not exceed
ing 1000; property belonging to
schools, colleges, academies, &c,
not exceeding $4,000; and all real
estate worth not more than $4,000.
owned by agricultural and mechan-
ical associations, used by them for
such purposes; all cemeteries, pla-
ces Of burial, and monuments of the
dead; all roads, streets, alleys and
promenades, for public use, free of
charge; all growing crops the direct
product of the soil in the hands of
the producer or his immediate ven
dee; all personal proper TO the
value of 81 900.
Now for the property assessed.
All assessments are to be made in
the name of the person owning the
property on the 10th day Of Janu-
ary; to assess the property at its
market value on a credit of one and
two years, deducting 10 per cent in
gross to assess personal property
at the same value as if taken in paw
ment of just debt, in cash, from a
solvent debtor, to be assessed in the
district or ward in which it lies or
is known TO be at the time of assess
ment; but all stocks IN banks, bank
ing associations or other corpora
tions, or joint stock COMPANIES.
shall be assessed in the place, town,
ward or district in which they are
located.
In assessing real estate must be
shown the description of the proper
| ty, the name of the owner, the value
Of the land or lot, including inn
provements; the value of mills,
manufactures, distilleries, brewer
les, foUndries, and other buildings
used for similar purposes; the num-
Der Of town lots, and the block in
which the property is in whole or
in part, the name of the street, ave-
nue., alley or road on which it fronts,
and the front feet thereon, unless it
can be more conveniently given in
acres.
Personal property shall be assess
cd under the following heads:
First. The actual stock in each bank. or
| banking, insurance, or other stock comma
ny or corporation invested in business.
| Second. Stocks ef merchandise, wares
goods, and chattels kept on hand, or in
store, fer sale, trade or traffic
Third. Merchandise, wares goods and
chattels, sold at auction, or on commits
| sion.
Fourth. Notes, due bills, negotiable pa-
per, and accounts on solvent persons, or
parties believed TO be solvent, and ali other
! assets, including cash on hand, or on de-
pOsit in this State or elsewhere.
Fifth. All bonds, stocks and other like
| securities, other than such as are exempt
from taxation by the laws Of the United
States, or Of this State.
Sixth. Stations, mares, gcldincs IacLs
jennets, cattle, sheep and hogs.
Seventh. Watches, plate, jewelry. nj.
amos, and household and kitchen f1rni-
ture.
Eighth. Carriages, buggies. and all
other wheeled vehicles Of pleasure or
profit.
Ninth. Machinery, engines, presses.
looms, steamboats,, ferryboats and tools and
| implements Of all pursuits and industry,
| for gain or profit.
Tenth. All other personal property.
/ Eleventh. The amount Of income de
rived from United States bonds and ali
other stocks, and bonds not taxed qd re-
/ loren.
No tax to be assessed upon the
| capital of any bank, banking asso-
citation or joint stock company or
/ ganized under authority of the
| United States; but stockholders in
such shall be assessed on the value
of their shares therein, and said
shares shall be included in the valu-
alton of personal property of such
stockholders, in the place where the
same is located, and not elsewhere,
but not at greater rate than is as
sessed upon the capital in the hands
of individuals in this State, and all
real estate held by banking or other
corporations to be assessed as other
real estate Bankers doing business
under the laws of this State: eyerv
banker doing business under the
laws of this State, to declare on
oath the amount OF capital invested
in such business, and each one hum
dred dollars is declared to be a
share, and such shares are declared
to be personal property; if the
banker have partners he must state
on oath the number of shares held
by eaeh--if he have no partners he
shall be held to be the sole owner.
and is to be taxed in the place OF
location, and not elsewhere; each
bank must keep full and correct
list of the names and residences OF
all stockholders, and the number OF
shares held by each; said list to be
open for the inspection of the asses
sor, at all times; lien is declared
upon the stock, TO secure the pay
ment of taxes thereon; and it is
made the duty Of the managing OIL
GERS of each bank to retain from the
dividends, a sufficient amount to
pay all taxes assessed against any
stockholders therein; the privileges
of Savings banks, &c, are declared
to be personal property, and liable
to taxation, on any surplus, and are
liable for taxation on all such sur
plus; that goods, wares and mer-
chandise and chattels sold at auction
or commission, TO ascertain the
gross amount and return one third
for taxation; merchants are requir.
ed to pay an al UdIOreBI tax on capi.
tai invested, equal TO that levied
/ upon other taxable property; and
the term merchant" as here used
includes all persons or copartner.
ships engaged in trading or doing
any kind of business, whether on
land or water in this State. All
merchants are required under pen.
atty of 500 for each days neglect,
to take out privilege license; mer,
chants are required to enter into
bond to make annual statements un.
der oath of the amount of capital
invested, and to pay the tax there.
on; merchants continuing in bust.
ness are required to renew theiI
, license, at expiration; it is made the