Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1873-04-04
ASSESSMENT LAW.
An Act which Every Citizen Will
RenN.


One of the last and most important
acts Of the late General Assembly was
the passage, on the 22d of March, Of
an Act to provide more just and equit-
able laws, for the assessment and col
lection of revenue, for State and county
purposes; and to repeal all laws now in
force, whereby revenue is collected from
the assessment of real estate, personal
property, privileges and polls" 1t oc-
cupies six solid columns ia the Nash
vile Banner Of the Sd Of April. Our
space to-day only permits a liberal sum
mary of the leading features:
Section l. All property, real, personal
and mixed, shall be assessed for taxa
lion. except such as is declared exempt
10 the next section.
Sec. 2. Exempts government, State,
county and municipal property; the
property of churches, schools, etc, not
exceeding $4,000; cemeteries, roads
alleys; all growing crops, the direct pro
duct Of the soil in the hands OF the pro.
Queer or his immediate vendee, and
exempts personal property to the value
Of $1,000.
Sec. 3. In order to provide revenue for
State and county purposes, property,
privileges and polls, shall be assessed
annually, as hereinafter provided.
Sec. 4 The basis of ell assessments
shall be as follows: To assess property on
the 10th day.of January; real property
at its market value, on credit OF one
and two years, deducting fifteen per
cent. in gross; personal property at the
same value at which it ought to be APP
praised in payment of a just debt, in
cash, from a solvent debtor. Property
shall be assessed in the ward and district
where it lies, but all stock in bank, bank
ing associations, or other corporations,
or Joint stock companies, shall be as
sessed at the place where such institu-
lions are located.
Secs. 5 and 6. Requires a full descrip-
ton and an accurate location OF prop
erty assessed, that it can be readily iden-
titled.
Sec. Z. Personal property shall be as
sessed under the following heads:
First-The actual stock in each bank,
or banking, insurance, or other stock
company or corporation invested in busi-
ness. Second-Stocks of merchandise,
wares, goods and chattels kept on hand,
or in store, for sale, trade or traffic.
Third-Mercbandise, wares, goods and
chattels sold at auction or on commits
sion. Fourth--Notes, due bills, negotia-
BILE paper, aud accounts on solvent per-
sons, or parties believed to be solvent,
and all other assets, including cash on
hand, or on deposit in this State or else
where. 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, geldings, jacks, jen-
nets, cattle, sheep and hogs. Seventh
Watches, plate, jewelry, pianos. and
household and kitchen furniture. Eighth
Carriages. buggies, and all other
wheeled vehicles OF pleasure or profit.
Ninth - Machinery, engines, presses,
looms, steamboats,, ferryboats, and tools
aud implements Of all pursuits and IN
dustry, for gain or profit. Tenth-All
other personal property. Eleventh
The amount Of income derived from
United States bonds and all other stocks,
and bonds not taxed ad valorem.
See 8. No tax shall be assessed upon
capital Of banks, etc, organized under
authority of the United States; but the
stockholders shall be assessed and taxed
at the place such bank or corporation
may be located, but not at greater rate
than is assessed upon capital in the
hands Of individuals in this Stata Real
estate owned by such banks shall be
taxed as other property.
Sec. 3. Every banker shall declare
upcH oath to the assessor the amount Of
capital invested in such business. Each
one hundred dollars, for purposes OF
taxation. shall be regarded as one share.
and shall be assessed TO such banker or
bankers and included in the valuation
OF his or their personal property where
the bank is located, and not elsewhere.
Sec. 10. A list Of stockholders and
their shares shall be kept at eUery bank,
subject 70 inspection Of assessors in
Office hours.
Sec. IL. When the owner Of a bank is
a nonresident the same recourse may be
had against him as when a person as
sessed has removed from the ward or
district 10 which assessed; action can be
had against the shares Of stock, and the
tax is q lcin thereon until payment is
made
Sec. u. Il shall be the duty Of bank
officers to retain sufficient from the d.
ridends to pay the stockholders tax
until satisfied the same has been paid.
Sec. -. TIE franchises Of savings
banks are declared TO be personal prop
erty. and liable 10 taxation where lo-
Gated, O. an amount not exceeding the
possession Of said bank.
See. a. No charter can exempt siocks
and shsreI frsm iaxation.