Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1874-11-01
iDfF t1AAls.l
AN ORDINANCE

approved OF by tie General ounoil, and Who
s before entering upon thsir duties, shall take
the usual oath OF Office b fore the Mayor.
SECTION 2. BE II further urdsined, That upon
enteflng upon the discharge OF IN II duties,
said assessors shall eBportion the city In three
; divisions As nearly equal 81 possible, enc d.
vision for each assessor, but in asses sing capt.
| tai invested In business OF all persons or lrInE
On second street, and between Second street
north of Beaie street, the assessments shall be
made by at least two OF said assessors, aud all
assessments TO be approved by ma ority Of
section s. Belt further ordained, That when
the said assessors shall have completed their
books, the same SNAIL be returned 10 and de-
posted in tire Mayors Office for the time pre-
scribed in section 800, ci " ordinances.
Section 4. Be il further ordained, That after
the expiration Of said ten days. the Mayor
shall OF MS own appointment, name "A Board
| OF Equaiizaii0n on personal property assess
ments, 90 consist of ten merchants and busi-
ncss men OF the city who shall, as far as pos
sible, represent the different branches OF busi-
ness in the city, whose duty 1t shall be 10 care
fully consider the assessments made and re-
TUNED by the assessors and 10 correct the
same on the principle of equality and Justice
IN taxation. But no ASS ssment shall be raised
/ until after the person or firm whose assess
I ment Is deemed TOO small shall have been
cited before said Board and the accuracy Of
The assessment fully investigated
Section s. Be tt further ordained, That as
soon afier the said Board shall have completed
the examination ana correction Of said assess
ments as they shah have access TO the returns
OF The assessor Of real estate. they shall exam
inc the real estate assessments with sufficient
/ particularly 10 ascertain the proportion that
/ the assessed value OF the real estate bears 20
the fair cash value OF the same ana shall GER
/ thy TO the Mayor the per c5ntage Of reduction
! that the personal property assessments, as cor
reoted, is entitled 10, in order TO attain edual-
/ ~ of valuation between real and personal
I property.
Mayor snail have powerto MI all vacanciesi in
said BOsrd of Equalization Whenever the same
occurs; and shall provide a clerk, who shall
LAM a n M gafn
have no vote, and snail keep faithful record
= its proceedings.
section 7. Be Il further ordained, That the
! Mayor shall report the proceedings of the
Board of Equalization TO the General Council
with his recommendation as to whether the
real estate assessments shall be increased in
vaiue, or the personal property shall be de.
creased in value to the amount OF percentage
reported by the Board of Equalization, and in
default of any action by the General Council,
the personal property assessment shall b. re-
dueed IN eacn Instance the percentage econ
mended by the Board of Equalization, and the
TAX books snail be made ont al such corrected
and reduced valuations.
section g. Be il further ordained, That after
the report OF the Mayor 10 the General Coun-
Gil, provided for in The previous section, has
been made, no application snail be received
and no cnange shall be made in the assessed
value of any real or pc s0nal property except
on the oath or affirmation OF the party petit
tioning FOR reduction that the assessment
complained Of is unjust and excessive in COM
parisOn with other property assessed.
Section 9. Be it-fuItAer ordained, That all
ordinances now in force requiring merchants
TO take out license for the privilege of doing
business, be so far modified rs not to apply TO
persons or nrIns who have a capital invested
IN business as hereinafter specified Of S560, ana
that all sueh merchants, commission mer-
chants, manufacturers and all other dealers
as specified in section 80 OF the city ordl-
uances, hayiuga capital invested liable 10
taxation OF at least 500, shall hereafter report
to said assessOrs Of personal property the
amount of capital invested IN his her on their
business mot otherwise assessed And IN de- |
termining and returning for taxation the /
amount OF capital actually invested and used /
in business there shall be shown and retained /
for taxation the value Of the stock OF goods, /
wares and merchandise on hand. or in store /
belonging 20 said person on nrIn for sale, trade |
OF traffic, on the INST day OF July preceding I
the assessment, as nearly as said value can be /
asceTtained, as q separate lien. And the value |
OF all notes, due bills, negotiable paper ana 4
accounts due from solvent parties or parties I
believed to be solvent, aud all other assets, in
GLIDING cash on hand OF on deposit in the city /
Of Memphis. or elseW mere, less the actual legal ]
and bona rde Indebtedness OF aid person or .
frm IN connection with said business, As an
other item. And these Two Items OF aAsest
actual bona nde capital invested and used in
said business; but in no case shall an assess
ment be made for less amount than the
value ofsthe stock on hand, as AZORES tld, ON
the first day of July, Provided, that coal mer-
chants shall return the value OF stock ON hand
en- the first day Of January preceding the as
sessment, instead OF july lStY by other mer-
section 10. Be it further ordained. That the
chants, commission merchants, manufae-
turer- or other dealers, whose stock OF goods,
etc, liable 10 taxation, or whose capital in
vested in business liable TO taxation, shall be
less than $500; but all such persons or firms
shall take out license under ordinances pow
in force, and shall pay therefor the sum OF $40
Section Ii. Be it further ordained, That all
capital invested or used in business of what
soever nature or kind, and not exempt from
taxation by express provision OF Jaw or ordi-
nance. shall be listed for taxation by seid as
SCISSOR, 10 the ward in which said capital is To-
Gated, or said business is carried on.
section u. Be IL further ordained, That in
all cases Of privilege taxes, where the taxes
are for any corporate year on the capital in
vested as assessed, exceeds the amount OF the (
privilege tax already paid for that year,
the tax collector shall credit the amount Of
taxes due on the adj valorem assessment, with
the amount paid as g privilege tax for said
business; and in all cases where the taxes due
on the ad yalorem assessment on capital in
vested for any year shall be less than the !
amount paid for the privilege tax for the same
year, the ad vaiorem tax on the assessment
shall be abated, and no collection made there
on.
Section 10. Be it further ordained, That each
and every person, firm or corporation who
shall commence business after the commence
ment of any corporate year of the city OF
Memphis, shall apply for and take ont IL
oense under the ordinance regulating the IS
suance of licenses prior 20 the passage of this
and shall report 10 the tax col
lector under oath the amount Of capital in
vested in said business; and # saio capital
IS under $500 the tax collector shall
collect the privilege tax on said business,
as hxed by ordinance; bat If the tax on
the sum reported as capital exceeds the
amount Of the priviiege-tax, the tax-coliector
shall enter into an appropriate book and
said license the amount Of tax due ON said re-
ported capital for the uneXpired portion Of
OF the year curing which said person or hrih
may be in business, over and above the sum
due as a privllege-taX, 70 be collected at the
time the tax ON other ca pital is due and pay
able. But should said license be applied for
After the "a hooks shall have henm made ont
and in the hands OF the tax collector, full
payment shall be made of all taxes due ON
said capital for the uneXpired traction OF the
year, at the time the license is applied for.
Section IL. BE IL further oTdained, That
should any business for which no license has
been issued be discontinued durlng the cor
porate year, or should any portion Of the ac-
tual capital o. any person or frm be with
drawn, the persons or nrm so retiring from
business or Withdrawing capital shall De dis
charged from all obligations ON account of
said lax by paying the taxeS for such portion /
Of The year that the business has actually
been carried on up 10 the Time that said dis
of business or withdrawal Of
capital occurs; provided, that the capital IN
vested and alice ed by the change in business
shall be removed nom the city OF Memphis,
and with no intention OF eVading this ordi-
nance, or of reinvesting said capl'ai IN busl-
ness during the unexpired portion OF said
corporate year.
section Is Be it further ordained, That in
all cases where the actual capital invested IN
Oh any person OF firm assessed for
Taxation, has been augmented by the admis-
SION Cf one or more persons Win ADDITIONAL !
capital, during the corporate year, II shall be
The duty Of said person or firm TO report said
additional capital, and pay tax on the same
Tor the fraction OF the year that the same may
section 10. Be It further ordained, That in
all cases where any bank, or banking assOcia- !
lions. or other Joint stock company or eerpo-
ration, shall voluntarily elect to report for .
taxation, at its place of business, the actual I
capital invested IN said company or corpora
lion, as evidenced BY the issue OF stock 10
stockho ders, and as further evidenced by the
books OF said company or corporation, show
ing the amount Of accumulated or surplus
capital, such report OF actual capital shall be I
entered on the assessors books as one item IN
he name Of The company or corporation,
In lieu or entering the same In the name OF !
each individual stakeholder for the amount :
Of stock seYeTally held by eNch; and further
more, such company or corI 1ration shall be
allowed TO deduct from sal, actual capital
he assessed value Of real esta for said year
lr years, owned by sad comp ny or CORPORA
ion, assessed and taxed in Ii city OF Menu 1
phis; provided, said real estate shall have I
been purchased ana paid for out OF the c6pi-
al Of said company or corporation.
and every person, and each and every cOpart-
lership firm, compa y or oIncer or agent Of
any corporation, who shall eyade the assessor,
)r who shall fail 10 make reportE as re-
iuired by this ordinance, or shall puri OSeiy
.ause an improper assessment 10 be made
with the intent Of cefr&ndinS the city OF any
PORTION of its revenue sought TO be collected ,
~ this ordinance, or who shall Violate the
provisions Of this ordinance, or OF any section
hereof wherein duties are prescribed OF re-
luired shall be guilty OF a misdemeanOr, and
IN conviction before the city recorder shall
De ined fOreach separate oifense not less than ,
I've dollars nor more than htfy dollars, which
hall be collected as other fines are collected.
section Is. BE Il further ordained, That all
,rdiDances or parts Of ordinances IN conflict
With the provisions OF this ordinance be, and
he same are hereby repealed. and Ihat thls
talze effect and be In force rom and {
iftsr its passage. S
Passed first reading by Common Council DC {
ODER 7, and second reading October -,
Passed first reading; rules SUI pended and b
,assed second and final reading by Aldermen, S
october 1874. (
Approved OetO Der u, 1874. c
JOHN IOAGUE, Mayor. Z
Attest. M 2. WILIdAMsCS. city Register.
4. D. MERRITT,
MANUFACTURES and Agent for The finest