Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1874-10-29
toFFICIAL.l
AN ORDINANCE
To appoin assessOrs OF personal property. {,
asses merchants capital, and TO create
CITY Board OF EQUALIZATION:


To appoin assessors OF personal property. 1
asses merchants capital, and to create
city Board OF Equalization:
SECTION 4. Be IL ordained by the Geners
| Council of the City of Memphis, That in a.
sessments hereafter to be made, all persona
ness, shall be made by assessors appointed 70
that especial purpose; and to this end, tn
provided for in section zss, or as soon thereaf
ter as practicable, shall appoint Board o
AasessessOrs OF personal property Tor the citl
OF Memphis 10 consist OF three persons, 70 b
approved ofby the General ouncil, and who
before entering upon their duties, shall taEt
the usual oath OF ONCE bEiore the Mayor.
| Section 2. Be 10 further ordained, That upol
entering upon the discharge OF In ir duties
said assessors shall apportion the city In tire
divisions as nearly equal a. possible, one 81
| vision for each assessor, but in asses sing capt
tai Invested in business OF all persons or Arm
on Second street, and between Second stree
| and the river, and south Of Poplar street, ant
| north of Beale street, the assessments snail b.
made by at least two OF said assessors, and al
assessments 10 be approved by ma oflty
said Board.
| the said assessors shall have completed theil
! books the same shall be returned to and de
posted in the Mayors Office for the time pre-
| scribed in section 800, city ordinances.
| Section l. Be IL further ordained, That after
/ the expiration of said ten days, the Mayor
shall OF his own appointment, name Be ard
| OF Equalization on personal property assess
| ments, to consist of ten merchants and bust
ness men OF the city, who shall, as far as pos
sible, represent the different branches Of bust
ness in the city, whose duty IL shall be 70 car e
fully consider the assessments made and re-
| turned by the assessors and 10 correct the
same on the principle OF equality and Justice
| in taxation. But no assessment shall be raised
until after the person or firm whose assess
ment is deemed too small shall have been
| cited before said Board and the accuracy OF
the assessment fully investigated.
Section 5. Be u further ordained, That as
soon after the said Board shall have completed
the examination ana correction OF said assess
ments as they shall have access 10 the returns
of the assessor of real estate, they shall exam
inc the real estate assessments with sufneient
particularly 10 ascertain the proportion that
The assessed value OF the real estate bears to
the fair cash value Of the same and shall GER
ttfy TO the Mayor the per centage OF reduction
that the personal property assessme ntsr as cor
rected is entitled to, in order % attain euualt-
ty of valuation between real and personal
Section 6. Be 1t further ordained, That the
Mayor snail have powerto MI all vacancies in
said Board OF Equalization whenever the same
occurs; and shall provide clerk, who shall
attend all meetings OF said Board, but shall
have no vote, and shall keep faithful record
Section 7. Be Il further ordained, That the
Mayor shall report the proceedings OF the
Board of Equalization TO the General Council,
with his accommodation as to whether the
real estate assessments shall be increased In
value, or the personal property shsll be de-
creased in value to the amount OF percentage
reported by the Board OF qualization, and in
default of any action by the General council,
the personal property assessment shall be re-
duced in each instance the percentage econ
mended by the Board of Equalization, and the
TAX books shall be made out at such corrected
ard reduced valuations.
Section &. Be it further ordained, That after
the report OF the Mayor to the General Coun-
ell, provided for in the previous section, has
been made, no application snail pc received
aud no change shall be made in the assessed
value Of any real or pc sOnal property except
on the oath or affirmation Of the party petit
tioning nor reduction that the assessment
complained of is unjust and excessis e in COM
parison with other property assessed.
Section 9. Be II further ordained, That all
ordinances now in force requiring merchants
TO take out license for the privilege Of doing
business, be S o far modified as not to apply TO
persons or firms who have capital invested
IN business as hereinafter specified OF 500, and
that all such merchants, commission mer
chants, manufacturers and all other dealers
as specified in section % OF the city Ord1-
nsnces, having capital invested liable to
taxation OF at least $50, shall hereafter report
TO said assessors OF personal property the
amount of capital invested in his, her or their
business mot otherwise assessed ana IN 1e-
terInining and returning Tor taxauon the
amount OF capital actually invested and used
in business there shall be shown and returned
for taxation the value of the stock OF goods,
wares and merchandise on hand, or in store,
belonging to said person or firm. for sale, trade
or traffic, on the INST day OF July preceding
the assessment, as nearly as said value can be
ascertained, as a separate item. And the value
OF all notes, due bills, negotiable paper and
accounts due from solvent parties or parties
believed to be solvent, and all other assets, in
Guiding cash on hand or on deposit in the city
OF Memphis. or elsewhere, less the actual legal
and bona tide Indebtedness OF said person or
nru in connection with said business, as an
o b 81 item. And these two items of asses
ment shall in no csse aggregate less than the
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 of the stock on hand, as aforesaid, 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 LIST, by other mer-
chants.
foregoing section shall not apply to mer-
chants, commission merchants, manufac-
turers 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 now
in force, and shall pay therefor the sum ofSl0
Section III. 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 law or ordi-
nance, shall be listed for taxation by said as
SCISSOR, in the ward in which said capital is To-
Gated, or said business is carried on.
Section IL Be Is 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 Ai NatDIeUQ Nssthalutuis with
the amount paid as privilege tax for said
business; and in all cases where the taxes due
on the ad Valorem assessment on capital In
vested for any year snau De less man me
year, the ad valorem tax on the assessment
shall be abated, and no collection made there
on.
and every person, firm or corporation who
shall commence business after the commence
ment of any corporate year of the city Of
aara aprlV for and take out Ii
cense under the ordinance regulating the Is
suance OF licenses prior to the passage OF this
ordinance, and shall report to the tax col
lector under oath the amount Of capital in
vested in said business; and II said capital
is under 500, the tax collector shall
collect the privilege tax on said business,
as liked by ordinance; but If the tax on
the sum reported capital exceeds the
amount of the privilege-tax, the taX-colleetor
shall enter into an appropriate p0ok anu
charge up to the person or firm applying Tor
said license the amount of tax due on said re-
ported capital for the uneXpired portion OF
of the year during which said person or nrm
due as a privllege-tax, TO be collected at the
time the tax on other capital Is due and pay
able. But should said license be applied for
after the tax books shall have been made out
and in the hands OF the tax. collector, fuli
payment shall be made OF all taxes due on
said capital Tor the unexpired traction OF the
year al tine time the license Is applied for.
Section IL. Be 10 further ordained, That
should any business for which no license mas
porate year, or should any portion OF the &C
tual capital OF any person or nrm be With
drawn, the persons or urn so retiring nom
business or withdrawing capital shall be dis
charged from all obligations on account OF
said lax by paying the taxes for such portion
Of the wear that the business has actually
been carried on up 70 the time tnat SAID DIS
continuance OF business or withdrawal OF
capital occurs; provided, that the capital in
vested and affected by the change in business
shall be removed from the city OF Menphis,
and with no intention Of evad1ng this ordi-
nance or OF reinvesting said capital IN bust
ness during the uneNpired portion OF SAID
corporate year. -,-,-, M. =.
all cases where the actUal capital invested in
business of any person or nrm assessed Tor
taxation, has been augmented by the aoInAs-
capital, during the corporate year, II snail DC
the duty of said person or arm 10 report said
additional capital, and pay tax on the same
for the fraction OF the year that the same may
section Is. Be. it further ordained, That in
ali cases where any bank, or banking assOcia-
tons, or other joint stock company or eorPo-
ration, shall voluntarily elect TO report for
taxation, at its place of business the actual
capital invested IN said company or corpora
zion, as evidenced BY the issue OF stock 70
stockholders, 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 snal De
en- tered on the assessors BOOKS as one item IN
ths.-naHe- of the company or corporation,
In lieu of entering the same IN the name OF
each individual stockhOlder for the amount
of stock severally he'd oy eaen anu iui yhSl-
allowed to deduct rom sara sStuh SaPl us
the assessed value of real estaie ior salu year
or years, owned bysaid com pany or e9tPe eT,
phfs: provided, said real estate snah nave
been purchased and paid FOR OUT OF the eSpl-
tai of said company or corporation. -
Section II. Be Il further ordained, Inat eacn
and every uarSou. and each and every cOpart-