Whig and tribune. [volume] (Jackson, Tenn.) 1870-1877, 1874-01-31

the tax payer from the duty OF returning his
property; nor from the penalties imposed on
those falling 10 make a return
=. Property Is 10 be assessed 20 the party who
owned or claimed 20 own Il on the 10Th day Of
January. Any change OF property or owner
ship since thar time does not AFFECT this rule.
J. II a religious, charitable, scientific liter
airy or educational Institution has more than
fifty thousand dollars worth Of property the
excess In value Is taxable, though used for the
purpose for which such institution was ere
4 II any agricultural or mechanical assooia-
ton owns real estate, worth more than ten
thousand dollars, the excess in yalue Is tax
able though used for agricultural or mechanl-
cal purposes.
II the assessor has reasonable doubt about
the property owned by any Of the institutions
mentioned in the third paragraph beng Of less
value than fifty thousand dollars, or about the
real estate owned by any agricultural or me-
chanicaI association being Of less value than
ten thousand dollars, he should furnish 70
some officer Of such institution or association
blank schedule, and require a return Of the
property Of the institution or association,
which return, even though Il should not exceed
the value prescribed above, should De entered
| upon his assessment book, and otherwise treat
ed rs any other schedule, unless the assessor IS
| fully satisfied Of its correctness.
| 5. Any person entitled 10 an exemption, must
| sides, or il il is corporation, institution or
! association. where It IS located. Ii such per-
| son has in the district or ward where such eX-
emptlOn Is claimed, property entitled 20 eN-
! eInptiOn less In value than the amount Of tie
exemption, and also property entitled TO eN-
obtain certificate from the assessor where
exemption has been claimed Of the amount OF
| the exemption received on the schedule return
| cd 70 him, and upon presentation OF this Ger
| tihcaie % the assessor of another district or
/ ward where he has property entitled TO eAemp-
| ten, said person may be allowed the balance
| CT the exemption to which he Is entitled The
| assessor last allowing such remainder Of such
| exemption must attach the certificate OF the
/ first assessor to the schedule, and return Il,
/ with the schedule, 10 the county court clerk
/ No exemption IS 10 be allowed in any other
| district or ward than where the applicant re-
| sides without such certificate from the asses
/ scr of his district.
| II a merchant has net Thousand dollars
| worth Of personal property outside Of his bust
| ness as merchant, then he is entitled 10 an
| exemption before the county court clerk. But
/ 10 obtain that, he must bring 10 the clerk the
statement OF the assessor Of the district or ward
where he resides, showing the amount Of the
| exemption he has received. The clerk will
then ALLOW MN the remainder OF the exemption
10 Whlcn ne Is entlteds ana VIII HE win MS
/ return the statement of the assessor. No ex-
| emptiOn is allowed under any circumstances
/ on privilege tax.
| 9. All growing crops, of whatever nature or
kind, are exempt from taxation. So, also, is
| the direct product of the soil of this state, in
\ the hands of the producer or his immediate
yendee. The latter includes crops gathered.
/ In addition, no article manufactured OF the
produce OF this State shall be taxed otherwise
| than 70 pay inspection fees.
| =. Property must be assessed in the district
\ or ward in which il lies az the time OF assess
/ ment, except stocks in banks, banking assOci-
I
panies, which have to be assessed in the dis
/ trict or ward where such bank, banking assO-
| citation or other corporation is located. II per-
| sonal property has been sold between the 10Th
| of January and the time OF assessment, it must
/ be returned IN the ward or district where the
person giving II in resides at the time OF assess
| ment. Notes, due bills, accounts and like
| chooses in action in the eyes OF the law, lie in
| the district or ward where the owner resides,
| and must be returned there if he be a resident
| of the State; ii a nonresident, then in the dis
| triet or ward where his agent or attorney re-
| sides.
| g. If the description Of real estate cannot be
/ written out, as required by law, IN the blank
form furnished by the assessor, then the tax
payer can write IL out on a separate piece of
/ paper, and make il L part Of his schedule by
/ attaching II TO the blank.
| 9. Under section :, subsection I, of the act,
| each bank or Incorporated company must re-
| port the amount OF capital stock paid in. Upon
| this amount the bank or Incorporated company
/ is not taxable. But unless exempt from taxa
| ton by some other law, the bank or other cor
pOratIOn must also report the items in which
| said capital stock Is invested, stocks, bonds,
| bills receivable, money, real estate aud other
| assets, with the value Of each. The real estate
\ must be taxed as other real estate. If its re-
/ naming assets do not exceed In value the
| amount of its capital stock, they are not tax
/ able; but II they do exceed in value the amount
of the capital stock, then this excess IN Nalua-
ton should be taxed Notes, due bills, nego-
liable paper. accounts aud other assets, inctud-
/ ing cash on hand or on deposit in this State or
| elsewhere, mentioned in section !, subsection
/ 4. refer TO such is owned by merchants rs
:
return such as are Of no value.
Notes, accounts, etc, for rent Of real estate
are subject 10 taxation without deduction for
| insurance, taxes and repairs Of the property.
| These are items which should be taken into
| consideration in estimating the value of the
property. Notes given for the purchase OF
property of any character are taxable. There
/ is no change OF the law in this respect. There
| are certain reductions 10 be made which are
| specified in treating of the sd section OF the
l act. Notes, bonds, stocks and other securities
unless exempt by law nom taXatiOp) or prop
| erty deposited as cOllaterals, are taxable.
Il. The "other assets mentioned In sub
section of section Z, refer to "Other assets''
of n like character To those mentioned in the
| same subsection, anu not 10 other assets men
toned in other sub-sectiOns Ofthe same section.
| With this explanation, all the items of proper
| ~ mentioned in this fourth subsection owned
by citizens of the State are taxable, whether or
not the notes, etc, are in the state or are on
persons in or out of the state.
Il. All bonds, stocks and other like securf-
ties on persons or corporations located in this
state unless exempt by the laws Of the United
States or Of this State, have TO be returned for
taxation ad valorem. The amount OF income
from such of these are thus exempt must be
returned under the 18th subsection of the 9TH
section This income Is 10 be computed for the
twelve months previous to the 10th day Of jan
Is Mules are taxable and should be 80 re-
turned. The failure TO return them will subject
the owner TO an Indictment for perjury in
swearing to n false return. (See Oath, see
81 such failure to return will also authorize
the assessor, under section u, to investigate
and make such an assessment as the facts war
rant, and will further subject such citizen TO
the additional tax imposed in section IS ON
those who connive at or purposely evade an
assessment, or knowingly permit an made
Quate assessment 10 be made. The Supreme
Court recognizes no such legal distinction he
tween mares, geldings and mules as viii ex-
empt the last named from taxation.
Il. In returning the articles mentioned in the
9TH and sth sub-sectlons OF section :. il is only
necessary to give the aggregate value of the
whole Of the articles mentioned in those sub
Is. Sections 5 and 10 OF the law where they
speak of banks or banking associations apply
to bank corporations. Section Is applicable
10 individual bankers. Stockholders In bank
or other joint stock company, must report the
number and value of their shares OF stock 10
the assessor Of the district or ward in which
said bank or joint stock company is located,
and not elsewhere. Under the 10th section Of
the law every bank or banking association Is
required to keep in its business Office full and
correct list of the names and residences of all
the stockholders therein and the number of
shares of each and it is the duty of the assessor
Of the district or ward where the bank is iOca-
ted to thoroughly examine such list, Tor the
purpose Of 2scertainlng the number OF shares
OF nonresident stockholders and to correct
any mistakes that may be made by resident
stockholders. These shares Of stock are re-
ported under the 5th subsection Of the eth
section of the act.
10. Merchants pay their privilege tax to the
clerk of the county court. They also return
and pay their al valorem tax on merchandise
TO the county court clerk. They also return TO
the county court clerk the amount and value OF
notes, due bills, etc. mentioned IN subsection
of section :, after deductions hereinafter to
be specified which they own as merchants
and pay the tax on these also to the county
court clerk II will be seen, therefore. that
merchants make all their returns and pay all
their taxes - merchants 20 the county court
clerk. As individuals, they return 10 the as
SCISSOR and pay to the collector.
Il. In assessing, under section %, notes. due
bills, etc, therein mentioned, all bona hde
debts Of the tax payer incurred in conducting
his regular business and pertainingtO the same
business out of which arose the notes, due bills
etc, are to be deducted from the valuation Of
said notes, due bills, etc.
IS. The schedule of = tax payer Is not COM
plete without the oath. The law prescrIbes it. /
and know of no construction which can abrO-
gate il or by which Il can be eYaded. Those
who fail or refuse TO take the oath, subject !
themselves TO assessment by the assessor aud /
the penalties prescribed by section "a. BY sec
ton 572 Of the Code, the tax payer was required
10 'gIve in 10 the assessor complete list OF |
his property subject 10 taxation Of every de- |
scriptiOn. describing his land as TO identify /
it;' and by section jsS the tax payer, If he |
failed 10 give list. was 20 be assessed double |
tax upon the assessment Of his property made I
by the assessor. BY section 573 the tax payer /
was required u swear that his list contained j
''all and every ITEM Of his taxable property.
Under section IS Of the act the chairman or 1
judge Of the county court, the clerk Of the /
county court, the county trustee, sheriff or tax /
collector, shall cite any person who has not ]
been assessed Is contemplated by law, or who \
has hsar a an IN