Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1874-01-29


out such certificate from the
Assessor Of his district.
If a merchant has not Il thou
sand dollars worth of personal
property outside OF his business
as a merchant, then lie is Cnti-
tied TO an exemption before The
County Court Clerk. But 10
obtain that, he must bring to the
Clerk the statement Of tie As
SCISSOR Of the district or ward
where lie resides, showing the
amount Of the exemption he
has received. The Clerk will
then allow him the remainder
iof the exemption to which he
is entitled, and viii file with his
return the statement Of The As
SCISSOR. No exemption is al
! lowed under any circumstances
on a prigiiege tax.
D. All growing crops, CT what
ever nature or kind, are cxcmI t
from taxation. So, also, is the
din ect product of the soil q
this State, in the hands OF TIC
producer or his immediate ven
dee. The latter includes crops
gathered. In addition, no ar
ticlc manufactured Of the pre-
ducc ct this State shall be taxed
otherwise than to Fay inspcc-
ton fees.
Z. Property must be assessed
in the district or ward in which
it lies at the time Of assessment,
except stocks in banks, bank
ing associations or other corpo-
rations or joint stock compa-
nies, which have TO be assessed
in the district or ward where
such bank, banking association
or other corporation is located.
If personal property has been
sold between the 10Th of Janua-
ry and the time Of assessment,
. it must be returned in the ward
or district where the person
giving it in resides at the time
. of assessment. Notes, due bills,
accounts and like chooses in ac-
ton in the eyes OF the law, lie
in the district or ward where
= his agent or attorney resides.
3. If The description Of real
estate cannot be written out, az
required by the law, in the blank
, form furnished ly the Assessor,
, then the Taxpayer can write il
OFT on separate piece Of pa
per, and make it a part Of MS
. schedule by attaching il TO tic
; blank.
Q. Under section Z, sub-scc-
p ton !, Of the act, each bank oI
incorporated company must re-
| port the amount Of capital stock
: paid in. Upon this amount thl
! bank or Incorporated company
, is not taxable. But unless cX-
, cmpt from taxation by some 9th
s GER law, the bank or other cor,
poration must also report The
, items in which said capital stocl
. is invested, stocks, bonds, bill:
: receivable, money, real estate
and other assets. with the value
S Of each. The real estate mus
c be taxed as other real estate
= If Its remaining assets do 10
exceed in value the amount Of
= its capital stock, they are ro-
taxable; but if they do exceed
4 in value the amount of the cap.
4 ital stock, then this excess il
i valuation should lie taxed
Notes, due bills, negotiable ! Il
: per, accounts and other assets
y including cash on hand or OF
= deposit IN this State or else
= where, mentioned in section I
n subsection t, refer to such a
t is owned by merchants as wei
y as other persons. tits not nee
= essary to return such as arc OF
c no value.
@ Notes, accounts, etc, for rem
+ of real estate are subject 10 tax
: alton without deduction for i'll
= surancc, taxes and repairs ofth
V property. These are item
!. which should be taken into con
sidcration i'll estimating the val
= lie Of the property. Notes Civ
d Ell for the purchase of pro; ert,
d of any character are TAXABLE
r There is no change of tn
5 law i'll this respect. There ar
J. certain reductions to be mad
n which arc specified in treating
c of the BIRD section of this act
: Notes, bonds, stocks and othc
/, securities unless exempt by lay
c from taXation) or property dc
II posted as collatcrals, are taxa
c bic.
D. II. The "other assets" men
5 toned in subsection I Of sec
.e ton Z, refer to "othcr assets o
V Il like character TO those mel