The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1875-02-24
NEW REVENUE BILL.
THE MAIN FEA TURES OF THE
SENATE BILL.

SENATE BILL.
Senator Overton introduced a bill
in the Senate last Saturday, which
proposes to make some sweeping
changes in the assessment and col
lection of State. county and municip-
al revenue. It's main features differ
as follows from those OF the present
system:
Assessments on real estate are to
be made every five years, and on
personal property yearly. Provis-
ion is made for an assessor of real
estate and an assessor of personal
property by the county court. The
bill exempts all notes. due bills, and
other evidences Of debt for the pay
ment of which real estate is pledged,
where the real estate is assessed for
taxation, and makes other exemp.
tions not contained in the present
law.
One important point in the pro.
posed system is tie establishment
of Board of Equalization, to con.
sist of ten freeholders, with power
to correct and equalize assessments
and to hear and determine COM
plants of erroneous assessments,
which are to be made under oath and
by petition.
Where any corporation having
stockholders and certificates of stock
may voluntarily report for taxation.
the actual capital invested and the
amount Of accumulated and surplus
capital are to be entered as one item
on the books oft assessor, and the
assessed value ofreal estate, provided
that the same shall be paid for out
of the capital stock of the corpora
ton. must be deducted from the
capital stock, and then the net
amount listed to the corporation for
taxation, instead of the individual
members owning the stock.
Merchants are required to report
to the Clerk of the County Court the
commission or other compensation
earned by them every three months,
and, in lieu of all other privilege
taxes, must pay one half of one per
cent. to the State, and one per cent.
to the county, on the amount so
earned. Where a merchants stock
Of goods does not exceed thousand
dollars, he must pay SO, one-third
to the State and two-thirds to the
county. Taxes are to be paid on
the average value of stocks on hand.
instead of the highest, as is now re-
quired.
The Clerk Of the County Court is
required to keep q book containing
all transfers of property and final
Judgments and DEGREES vesting and
divestlng title, and he must make
out only one set of tax books for the
intervening years between assess
ments, instead of duplicate sets.
The book of ownership and the As.
SCISSORS books, which are to be fled |
in the County Court Clerks office,
are deemed sufficient for the practi-
cal purposes of duplicate tax books.
Renters are forbidden to register
deeds or other instruments unless
they bear the certificate of the Clerk |
Of the County Court that they have |
been transferred in the book OF own.
ership I'm his Office.
a penalty Of two per cent. per
month for each months taxes on de-
linquents is provided. The con-
and sale of lands for non
payment Of taxes during the year
/ 1875, 1876 and 1877. AZ the July
term OF 1876, the County Court must
re-Iist the lands upon which taxes
remain unpaid and re-charge on the
tax books as forfeited lands" 50
much Of the same as is deemed adj
The taxes of cities are to be col
ected by the, State and County Tax
Collector. Boards of Equalization
are required to assess the value of
during the years for
which there is no assessment. The
Of the act are made appli.
,shlo m all ~itS, and y4auniciDaf cor.