Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1875-02-21
RUNNING THE GOVERNMENT.
The Points of Senator OvertOn's
Revenue Bill.
Important Changes in the Pres
ent System.

Senator OveFton introduced a bill yes
terday which proposes to make some
| sweeping changes In the assessment and
| collection Of State, county and municipal
revenue. It's main features differ as fol-
lows from those Of the present system:
Assessments on real estate are to be
made every five years, and on personal
property yearly. Provision is made for an
assessor Of real estate and an assessor Of
personal property by the county court. The
/ bill eEemDts all notes, due bills, and other
! evidences OF Geht for the payment Of which
real estate is pledged, where The real estate
is assessed for taxation, and makes other
| exemptions not contained in the present
/ law.
One important point in the proposed sys-
| TEN is the establishment Of a Board Of
| EdualizatiCns TO consist Of ten fTeehOlders,
with power to correct and egualize assess
ments a. 20 hear and determine com
plants Of erroneous assessments, which
are to be made under oath and by petition.
Where any corporation having stock
/ holders and certificates Of stock may v0lun-
i tarily report fOr tsxatiOn, the actual capital
| invested and the aitiOuHt Of accumulated
and surplus capital are TO b6 entered as
one item on the bO1ks Of the assessor; and
the assessed value Of real estate, provided
that the same shall be paid for out OF the
capital stock Of the corporation, 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
CT other compensation earned by them
ever three months, and, nlieu 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 a thousand dollars, he must pay SO,
One-third TO the state and twO-thirds TO the
county. Taxes are to be paid on the aver
age value of stocks on hand, instead Of the
highest, as is now required.
The Clerk Of the County Court is re-
quired to keep a book containing all trans
fers Of property and final judgments and
DEGREES vesting and divesting title, and be
must make out Only one set
Of tax books for the intervening
years between assessments, instead Of du-
pliczte Gets. The book Of ownership and
the Assessors books, which are 10 etiled in
the County Court Clerks Office, ere deemed
sufficient for the practical purposes Of du-
plicate tax books. Renters are forbidden
to register deeds or other instruments
unless they beer the certificate Of the
Clerk Of the County Court that they have
been transferred in the book Of ownership
in his office.
A penalty Of two per cent. per month for
each months taxes on delinquents is pro
vided. The condemnation and sale Of lands
for nOn-payment Of taxes during the year
1915. 1876 and 1877. A. the July term Of
1876. the County Court must re-list the
lands upon which taxes remain unpaid and
re-charge on the tax books as "iOrteited
lands 80 much Of the same as is deemed
advisable.
The taxes Of cities areto be collected by
the State and County Tax Collector.
Boards of Equalization are required TO as
sess the value of Improvements during the
years for which there is no assessment.
The provisions Of the act are made apph-
cable to all city and municipal corpora
tons