Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1880-03-13
REVENUE AND TAXATION.
THE NEW REVENUE LAW.
INTERESTING 70 TAXPAYERS.
Full Text Of the Bfl as Finally
Passed

| IThe subhtadings, for convenience OF reference
/ have heen made by the RECORD UNION and arr no
! in the bill ]
An Act to amend Sections 1907, 1917, 1927, 382s
3G29, $780, 1884, $780, 86lS, $3.50 1851, sG52 sG68
1878, 3e7s S670 3717, S7So 1852, s75s, $3.50, ss5i
and to repeal Sections $3.50 and 3ss7 OF an Act en-
titled An Act to establish Political Code, !" ap
proved March u, 1872, relating revenue, and tC
add two sections, numbered S6d4 aud SC65.
The people of the State of California represented
in Senate and Assembly, do enact as follows;
Section l. Section 1907 of the Political Code is
amended so as to read as follows 1907. All prop
erty in this State not exempt under the laws Of the
United States, excepting growing crops. property
used exclusively for pubc schools, and such as may
belong to the United States, this State, to any
county municipal corporation within stis stlte,
is subject to taxation.
DEFINITION OF PROPERTY.
Section 3 Section S6l7 Of said Code is- hereby
amended so as to read as follows 36l7. Whonever
the terms mentioned in this section are emroyed in
this Act they are employed IN the sense hereafter
affixed to them:
First-The term property" Includes moneys,
credits, bonds, stocks, dues franchises and al other
bic of private ownership.
second-The term real estate includes: /. The
possession of, claim to, ownership of right to the
possession of land. q All mines, minerals and
quarries in and under the land al timber belonging
to individuals or corporations, growing being on
the lands of the United States, and all rights ana
privileges appertaining thereto. 5. A mortgage,
deed Of trust contract other obligation by which
debt is secured when land is pledged for the pay
ment and discharge thereof SHALL for the purposes
of assessment and taxation, be deemed and treated
as an interest in the land SO pledged. A. Improve
ments.
Third-The term improvements includes !: l.
All buildings, structures, fixtures, fences and i'm
provements erected upon affixed to the land.
,. All fruit, nut bearing or ornamental trees and
vines not Of natural growth.
Fourth-The term personal property" includes
everything which is the subject of ownership not
included within the meaning of the term real es-
tate"
Fifth The terms "a value and Z" "full cash value
mean the amount at which the property would be
taken in payment of just debt due from solvent
debtor.
Sixth-The term "growing crops includes only
those crops which require an annual planting or
sowing, or ali annual harvesting.
Seventh--The term ''credits" means those solvent
debts not secured by mortgage or trust deed owing
to the person. firm, corporation or association as
sessed. The term "debts" means those unsecured
liabilities owing by the person, firm, corporation
association assessed to bona de residents of this
State. or firms, associations corporations doing
business therein.
ASSESSMENT OF PROPERTY.
Section g. Section 3627 of said Code is hereby
amended so as to read as follows: 3627 All taxable
property must be assessed at its full cash value
The proportonate value of the capital stock OF cor
porations associations and joint stock companies,
having their principal place of business in this
State for the purpose OF assessment and taxation,
shall be its market value, deducting thererom the
value of all other property assessed them in this
State elsewhere OF which such capital stock the
representative. Land and lmprove1 ents thereon
shall be separately assessed Cultivated and uncul-
tivated land of the same quality, d similarly
situated, shall be assessed at the same value.
Mortgage, deed OF trust contract, other obliga-
ton by which debt is secured, shall, for the pur
poses OF assessment and taxation, be deemed and
treated an interest in tue property affected
thereby. Except as to railroad and other quasi
public corporations in of debts secured, the
value of the property affected by such mortgage,
deed of trust, contract obligation, less the value
OF such security, shall be assessed and taxed to the
owner of the property, and the value of such
security shall be assessed and taxed to the owner
thereof in the county, city district in which the
property affected thereby is situated The taxes so
levied shall be lien upon the property and securi-
ty and may be paid by either party to such securi
ty if paid by the owner of the security the tax SO
levied upon the property affected thereby shall be-
come part of the debt so secured if the owner
of the property shall pay the tax levied such
security, it shall constitute paym ent thereon, and
to the extent Of such payment, full discharge
thereof provided that if any such security or in
debtedness shall be paid by any such debtor Oh
debtors after assessment and before the tax levy,
the amount of such levy may likewise be retained
by such debtor or debtors, and shall be computed
according to the tax levy for the preceding year
and every contract by which debtor is obligated to
pay any tax or assessment on money loaned, or on
any mortgage, deed of trust other lien SHALL as
to any interest specified therein and as to such tax
or assessment, be null and veid.
RAILRoADs-PLACE AND MANNER oE ASSESS
MENT.
Section 4. Section 362S OF said Code is hereby
amended SO as to read as follows S62s The
franchise, roadway, roadned, rails, and rolling
stock of all railroads, operated in more than one
county in this State, shall be assessed by the State
Board of Equalization as hereinafter provided for
|
county, city, or city and county, must be assessed
in the county, city, or city and county, within
which they we're granted; if granted by any othel
authority, they must be assessed in the county il
which the corporations, FIRMS or persons owning OIL
holding them have their principal place of business
All other taxable property shall be assessed in the
county, city, city and county, town, township, ol
district in which it is situated Lands shall be
sessed in parcels subdivisions, not exceeding
GAO each and tracts of land containing more
than $40 acres, which have been sectionized BY the
United Stites Government, shall be assessed b,
sections or fractions Of sections. The Assessor
must, between the first Mondays of March and
July in each year. ascertain the names of all taxa
BILE inhabitants and all the property in his county
subject to taxation except such is required to bC
assessed by the State Board of Equalization, ant
must assess such property to the persons by whom
ii was owned or claimed, or in whose possession o
control it was at IL O'Clock NJ. of the first Monday
of March next preceding; but no mistake in th'
name of the owner or supposed owner of real prop
erty shall render the assessment thereof invalid
In assessing solvent credits. not secured by mort
gage or trust deed deduction therefrom shall b,
| made OF debts due to bona fide residents of thi
| State.
STATEMENTS OF TAXPAYERS.
Section 5. Section 1929 of said Code is hereb
amended as to read as follows: 362s H
must extract from each person a statement
under oath, setting forth specifically that the rea
and personal property owned by such person, or il
his possession, or under his control al u o'cloc
n. on the first Monday in March. Such statemen
shall be in writing, showing separately: 1. Al
property belonging to- claimed by, or in possessio
or under the control or management of such pei
| son. 9 All propcrtv belonoinp to- claimed by O