Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1880-03-13
TAXATION
syllabi of the Leading Principles OF the
Revenue and Taxation Bill as
Finally Passed.


Elsewhere in this payer viii be found in.
full the new Revenue and Taxation Act as
finally passed by the Legislature. Below is
given compact synopsis of the leading Iri1-
ciples of the Act:
WHAT PROPERTY IS TAxED.--All not ex.
empt under the laws of the United States.
and except growing crops and governmental
property.
WHAT Is PRoPERTY.- Moneys, credits,
bonds, stocks, dues, franchises, and all other
matters and things real, personal and mixed,
capable of private ownership. Real estate
is possession, ownership and all claims to
possession of land, aud includes mines,
quarries and timber, and all rights and privi-
leges appertsining also all forms Of securi-
ties for which land may stand pledged. Real
estate and improvements are separately as
sessed.
IMPROVEMENTS things affixed upon
or artiticially growing on land.
PERSONAL PRoPERTY.-All things not en,-
braced within the definition of realty.
VALUATION -Assessable value of property
is that at which It would be taken in pay
ment of a solvent debt.
CREDITS SUBJECT TO TAxATIoN.-They
banks, it is not required to show debts in
detail or to whom owing.
DEBTS TAXABLE. They are unsecured
liabilities.
CAPITAL STocK.-Capital stock of corpora
lions in the State is assessable at its market
value to individual stockholders after deduct
ing the value of property assessed to the cor
poration of which the capital stock is repre-
sentative. Stock of corporations outside of
| the State Is assessable at its market value to
individuals.
CULTIVATED AND UNCULTIvATED LAND
Shall be assessed equally. Note. The
law Is silent as to whether the standard value
| by which this equality Is to be reached shall
be that OF the cultivated or the uncultivated
lauds.J
MORTGAGE INTEREST. - Mortgages and
deeds Of trust are taxable as an interest in
the property. The property is assessed TO
the owner OF mortseger, and the mortgage or
trust deed TO the mortgage; railroads ex-
cepted.
RAILROADS AND FRANCHISES are as
sessed by the State Board OF Equalization.
except franchises granted hy the municipal
corporations. The proportionate value Of
assessments Of roads and franchises are dis
tributed to the counties through which the
road runs.
LANDS, How Assessed. All lands to be
assessed in parcels or Subdivisions not exceed
ing 64O acres each.
ASSESSMENTS are upon property owned OF
controlled by a taxpayer at Il NJ. on the 1iTst
Monday in March.
SOLVENT CREDITS. solvent debts are
to be subtracted credits due to residents of
this State.
STATEMEYT.-The taxpayer to make a list
OF all his property under oath.
bitches, ROADS AND TELEGRAPH LINES.
with their improvements, must be listed as
real estate and as whole.
BASIS OF TAxATIoN.-The only basis of
taxation for county or any part Of it is the
assessment made by the County Assessor.
Cities and towns are excepted but may ac-
cept the basis.
LIEY.-Every tax due on personal prop
erty is lien on the real property of the
owner.
DELINQUENCY. Unpaid taxes become de-
linquent on the last Monday in December, at
6 PA
Poll TAxEs.-Payable by all males over
q and under 60 years, except paupers, in
sane persons and Indians not taxed. Poll tax
is 81, il paid between the first Monday in
March and the first Monday in July, but
otherwise SIS