Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1881-04-16
ACT. OF THE LEelsLArURf,
published by Authority.l

and to repeal all laws now in force where
by revenue is collected from the assess
ment of real estate, personal property,
privileges and polls.
Section /. Be it enacted by the genera!
assembly of the State of Tennessee, 1hat an
property, real, personal, and mixed, snan pe
assessed for taxation, except such as Is oo-
clared exempt in the next section:
Sec. 2 Be it further enacted, mat the
property herein enumerated shall Dc exempt
from taxation and none other
First-An property belonging 10 tue
United States to the state OF tennessee;
to any county in the State or any lncorpo-
roto5 civ or town in the State, that is used
axclnsiveIy for public or corporation pur-
poses.
religious, charitable, scientific, literary or
educational institution, and actually used for
the purposes for which such institution was
created not EXCEEDING fifty thousand dol
lars in value.
Third-An property belonging to public
schools, colleges, academies and other semi
naries of learning, not exceeding fifty thou
sand dollars in value, and all real estate
worth not more than ten thousand dollars,
owned by agricultural and mechanical asso-
Citations, and used by them for such pur-
poses.
used as such, and monuments OF the dead
Fifth.-All roads, streets, alleys and
promenades, where condemned, dedicated,
or thrown open for public travel or use, free
of charge.
Sixth.-All growing crops of whatever
nature or kind, the direct product of the
soil in the hands of the producer, or his inn
mediate yendee.
Seventh-Personal property to the value
of one thousand dollars.
Sec. 3. Be it further enacted, That in Or
der to provide revenue for State and county
purposes, property, privileges and poll, shall
be assessed annually, as hereinafter pro-
Sided.
Sec. 4. Be it further enacted, That the
basis of all assessments shall be as follows,
viz:
First.-To assess the property to the per-
son or persons owning, or claiming to own
the same, on the 10th day of January of the
year for which the assessment is made, if
known; If not then to unknown owners
Second.-To assess real property at its
market value, on a credit of one and two
years, deducting 10 per cent. in gross.
Third.-To assess personal property at
the same value at which it ought to be ap-
praised in payment of just debt, in cash,
from a solvent debtor.
Fourth.-To assess the property i'll the
district or ward in which it lies, or is known
to be at the time of assessment but all
stock in banks, banking associations, or
other corporations, or Joint stock companies,
shall be assessed in the place, town, ward
or district. in..which such banks, banking as
soeiations or other corporations are located
Sec. 5. Be it further enacted, That in as
sessing real estate, the following shall be
shown:
First.-The description of the property
SecOnd--The name of owner or owners
Third-The valae of the land, or town
lots, including improvements.
Fourth-The value of mills manufac-
tories, distilleries, breweries, founderies and
other buildings used for similar purposes.
Sec. g. Be it further enacted, That the
said assessors shall assess real estate in the
manner following; They shall prepare a
complete list of all taxable real estate in THEN
respective districts or wards, from the
schedules hereinafter required, giving
the name of each owner in alpha
betical order, and setting out the num-
Der of acres of each tract, and the assessed
value thereof, giving IF the same can be
done), the Surveyors, district, range, town
ship and section, civil district and if this
cannot be done, then such mode of descrip-
ton shall be adopted as will identify the
property and its location by giving the lands
by which the tract is bounded; and if the
said real estate be in a town, the present
number of the lot and the number of from
feet and the depth thereof, and the assessed
value thereof.
Sec. 7. Be it further enacted, That per
sonal property shall be assessed under the
following heads
First.-The actual stock in each bank OF
banking, insurance or other stock company
or corporation invested in business.
Second. Stocks of merchandise, wares,
goods and chattels kept on hand, or in store,
for sale, trade or traffic.
Third.-Merchandise wares, goods and
chattels sold at auction or on commission.
Fourth.-Notes, due-bils, negotiable
paper and accounts on solvent persons, OF
parties believed to be solvent and all Other
assets, including cash on hand or on deposi
IN this State or elsewhere.
Fifth.-Al bonds, stocks and other hk.
securities, other than such as are exemp
from taxation by the laws of the United
States or of this State
SiAth.-Stallions mares, geldings, jacks
Jennets cattle, sheep and hogs.
Seventh. Watches, plate-jewelry pianos
and household and kitchen furniture.
Eighth. Carriages, buggies and all Other
wheeled vehicles of pleasure or profit
Ninth. Machinery, engines, presses
looms, steamboats,, ferry-boats and tools and
implements of all pursuits and industry fol
gain or profit.
Tenth.-Au otherpersonal property
Eleventh.-The amount of income de-
rived from United States bonds and all
other stocks and bonds not taxed I'D yaE0rene.
Sec. :. Be it further enacted, That no tax
shall hereafter be assessed upon the capital
of any bank or banking association, or OF
any other joint-stock company organized
under the authority of this State, or of the
United States but the stockholders in sucf
bank or banking association, or other corpo
rations, shall be assessed and taxed on tn,
value of their shares of stock therein sait
shares shall be included in the valuation OF
personal property of such stakeholder in
the assessment of State county or munich
pal taxes, at the place, town, ward, or dis
trict where such bank or banking association
or other corporation is located, and not else
where, whether said stakeholder resides il
SAID place. town, ward, or district or not
but not at greater rate than is assessed
upon other moneyed capital in the hands OF
individuals in the State; and,
Provided, That all banks. or BANKING al
sociations shall be liable for taxes on any
property owned by them, funds or asset,
not included in the foregoing provisions Of
this section.
Sec 9. Be it further enacted, That ever,
banker doing business under the laws of thi
State is hereby required to declare, upel
oath before the QSGasS0r the auO11Ot n