Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1882-05-10
SENATE BILL NO. 90. l

An Act to amend an act entitled can Act
Declaring the Mode and Manner of Valu-
ing the Property of Railroad Company
for Taxation" passed March Goth, 1875;
also to amend an act entitled ''An Act to
Amend an Act Entitled An Act Declaring
the Mode and Manner of Valuing the
Property of Railroad Company for Tax
ation," passed March 20, 1875, and to ad-
just the rights of the State and railroads
in Tennessee under the decision of the
Supreme Court, holding that the eleventh
section OF said act is unconstitutional,
approved March 20, 1877; also to amend
an act entitled San Act to amend an act
Passed March 20, 1875, Entitled An Act
to Declare the Mode and Manner of Val
uing the Property of Railroad Compa-
MES for Taxation" approved April 7th,
1881.
SECTION l. Be it enacted by the General
Assembly of the State of Tennessee, That
all the property hereinafter termed distrib-
utable property of all the railroad compa-
MES owning or operating railroads in this
State shall continue as hereto
fore, to be assessed for the purposes
of State, county and municipal tax
alton, by the Railroad Tax Assessor of the
State at large, appointed by the Governor
And all other property, real, personal and
mixed, of said railroad, hereinafter termed
localized property, shall be assessed for
all taxes, State, county and municipal, by
the County Assessor, and the assessors of
| municipal corporations, under whose char
! ter they have the right to assess property
| for taxation. Assessments of railroad prop
erty shall be made in the manner prescribed
| by this act and the acts amended by it, ex-
cept in so far as the amended acts have
been declared unconstitutional by the Su-
preme Court.
SEC 2. Be it further enacted, That the
road-bed Of a railroad shall include all side
tracks, switches, bridges end trestles. and
the ties, rails and fastenings, and super
structure of every kind.
SEQ. 3. Be it further enacted, That the
| road-bed, rolling stock franchise, chose in
action and personal property of railroad
company having no actual situs shall be
known as its distributable property and
shall be valued by said assessors separate
from the other property of the company,
and after having ascertained the total value
of such distributabIe property wheresoevel
situated, whether within or without the
State, and after having deducted from iti
value one thousand dollars, they shall divide
the remainder by the number of miles in
the entire length of the road and the result
shall be the value per mile of such dis
tributable property of such company for the
purpose of taxation, and the value of sucl
distributable property as so ascertained
shall be multiplied by the number of mile
in the State and the product thereof shall b,
the sum to be taxed to such company upol
such distributable property for State pur
pose; and the value per mile as SO ascer
/ L 10
miles or fractions thereof in each count,
and incorporated city or town through
which the road passes and the product
shall be the sums to be taxed upon sucl
distributable property by said counties
towns and cities respectively.
SEC. 4. Be it further enacted, That III
depot building, yards, grounds and othe
property, real, personal, and mixed, havini
an actual situs shall be known as the local
lied property of such railroad, and shall b
valued by the County Assessors and Cit
Assessors of the several districts and ward
IN which such property is situated in tn
same manner and upon the same principle
that govern the assessment of similar prop
erty owned by individuals and it shall b
. valued by said County Assessors and Cit
Assessors in the respective counties, town
and cities in which it is located; the Stat
Shall be entitled 10 tax upon all such Il
Called property, the counties, towns an
cities shall be entitled to tax upon th
value of all such localized property as
situated within their respective limits.
, SEC. s Be it further enacted, That Il
cash value of the individual shares shall n,
: be deducted from any of said valuation
nor shall any railroad company have ar
exemption, except one thousand dollars,
being the exemption allowed to the 9th
taxpayers of the State.
SIC. 6. Be it further enacted, That
the valuations or assessments which mf
have been made by County. District
Ward Assessors for the year 1882, shall
, superseded by the assessment here
| provided for, and the Chairmen or Judg
of the several County Osurts shall eau
the localized property to be assessed by 7
District end Ward Assessors, appointed Z
the present yeaz, or others appointed ~ y