The Milan exchange. (Milan, Gibson County, Tenn.) 1874-1978, 1882-05-13
NEW RAILROAD TAX LAW.

IOTe JpfIn6u uiSLfiOubooiO p'OpOiy VI
all the railroad companies owning
or operating railroads in this State
shall continue as heretofore, to be as
sessed for the purposes of State, coun-
ty and municipal taxation, by the
Railroad Tax Assessor of the State at
large, appointed oy the Governor.
And all other property, real, personal
and mixed, of said railroad, hereinaf-
ter termed localized property, shall be
assessed for all taxes, State, county
and municipal, by the County Assess
or, and the assessors of municipal cor.
porations, under whose charter they
have the right to assess property for
all taxation. Assessments. of railroad
property shall be made in the manner
prescribed by this act and acts amends
ed by the it, except in so far as the
amended acts have been declared un.
constitutional by the Supreme Court.
Sec. 2 Be it further enacted, That
the road-bed of railroad shall include
all side-tracks, switches, bridges and
trestles, and the ties, rails and fasten>
ings, and superstructure of every kind.
Sec. 8. Be it further enacted, That
in the road-bed, rolling stock fran.
chise, 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 property of the company, and
after having ascertained the total val
lie of such distributable property
wheresoever situated, whether within
or without the state. and after having
deducted from its value one thousand
dollars, they shall divide the remain
der by the number of miles in the en-
tire length of the road and the result
shall be the value per mile of such
distributable property of such comPa.
ny for the purpose of taxation; and
the value per mile of such distributa-
BILE property as 50 ascertained shall be
multiplied by the number of miles
in the State, and the product thereof
shall be the sum to be taxed to such
company upon such distributable
property for State purposes; and the
value per mile as so ascertained shall
be multiplied by the number of miles
or fractions thereof in each county and
incorporated city or town through
which the road passes and the prod
ucts shall be the sums to be taxed up
on such distributabie property by said
counties, towns and cities respectively.
Sec. 4. Be it further enacted, That
the depot buildings. yards, grounds
and other property, real, personal and
mixed, having an actual situs shall be
known as the localized property of
such railroad and shall be valued by
the County Assessors and City Assess
ors of the several districts and wards
in which such property is situated in
the same manner and upon the same
principles that govern the assessment
Of similar property owned.by individ-
uals, and it shall be valued by said
County Assessors and City Assessors
in the respective counties, towns and
cities in which it is located; the State
shall be entitled to tax upon all such
localized property, the counties, towns
and cities shall be entitled to a tax
upon The value of all such localized
property as is situated within theil
respective limits.
Sec. 5. Be it further enacted, THAI
the cash value of the individual shares
, shall not be deducted from any of sale
valuation; nor shall any railroad CON-
pany have any exemption except on,
, thousand dollars, it being the exemp'
ton allowed to the other tax payer
of the State.
: Sec. 6. Be it further enacted, Tina
all the valuations or assessments which
may have been made by County, Dis
trict or Ward Assessors for the yea
1882 shall be superseded by the as
D sessment herein provided for, and tn,
r Chairmen or Judges of the severa
: County Courts shall cause the local
lied property to be assessed by tn
District and Ward Assessors, appoint
ed for the present year, or others ap
s pointed by the Chairman or Judge il
e place of any where vacancies have oc
Cured. And in cases in which Their
shall be failure to assess such prop
erty under this act, it shall be assesse
g by the trustee or Tax Collector as i
h other cases of omission. Assessment
g to be made by the County Assesso
. and acted on by the Board of Equal
Il ization by the first Monday in June