The Bolivar bulletin. (Bolivar, Tenn.) 1888-1946, 1890-05-30
TENNESSEE STATE NEWS.
Assessment Laws.

The following interesting matter In
connection with the assessment laws is
contained in circular letter addressed
3y State Comptroller Allen to County
Tax Assessors:
In reply to numerous inquiries in re-
gard to the assessment and equalization
of property for 1890, I-will state that
che valuation of real estate should be
arrived at by estimating the value on a
>ale of one-third cash and balance in
equal payments of one and two years,
ieducting 10 per cent. for cash.
All personal and mixed property
should be assessed at itscash value. All
property belonging to bank, including
surplus and undivided profits, should
pc assessed to the bank, and all the
shares of stock in a bank should be as
sessed to the individual holders thereof
at it's market value.
The property, real, personal and
mixed, of all persons, copartnerships
and joint stock companies engaged ir
the manufacture of goods, wares, mer-
chandiSe or other articles of value which
is used and held for manufacturing,
completing and preparing the goods,
and the property of every quasi public
corporation or other corporations public
in their character, such as gaswOrks,
waterworks, electric lights, street rail
roads, dummy railroads, and the prop
erty of every other corporation except
railroads organized under the laws OF
this or any other State of the United
States, or of any foreign State Except
banks and banking associations) is re-
quired by law to be assessed at the full
value of its capital stock, including its
franchises, easements and incOrporeal
rights and corporate property as part
of said capital stock, which shall in
no case be less than the actual value OF
all it's shares of stock, together with the
actual value of it's bonded indebtedness
combined.
If corporation owns any property,
real, personal or mixed, not used for
corporate purposes, it should be assessed
to the corporation like property of indi'
viduals is assessed. / will state further,
that all land or other notes and accounts.
whether belonging to corporations or in
dividuals without exception), should
be assessed at their value.
The Board of Equalization, in equal
izing the assessments, should take-as a
basis of equalization the value of the
property as prescribed by law. In other
words, if A owns property worth 81, 900,
according to the provisions of the law,
and it is assessed at $7O0; and B owns
property worth 1000, according to the
provisions of the law, and it is assessed
at 5000, the value of the property of
both should be increased to $1,000 in
stead of reducing the value of BIS prop
erty tc 500. The law, whether right
or wrong, should be faithfully enforced,
and 1 trust that you will make your as
sessmeIlts strictly in accordance with its
provisions, thereby saving you liability
on your bond, and saving me the trouble
and embarrassment of going before
court for a revaluation. Nonresident
taxpayers are entitled to no exemptions.
If you have any doubts about the as
Sessment of the property in this State
of a corporation which also owns prop
erty in another State, or in a county
other than your own, please confer with
me, submitting at the same time a
statement from the corporation show
ing the relative value the property of
she corporation in your county bears to
the entire corporate property of the cor
poration.