The Lexington dispatch. [volume] (Lexington, South Carolina) 1870-1917, 1895-12-18
ARTICLE X.
FINANCE AND TAXATION.


shall provide by law for uniform and
equal rate of assessment and taxation,
and shall prescribe regulations to Sc
cure just valuation for taxation OF all
property, real, personal and possessory,
except mines and mining claims, the
products of which alone shall be taxed;
and also excepting such property as
may be exempted by law for municipal,
educational, literary, scientific, re-
ligious or charitable purposes: Pro-
vided, however, That the general as
sembly may impose capltatlon tux
upon such domestic animals as from
their nature aud habits are destructive
of other property: And provided,
further, That the general assembly
may provide for graduated tax on
incomes, and for graduated license on
occupations and business.
Sec. 3. The generable assembly
shall provide for an annual tax SUI
fcient to defray the estimated ex-
penses of the State for each year, and
whenever it shall happen that the Or
dinary expenses Of the State for any
year shall exceed the income Of the
State for such year the general as
sembly shall provide for levying tax
for the ensuing year sufficient, with
other sources Of income, to pay the
deficiency of the proceeding year to-
2ether with the estimated expenses OF
the ensuing year.
Sec. 3. No tax shall be levied ex-
cept in pursuance of law which shall
distinctly state the object of the same;
to which object the tax shall be ap-
piled.
Sec. 4. There shall be exempted
from taxation all county, township
and municipal property used exclu-
sively for public purposes and not for
revenue, and the property of all
schools, colleges, and institutions Of
learning, all charitable institutions IN
the nature of asylums for the infirm,
deaf and dumb, blind, idiotic and In
digent persons, except where the prof
its of such institutions are applied to
private nses; all public libraries,
churches. parsonages and burying
grounds; bnt property of associations
and societies, although connected
with charitable objects, shall not be
exempt from State, county, or mnnic-
ipal taxation: Provided, That as to
real estate this exemption shall not
extend beyond the buildings and
premises actually occupied by such
schools, colleges, institutions OF learn
ing, asylums, libraries, churcheJ, lar
sonages and burial grounds, although
connected with charitable objects.
Sec. 5. The corporate authorities OF
counties, townships, school districts,
cities, towns and villages may be vest
ed with power to assess and collect
taxes for corporate purposes; such
taxes to be uniform in respect to per
SOUS and property within the jurisdic-
ton of the body imposing the same.
All shares of the stockholders in any
bank or banking association located IN
this State, whether now or hereafter
incorporated, or organized under the
laws of this State or of the United
States. shall be listed at their true
value in money, and taxed for munlc-
ipal purposes in the city, ward, town
or incorporated village where such
bank is located, and not elsewhere
Provided, That the words true value
in money as used in line 12 OF this
section shall be so construed as to
mean and include all surplus or extra
moneys, capital, and every species OF
personal property Of value owned or
in possession of any such hank: Pro
vided, 4 like rule Of taxation shall ap-
plv to the stockholders Of all corpora
tons other than banking institutions.
And the general assembly shall require
that all the property, except that here
in permitted to lie exempted within
the limits of municipal corporations,
shall be taxed for corporate purposes
and for the payment Of debts contract
ed under authority of law. Ihe
bonded debt OF any county, township,
school district, municipal corporation
or political division or subdivision OF
! this State shall never exceed s per
centum of the assessed value of all the
taxable property therein. And nc
county. township, municipal corpora
tion or other political division Of this
State shall hereafter be authorized tc
increase its bonded Indebtedness If al
the time OF any proposed increase
! thereof the aggregate amount OF Its
already existing bonded debt amounts
to s per ceutum Of the value OF al!
taxable property therein as ascertalneo
bv he valuation for State taxation.
And wherever there shall be severa
| political divisions or municipal corpo
rations covering or extending over the
same territory, or portions thereof,
possessing a power to levy tax OF
contract debt, then each Of such po
litical divisions or municipal corpora
tons shall so exercise its power tc
increase its debt under the foregoing
s per cent limitation that the aggregate
| debt over and upon any territory o:
| this State shall never exceed 10 pei