The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1895-12-18
ARTICLE K
FINANCE AND TAXATION.

| o1i1.l) JItfIlG Wy INV 1Ol IL ci!ilOI III 1.uO
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 heexempted by law for municipal,
educational. literary, scientific, re-
ligious or charitable purposes: Pro-
vided, however, That the general as
sesnbly may impose a capitation tax
npon such domestic animals ss from
their nature aud habits are destructive
OF other property: And provided,
further, That the general assembly
may provide for graduated tax OF
incomes, and tor q graduated license on
occup patiors and business.
| Sec. 2. The generable assembly
shall provide for an annual tax SUI
ficient to defray the estimated ex-
penses OF the State for each year, and
whenever it shall happen that the or
dirury expenses Of the State for any
year shall exceed the income Of the
State for such yenr the general as
sembly shall provide for levying d tax
for the ensuing year sufficient, with
other sources of income, to pay the
deficiency OF the proceeding year to-
eether with the estimated expenses Of
the ensuing year.
Sec 3. No tax shall be levied ex-
cept in pursuance OF q law which shall
distinctly state the object OF the same; !;
! to which object the tax shall be APP
piled.
| Sec. 4. There shall be exempted
from taxation all county, township
and municipal property used e1clu-
sive]y for public purposes and not for
revenue, and the property Of all
schools, colleges, and institutions OF
learning. nll charitable institutions IN
the nature OF asylums for the infirm,
| deaf and dumb, blind, idiotic and in
digent persons, except where the prot
its of such institutions are applied to
private nses; all public libraries,
churches. parsopages and buryins
grounds; bnt property Of associations
and societies, although connected
with charitable objects, shall not be
exempt from State, county, or mimic
! 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. asylnms, libraries, churches, ar
sonsges and burial grounds, although
| connected With charitable objects.
Sec. 5. The corporate authorities of
counties, townships, school districts,
cities, towns ard villages may be vest
cd with power to assess and collect
taxes for corporate purposes; such
taxes to lie uniform in respect TO per
sons and property within the juris'tic-
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 lie listed at their true
value in money, and taxed for munlc-
ipal purposes in the city, ward, town
or Incorporated village whore such
bank is located, and not elsewhere: :
Provided, That the words "true value
in moneys ns used in line II Of this
section shall be SO construed as to
mean and inclnde all surplus or extra
moueys, capital, and every species OF
personal property OF vallic owned or
in possession OF auv such aux: Pro-
videl, 4 Ike ralc of taxation shall ap-
1,lv to the stockhoiid, RS of all corpora
tions other than banking institutions.
Aud the general assembly shall require
that nll the property. except that here
ia permitted to he exempted within
the limits of municipal corporations,
>hal! BE taxed FOR corporate purposes
and for the payment OF debts contract
Ell under authority OF law. ! h"
ontlae debt of any county, township,
school district, municipal corporation
or polltica! GlNl>loh "r snndlViSlon "l
this State shall never exceed 5 PER
ccntrm OF the sss;: s::cd value Of all the
taxable property therein. And no
county. to~nshlp. municipal corpora
ton o.. other p1!iiicnl division of this
- .st, shail hcrraltc! he :n1hor;zed u
increase its bonded ildcit, duess If ut
4ho fine of INV pro;lOscu increase.
thereof the a%srtS"ta amo"nt OF Its
already existing bonded deht amounts
to per ceptum OF the value of al
taxable property therein rs nscertalned
BIZ the valuation ior Statt taN'ltlon.
And whichever there. shall lie several
political divisions or m'iticipal cor! @.
rltlons covering, or cXtIl"inS over t!i''
same territory, or 80. tons Ia. reot,
,,Gssc c.;<ius n power to levy l. t.x OK
eo..tfnct dcI.i then each Of such ro
ii.icul divisions, or mun:,l,,,4l coE ga