Catoctin clarion. [volume] (Mechanicstown, Md.) 1871-1940, 1896-04-02
Plan Of Reassessnent.
Features Of the Bill Passed by
the General Assembly.

ANNAPOLIS, Md, March 25th.-The
first taxing sections of the new assess
ment bill follow closely upon the liue
of the Hayes bill, passed in 1864, and
are taken largely from the Herring bill.
Ships are valued at the residence Of
the owners.
Thereal estate of corporations Is to be
taxed as at present.
Shares Of stocks are assessed to the
owners where they reside,
All personal property IN which any
resident of the State has an equitable
interest with the legal title to the same
in some other person or corporation who
is a nonresident is also subject to tax
alton in this State. AS are all bonds
issued by any State or Territory, bonds
of corporations, private securities, real
property and the personal property not
having capital stock divided into shares.
The property, real and personal, of
steam railroads shall be taxed for county
and municipal purposes as the property
of individuals. No extra valuation is
to be levied upon bridges over streams
forming part of the road bed Of any
railroad or turnpike, but they shall be
valued rs any equal portion of the road
Is valued. Tunnels and sub.ways are
to be assessed at their actual worth.
Bank and other stocks are to be taxed
upon the valuation of the tax commits
sioner for 1896, and its valuation is to
be sent to the assessors. The valuation
of stocks is to be returned by the ass
essors to the tax commissioner.
Mortgage bonds of corporations are
also subjected to taxation, according to
the provisions of the bill, and the tax on
bonds issued by corporations which
promise to pay such tax shall be collec.
ted from the company and not from the
owner of the bonds.
Nothing in the act shall repeal OF
modify the code relating to the taxation
of savings banks nor the act of 1892
relating to the tax on distilled spirits,
Exemptions from Taxation.
The following are among the exemp-
tions from taxation:
United States bonds or the property
Of the United States, the State or any
county or city.
Houses used exclusively for public
worship, parsonages, graveyards, Gene
terles not used for profit.
Crops In the hands of producer or his
agent.
Tools Of mechanics worked by hand
power.
Farm implements to the value OF
$500.
Wearing apparel except diamonds
and costly iewelry not habitually worn.
Fish in possession Of fishermen.
Hospitals and charitable institutions,
educational institutions and as much as
forty acres attached thereto.
Personal property Of a corporation IN
this State whose shares are subject to
Taxation. The shares Of railroads iucor.
porated in the State which pay tax on
gross receipts and county and municipal
tax.
Book accounts of merchants paying
tax on average value of stock in trade
and every person engaged in commercial
business shall pay tax on the average
value Of his stock in trade.
The exemption of homestead or bull.
ding association shares was stricken out.
The president of every corporation
doing business in the State must fur
nish to the county commissioners or
Appeal Tax Court a statement of real
estate owned, and the valuation Of this
real estate is deducted from the total
value of stock, las at present. The shares
of stock are to be valued for county and
municipal purposes to the owner in the
county or the city where he resides.
The tax on shares owned by non resi- :
dents shall for county aud municipal
purposes be taxed where the corporation
is situated, and the tax shall be collec~
ted from the corporation, and NAV be
charged by the corporation to the stock
holder.
All steam railroads doing business in
Mary land shall be subject to the tax on
gross receipts.
Gross Receipts Tax.
A franchise tax is levied on the gross
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