Audubon Republican. [volume] (Audubon, Iowa) 1894-1925, 1897-03-04

enues by taxation has finally been
agreed upon by the joint committee of
the house and senate. 1t is now in the
hands of the printer and will probably
| be reported i'll both houses for cOnsidera-
ton next Tuesday. Among the impor-
tant features of the bill are the follow
| ing: The exemptions are amended to
include professional libraries to the value
of $500, and the homestead not to ex-
coed $500 in value of any honorably
discharged sailor or soldier who is un-
| able to perform manual labor and is de-
pendent thereon to support himself and
, family.
All property subject to taxation shall
be assessed at 80 l-3 per cent of its &C.
tual cash value. Assessors are required
to make oath that they will obey the
law strictly i'll making their assessments
and after having completed their work
they shall swear that their returns are
correct to the best of their ability. In
order to equaliZe the tax levjeS with this
increased assessment it is provided that
the levies shall be reduced SO that the
tax to be raised from the assessments as
provided in this chapter shall not ex-
coed the average Of the tax raised III the
years 1896 and 1897. Moneys and cred
its, notes, bills, bonds and corporate
shares of stock not otherwise assessed,
shall be assessed where the owner lives.
Every grain and coal dealer, in addition
to an assessment upon the average
amount of capital used by him, shall
pay upon the value of his warehouses,
granaries and cribs situated upon land
leased from railway companies or other
persons.
Plan of Assessment.
The assessment of mercantile corpor-
ations is provided for i'll a section which
says that when a person, firm or corpor-
alton is doing business in more than one
assessment district their property shall
be taxed i'll the district where it is To-
Gated, and any person, frn, or corDjra-
ton having III his possession properly
with authority to SELL OF which has been
consigned to him from any place out
side the state to be sold i'll the state, or
to be delivered or shipped By MIN, shall
be held to be a merchant for the purpose
of this act. Private banks or bankers
must furnish a sworn statement show.
ing their assets, aside from real estate,
and their liabilities, on january |.
These assets are to be described under
five different heads and they are to be
assessed after deducting the amount of
deposits and of debts and the aggregate
amount of bonds and stock exclud-
ing exemptions or such as is
otherwise taxed in this state. The
shares of stock of any corporation, ex-
cept those not organized for pecuniary
profit, shall be assessed to the owners
thereof at the place where the principal
business is transacted. This section
does not include banks, mercantile cor
porations, building and loan associations
and loan and trust companies, which are
provided for in another section. If the
assessor is not satisfied with the ap-
praisement and valuation furnished him
Of stocks in such corporation, he shall
make a valua: ion from the best inform
alton obtainable. The shares of build
ing and loan associations shall be as
sessed at their actual value and taxed to
the individual holders thereof i'll their
place of residence. The assessment of
railroad, telegraph and telephone COM
panies is as under the present law.
All railroad grain elevators are to be
assessed and taxed as property of indi-
viduals. Peddlers, outside of cities or
towns, must pay county tax of from
$40 to SO per annum
JULIEN RICHARDS.