Peninsula enterprise. [volume] (Accomac, Va.) 1881-1965, 1900-03-17
THE VALUATION BILL.
Full Text of This Very Much Talked
of Law. IL Goes Into Effect
At Once.

4
the law enacted by the Legislator,
just adjourned providing for the
better assessment of personal proper
| ty that the ENTERPRISE publishes
the law in full. 1t is as follows:
1. Be it enacted by the Genera
Assembly of Virginia, That for eacf
city and county of this State there
shall be appointed by board, con
sisting of the Auditor of Public Ac
counts, Second Auditor and Treas
urer, a commission of valuations Of
personal property and incomes, who
shall hold Office for a term of five
years, and who shall discharge the
duties hereinafter specified, but who
before entering npon the discharge
of said duties, shall qualify before
the corporation or hastings court OF
the city or county court of the coun-
ty for which he is appointed, and
enter into bond in the penalty OF
| five thousand dollars, conditioned
| for the faithful discharge of his
duties, and payable to the Common
wealth of Virginia. The term of
office of the commissioners first ap-
pointed after this act goes into effect
shall expire on the 31st day of De-
Gem Der, 1904, or as soon thereafter as
their successors shall have qualified.
2. 1t shall be the duty of the Com
missioner Of Valuation to ascertain
and report to the Commissioner of the
Revenue of his city or county an
nually as of the LIST of February of
Il, ha In 81 ha 81
lowing personal property and in
comes, belonging to individuals.
firms or corporations (otber than the
corporations now reporting direct to
the Auditor of Public Accounts), re-
siding or doing business in said city
or county, and subject to taxation
under the laws of this State-namely:
First. All moneys. bonds, notes, or
other evidences of debt, and all stock
and shares of stock.
Second. All incomes in excess of
the exemption now allowed by law.
Third. All capital invested, used or
employed in any trade or business.
Fourth. All capital, including
moneys, credits, or other thing remain
ing invested, whether said investment
was originally made in this or any
other State or county. loaned used, or
employed in business in or out OF this
State.
Fifth. All capital of any joint stock
company not otherwise taxed.
Sixth. All moneys on deposit with
any bank or other corporation, firm or
person.
This section shall apply to persons
actually residing or doing business in
said city or county though said per
son claim a residence elsewhere in
the State, but in such cases the re-
port provided for by this act shall he
made to the commissioner of the
revenue of the county or corporation
where such residence is claimed.
The commissioner of valuation may
apply to or summon before him any |
officer or agent of any corporation,
or firm. or any person hav-
ing knowledge of or interest in the
matter about which the commissioner |
of valuation is authorized to inquire. |
to furnish any information such per |
son may have relating thereto, aud |
in all cases tn commissioner of valua |
tiOn may administer an oath to any |
person to make true answers to such |
questions as he may ask in relation |
TO any such matter. II any person,
firm or corporation summoned as
aforesaid fail or refuse to submit the |
examination, or fail to disclose any |
matter in his possession, about which
the commissioner of valuation shall |
him, he shall forfeit not
less than thirty nor more than one
thousand dollars for each failure or
refusal
3. When ascertained, the valuation
Of such property shall be entered by
tue commissioner of valuation in
books TO be kept by him for that
purpose, in alphabetical order OF
persons or corporations subject to
taxation; and which said books shall
De kept open to public inspection for
and correction for a
period of thirty days commencing
Nay 1st of each year.
The commissioner of valuation,
previous to and during the time the
aid books are open to public inspec-
ion, shall advertise the fact in such
manner as he may deem most advisa
de, or as be shall be authorized by
he Auditor of Public Accounts.
4 The commissioner of valuation
nay at any time prior to making his
eport to the commissioner of the
evenue increase or diminish the {
'aluation placed by him upon any !
UGH property, as he may deem just,
nut he shall not increase any valua- {
ion after said books are open to
'ublic inspection, except after ten |
avs notice to the party affected by I
UGH increase. '
5. During the time the said books c
re open to public inspection any per- t
on considering himself aggrieved by '
he valuation placed upon his prop t
rty, may make application in writ
az to the commissioner of valuation I
D have the same corrected, stating t
q detail the grounds OF his object @
ons; and thereupon the applicant b
hall be examined under oath by the b
of valuation. who shall
e authorized to administer such f
aths, and, if in the judgment of the q
commissioner of valuation the valu- o
ton of such applicants property be
eemed erroneous, he shall cause the
anne to be corrected, and fix the
mount of the valuation, as he NAV
eem just, and declare his decision
hereon within thirty days from the 8
me such application was made. h
6. After said books have been a,
Iosed, and on or before the 18th day h
June of each year, the commits II
oner of valuation shall make a res e.
ort of all valuations fixed by him in
1ch manner as shall be prescribed
y the Auditor of Public Accounts. p
, the Commissioner of the Revenue | in
said city or county, or to the Conn M
Missioner of the Revenue OF the coun q,
or city where said taxpayer is tax. n,
Ole, who shall thereupon enter the t
me on his personal property and in
come books and assess the State gu
4xes thereon. ANY person consider. k,
x himself aggrieved by the valua OF
on and assessment may, within six bf