The Union times. [volume] (Union, S.C.) 1894-1918, 1902-03-14
TAXABLE PROPERTY.
Extracts From the Laws of South
Carolina for We Guidance of
Boards o.. SCISSORS and
EQu :i2ati0n.


Equ :iaatien.
Section 27O. Cl9.) All property
shall be valued for taxation at it's
true value in money, which, in all
cases not otherwise specially provi-
ded for by law, shall be held to be as
follows, to wit: For personal prop
! erty, the usual selling price on the
usual terms of similar property at
administrators or executors sales,
at the place where the return is
made; and for real property, tho
usual selling price on the usual
terms Of similar property at sales for
partition under the order of the Court,
at the place where the return is to be
made. If there is no usual selling
price, then at what is honestly be-
lieved could be obtained for the same
at fair sale under the conditions
before mentioned. 1t shall be the
duty Of each owner of lands, and Of
any new structures thereon which
shall not have been appraised for
taxation, to list the same for taxation
with the County Auditor Of the
County in which they may be situate,
on or before the twentieth day Of
February next after the Same shall
become subject to taxation.
Sec. 271. (22.) The following arti-
cles of personal property shall be
valued for taxation as follows, to wit: {:
Money, bank bills and other bills
lawfully circulating as money, at the
par value thereof; credits at the
amount payable on the face Of the
contract, instrument or account, up-
less the principal at future time
without interest; then, at the sum
payable, less the lawful interest
thereon, for any term Of credit not
exceeding one year; contracts for the
delivery of specific articles, at the
usual selling price Of such articles at
the time Of listing; leasehold estates
held for any definite term, at the
yearly value thereof to the lessee !;
annuities at the yearly value thereof
to the owner at the time of listing.
All leasehold estates, held op perpet-
ual lease, or for a term certain, re-
newable forever at the option Of the
lessee, shall be valued at the full
price of the land, and continued to
be taxed at such value to the end Of
the term. When the fee of the soil
in any tract or lot of land is in one
person, and right to any minerals
therein or structures thereon in an
other, the proceeds of the minerals
and the said structures shall be val
ued and taxed as personal property,
to the owners thereof respectively.
BANKS.
Bank returns shall include the cap
ital stock, surplus or extra moneys,
and every species Of personal prop
erty, owned or in the possession Of
the bank.
UNINcoRPoRATED BANKS OR BANKERS.
See Code, Sec. 321, or Revised
Statutes 1893, Sec. 262 and 1902.
Any part Of the capital stock or
funds Of any bank, banking associa-
tion or other corporation Of any ma
ture or kind located within the State
as is or shall be invested in the bonds
and stocks Of this State representing
in part or whole the bonded debt Of
South Carolina shall be exempt from
all State, County, township, munich
pal or other taxation. Banks are not
entitled to other exemptions than
the above.
NOTICE TO TAXPAYERS.
Whenever the valuation and as
sessment Of any property is fixed by
said Board, by a sum greater than
500, more than the value as given
by the owner or his agent, or when
any property is assessed which was
not returned by the owner, the
County Auditor on or before March
4th, shall give to the owner or agent
of such property written notice there
Of, and if such owner or his agent
objects to such valuation, they shall
have the right of appeal to the County
Board Of Equalization. See Article
IL, Sections $40 and $50.