The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-03-22

some of the greatest corpOrtion attorneys
of the State, and on the other side sew
eral of the brainest representatives OF
the people and opponents of their rights.
The people finally won and the Gen
eral Assembly confirmed the committee S
decision, and the section stands in full
force, the same section which, had the
Supreme Court decided otherwise than
it did in 1902, would have materially les
sened the deficit under which the State
is laboring now and necessitated far
less bond issue than the 100000 which
had to be voted in order to pay the
States just debts.
SOME CHANGES.
The following are some of the changes
in the new act.
In section 10, Real property to be as
sessed as its true value in money, the
term true value in money is substituted
for full value, which could ordinarily be
obtained therefor at private SALE" as in
the old act.
The same substitution is made in sec
ton II as to assessment of personal
property
Then there was substituted by Judge
A. w. Graham, of Granville county sec
ton 141s for section Is in the old act,
defining market value" or true value"
as follows:
THE intent and purpose for the tax
laws of this State is to have all prop
erty and subjects - of taxation
fairly assessable at their true
value in money in such man
ner as such property and subjects are
usually sold, but not by forced sale there
of, and the words market value or
true value whenever used in the tax
laws shall be held to mean what the
property and subjects would bring at
cash sale when sold in such manner as
such property and subjects are usually
sold"
In section 81, Debts owing by tax
payer may be deducted. the provision of
the old act that the taxpayer shall give
an itemized statement in detail of how
said debts are secured, to whom owing,
the residence of such creditors and the
amount due each, is stricken out. The
new section reads on this point "Ail
bona fide indebtedness owing by any per-
son may be deducted by the tax-lister
from the amount of said persons credits,
and insurance companies may deduct
from solvent credits due to them an
amount equal to their reinsurance re-
serve"
Section 80, Bank taxation, requires
every bank. whether State or National,
to list its real estate in the county or
town where located, and to list annually
with the State Auditor all shares of its
capital stock whether held by residents
or non Presidents at market or actual
1of h oh, 1Ip
shall be deducted assessed value of the
real and personal property listed in the
counties The County Commissioners Of
the county in which any bank is located
Shall assess against the value of shares
of residents in their county the regular
county tax, and shall assess against The
value of shares held by non residents of
the State in such bank the regular county
tax.
In listing shares for State taxation
every bank shall file with the Auditor of
the State a statement showing the name
and residence of each shareholder the
number of shares held by each and the
taxable values of such shares as fixed by
the provisions of this act, which state
ment shall be in writing and subscribed
and sworn to by some bank officer
Every bank is also required to furnish
to the Board of County Commits
sioners of each county where any of its
stockholders reside a statement showing
the names of all it's shareholders living
in such county with the number of shares
owned by each and the taxable value of
such shares.
The County Commissioners, list-takers
and other officers shall have the same
rover to enforce the listing the shares
of stock in any bank as they have for the
listing Of other personal property
AS to corporations the new act in sec
ton "a requires uniform reports from
corporations OF all kinds. except those es-
pecially mentioned to be made to the
Auditor, as required in section of the
old revenue act. but there is added pro-
vision forbidding the Corporation Com
mission. the Treasurer and the Auditor
to make public any such report, and re-
curing the Auditor to keep record book
on which he shall enter list of all the
corporations and banks which ne has as
sessed for taxation, showing the assessed
valuation of each.
Section So Tax on building and loan s.
sociations is the same as section five
OF the old revenue act, and section SO,
No exemptions as to foreign corporations
ie section of the old revenue act.
Section 80 of the old Machinery act,
Structures over one hundred dollars If
erected or destroyed shall be noted. is
stricken out.
In section so. Sheriff shall attend to re
relve taxes. it is provided that the col
lecting officer may sell for taxes before
tha first day of November If he has rea-