Pocahontas star herald., 1912-06-28

Mltllh lhls State, purchased win ths
view 10 sale at an advanced nrica m
him for sale. Neu u
8. Manufactures" shall include overv
person who purchases, receives or holds
personal property of any descrintion
TOR the purpose of adding to its vaine
Dy any process Of refining, manufac-
tufe. rectifying or by the combination
OF ditferent materials with the view of
making a gain or profit thereby.
~ money or moneys" shall be
nelu TO mean gold or silver coin. treas
ury notes, bank notes and other forms
OF nlted states currency in common use
III actual possession; also every deposit
Willch any person residing in this State
owning the same or holding in trust. or
having the beneficial interest therein
Is entitled to withdraw in money on de.
mand within this State or elsewhere.
II; me term investment in bonds
snail include all money invested i'm
bonds of whatever kind or certi6catr
OF Indebtedness commonly called scrip
whether issued by Incorporated or unin.
corporated companies, towns cities
counties or states, held by persons re-
sizing in this State, either by them
selves or by others for them. in or out
Oh thls State whether for themselves OF
as guardians, trustees or agents.
II: The term Investments in stocks
snail be held to include all moneys
invested in public stocks of any associa-
tion corporation or Joint stock com.
pany whose stock or capital is divided
INTO shares, which are transferable by
each owner without the consent of the
other owners or stockholders and for the
taxation Of which no special provision
is made by this Act, held bv persons
residing in this State, either for them
selves or as guardians, trustees, oil
agents or by others in or out of this
State for them.
10. The term credits" shall be held
to mean the excess Of the sum of all
legal claims or demands for money OF
other valuable things, or for labor OIL
service due or to become due to the per.
son liable to pay the taxes thereon, in.
Guiding annuities, or sums Of money re.
eelved at stated periods, due or to be
come due, all claims and demands Sc
cured by deed Of trust of mortgages
due or to become due when added to-
gether (such claims or demands to be
estimated at their full value in money!
over, and above the sum of the legal
and bona fide debts owing by such per
son. There shall not be taken into ac-
count any obligation to any mutual in
surance company; nor any unpaid sub
scription to the capital stock of any
ton TO any religious, scientific, literary
or charitable purpose; nor any acknowl-
edgment Of any Indebtedness unless
founded on some consideration actually
received, and believed at the time of
making such acknowledgment to be q
full consideration therefor, nor any ac-
hnowledgment of debt made for the pur.
pose of diminishing the amount OF
credits to be listed for taxation; noi
creator Qn1pIInt nOrtiOn Of
liability as surety than the person re.
quired to make the statement of such
credits believes that such surety is in
equity bound and win be compelled tC
pay or contribute
Section 6. NJ assessment of property
for purposes Cf taxation and no tax
auth h1riZed by law, levied upon any
property by any officer or board au
thorized to make and levy the same
shall be held invalid Tor want of any
matter or form in any proceeding which
does not affect tho merits of the case
and which does not prejudice the rights
of the party whose property is assessed
or against whose property a tax is
levied. All such assessments and levief
shall be presumed TO be legal until the
contrary is affirmatively shown; anC
no sale of real estate for the nOn-pay-
ment of taxes thereon shall be rendered
invalid by showing that any certificate
return, affidavit or other paper, required
to be made and filed in any office is not
in such office, but until the contrary is
shown the presumption shall be in al
cases that such paper was properly
made and filed.
taxation shall be listed and assessed
every year with reference to it's value
on February first preceding the assess
ment
Section s. All property shall be as
sessed at its true and full value II
money. In determining it's value the
assessing and equalizing officer or officers
shall not adopt a lower or different
standard of value because the same is
to serve as basis of taxation moi
shall the price for which property
would sell at auction or forced sale be
adopted as a criterion of value. The
officers shall value each article or de
scription of property by itself, and al
such sum or price as they believe tn,
same to be fairly worth in money.
In assessing any tract or lot Of rea
estate the value of the land exclusive
of structures and improvements shal
be determined and also the value of al
structures and Improvements thereon
and the aggregate value of all property
including all structures and improve
ments.
Section 8. At every general election
an assessor shall be elected in eacl
county in the State in the same manner
as other county officers are elected
The term of office of each assessor shal
begin the first day of January the veal
after he is elected and shall continue
for two years, or until mis- successor Is
elected and qualified.
Section 10. Every person elected o,
appointed to the office of assessor, shall
within thirty days after the receipt OF
his commission, and before he qualities
enter into bond with the State OF Ar
kansas with good and sufficient security
in the sum of not less than five thousand
nor more than ten thousand dollars
(the amount to be fixed by the county
COURT, conditioned for the faithful dis
charge of his official duties Said bono
shall be approved by the county judge
The assessor shall be liable on his of
fetal bond to the State, county anC
each of the several school districts, rOaC
districts, cities and incorporated towns
in his county for all damages sustained
by the State county and each distric
or town by reason Of any refusal OF
his part to assess any property at IL
true and full value in money! or to dis
charge any duties imposed upon hin
by law, or to discharge such duties il
the manner prescribed by law. Sucl
damages shall be recovered in the same
manner as damages are recovered OF
other official bonds. The assessor shall
also at the time he qualities, take the
oath prescribed by section 20, articl,
10, of Constitution of Arkansas
Failure to give the above prescribed
bond or to take the oath shall be deemed
to be refusal to serve
Section IL. Every assessor, each veal
before he enters upon the discharge Of
his duties, shall, in addition to the oatt
prescribed in section 10 hereof take tn
following oath or affirmation which
oath shall be endorsed on each of thu
assessment books prior to their de
livery to the ASSESSOR
T. -! ......, assessor Tor '.;,'.'''