Pocahontas star herald., 1912-06-14

not at forced or auction sale
8. Merchant shall include every
person who owns, or has in his possession
or subject to his control, with authority
to sell the same, any personal property
within this State, purchased with the
view to sale at an advanced price or
profit, or which has been consigned to
him for sale
8. manufactures" shall include every
person who purchases. receives or holds
personal property of any description
for the purpose of adding to it's value
by any process of refining. manufac-
ture, rectifying or by the combination
of different materials with the view of
making gain or profit thereby.
10. Money" or moneys" shall be
held to mean gold or silver coin. treas
ury notes, bank notes and other forms
of United States currency in common use
in actual possession; also every deposit
which 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. The term investment in bonds
shall include all money invested in
bonds of whatever kind or certificate
of Indebtedness commonly called scrip,
whether issued by incorporated or unin-
corporated companies, towns, cities,
counties or states held by persons re-
siding in this State, either by them
selves or by others for them, in or out
of this State wheth-: for themselves or
as guardians. trustees or agents.
~. The term investments in stocks"
shall 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 by persons
residing in this State, either for them
selves or as guardians, trustees or
| agents or by others in or out of this
State for them.
13. The term credits" shall be held
to mean the excess of the sum of all
legal claims or demands for money or
other valuable things, or for labor or
service due or to become due, to the per-
son liable to pay the taxes thereon in
cluding annuities, or sums of money re-
ceived 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 flde debts owing by such per-
son. There shall not be taken into ac-
count any obligation to any mutual in
scription to the capital stock of any
joint stock company nor any subscrip-
| tion 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 a
full consideration therefor, nor any ac-
acknowledgement of debt made for the pur-
pose of diminishing the amount of
credits to be listed for taxation; nor
any greater amount or portion of any
liability as surety than the person re-
| quired to make the statement of such
credits believes that such surety is in
| equity bound and will be compelled to
pay or contribute.
Section 6. No assessment of property
for purposes of taxation and no tax
authorized 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 the merits of the case
and which, does not prejudice the rights
of the party whose property is assessed
or against whose property tax Is
levied All such assessments and levies
shall be presumed to be legal until the
contrary is affrmatively shown; and
no sale of real estate for the non-pay-
ment of taxes thereon shall be rendered
| lllNdllu Dy showing lndl any CeTllHCdle.
return affidavit or other paper, required
to be made and filed in any office is not
i'm such office, but until the contrary is
shown the presumption shall be in all
cases that such paper was properly
made and filed
Section Z. All property subject to
taxation shall be listed and assessed
every year with reference to its value
on February first preceding the assess
ment.
Section s. All property shall be as
sessed at its true and full value in
money. In determining its 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 a basis of taxation, nor
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 at
such sum or price as they believe the
same to be fairly worth in money
In assessing any tract or lot of real
estate the value of the land exclusive
of structures and improvements shall
be determined and also the value of all
structures and improvements thereon,
and the aggregate value of all property,
including all structures and improve
ments.
Section 9. At every general election
| an assessor shall be elected in each
! county in the State in the same manner
as other county officers are elected,
! The term of office of each assessor shall
begin the first day of January the year
after he is elected and shall continue
| for two years, or until mis- successor is
elected and qualified.
Section 10. Every person elected or
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), condtioned for the faithful dis
charge of his official duties Said bond
shall be approved by the county Judge.
The assessor shall be liable on his Of
| fetal bond to the State, county and
each of the several school districts, road
districts, cities and incorporated towns
in his county for all damages sustained
| by the State, county and each district
| or town by reason of any refusal on
| his part to assess any property at its
| true and full value in money, or to dis
| charge any duties imposed upon him
| by law, or to discharge such duties in
| the manner prescribed by law. Such
| damages shall be recovered in the same
manner as damages are recovered on
other official bonds. The assessor shall,
also at the time he qualities, take the
oath prescribed by section 90 article
| 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 year
| before he enters uDon the discharge of