Tensas gazette. [volume] (St. Joseph, La.) 1886-current, 1912-09-27

surplus ana UNDIVIDED profits less the as
sessed and taxed, and less such further
deductions OF not less than five per cent
on their loans and discounts to cover bad
debts and unearned interest as the Cen
eral Assembly may prescribe which de-
duction shall be made only from their
surplus and undivided profits; all taxes
to be paid by the banks and charged to
the stockholders.
4. Individual bankers, banking firms
and unincorporated banking associations,
domiciied in this State, shall be assessed
on the amount of capital. surplus and
undivided profts actually employed in
their business. less the assessed value OF
real estate locally assessed and taxed,
actually and exclusively used and en-
ployed in their business, and less such
further deductions not less than Ave per
cent on their loans and discounts to
cover bad debts and unearned interest as
the General Assembly may prescribe
which deduction shall be made only from
their surplus and undivided profits
3. Foreign banks and Individual bank
ers. banking firms and unincorporated
Nanking associations, domiciled out Of the
State but doing business in this State
shall be assessed on such proportion OF
their capital surplus and undivided
nrofits as Is actually employed I'm this
state, less the assessed value OF real es-
tate locally assessed and taxed actually
and exclusively used and employed In
their business in this State, and less
such further deductions. not less than
five per cent on their loans and dis
counts. TO cover bad debts and unearn-
ed interest as the General Assembly
may prescribe which deductions shall
be made only from their surplus and un-
divided profits.
6. Insurance, bonding and surety com
panies, and persons, firms and associa-
tons engaged in the Insurance, bonding
and sEety business, excluding however.
fraterIIt insurance companies and ASSOC
Citations, shall be taxed on a percentage
Of their gross premiums received upon
their business done in this State. less
return premiums and reinsurance in COM
panies or associations authorized to do
business In this State. The percentage
aforesaid shall not exceed three per cent
for all branches of Insurance, bonding
and surety business, except life and
coed two per cent for life and Industrial
Insurance. The special taxes to support
the office Of fire marshal and fire pre-
vention bureaus shall not be deducted
rom the premiums hereby authorized TO
be taxed. When by the laws Of any other
state or country any taxes, fines, pen
alties, licenses. fees, deposits OF money
or OF securities. or other obligations OF
prohibitions are imposed on Insurance.
bonding or surety companies OF this State
doing business in such other State OF
country, or upon their agents therein in
excess OF such taxes, penalties, fees, IL
censes. deposits OF money, or Of securt-
ties, or other obligations or prohibit, VS.
Imposed upon such Insurance, bontn y
or surety companies OF such other state
or country, so long as such laws continue
billions Of whatsoever kind may be i'm
posed by the General Assembly of this
State upon Insurance, bonding or surety
companies Of such other State OF country
doing business In this State
Z. Irrigation canals shall be taxed on
percentage not to exceed two per cent
of their gross receiDts, only such real es-
tate and the buildings and structures
thereon. rights OF way, machinery, tools
and implements as are necessary to the
operation OF any canal shall be included
In and covered by this tax on gross re-
eeipts. All other real estate and personal
property OF the owner OF any canal shall
be locally assessed and taxed.
3. All sugar refinerfes, rice mills cot
ton seed oil mills. cotton seed oil re-
fineries and refineries OF pretroIenu1 ana
its products shall be assessed on the fair
market valuation.
9. Until otherwise provided by the
General Assembly by vote Of two-thirds
Of the members elected to each house All
operating mines Of sulphur, salt or other
minerals, all oil or gas wells. all stone
quarries. sand. gravel and shell pits shall
be taxed upon percentage OF the gross
value of the product at the mouth OF
the mine. wen. quarry OF pit. This per-
centage shall not exceed FIVE per cant for
sulphur: three per cent for salt; fwo and
pne-haf per cent for oil and gas and
two per cent for rock and other minerals
inclusive OF gravel, sand and shells This
tax shall not apply TO the product OF any
mines. ouarries or pits or oil or gas wells.
where the owner. other than public ser
vice corporations. uses the same for hts
personal purposes and does not sell the
same or Its products OF manufacture the
same into another product for sale.
Where gravel. sand or shells are taken
from the beds Of public waters or from
shores not subject TO private ownership,
the General Assembly may lew specfal
taxes per cubic yard ~ material taken
out and may lew different special tax
for each OF said objects Of taxation The
Government OF the United States for anv
nurpcses. and contractors engaged IN the
construction 81 any public work for the
state or for the United States solely for
the rurpose Of such public work are an
thorized to take free from taxation
gravel, shell or sand from the beds ~
public waters and the public shores Of
the State. Every citizen of the state
shall have similar right to take such
materials for his own personal use free
from taxation. unless they are taken for
sale All real and personal property %
the owners Of such mines wells auarries
and pits except machinery. tools and I'm
Elements absolutely essential to the on
Grafton OF any mine. oil or PAS well. stone
quarry. sand. gravel or shell oft. and ex-
cent the products Themselves while In
the hands Of the nrnducer. shall no To-
allv assessed and taxed.
10. All real and personal property re-
served for local taxation shall be assessed
nj such percentage not 10 exceed 100 per
rent Of its fair market value as each To-
cal governing authority NAV establish,
End lower percentage may be estab-
ished for personal than for real property
or for the values OF improvements than
for land values.
II. Tn an assessments Of real property
whether for local or for state purposes.
the value Of the land shall he assessed
senarately from the value Of the Improve
ments; hut railroad. nine line and canal
rights OF way, whether held in fee or un-
der easement. may be assessed separateiy
from, y together with. the improvements
thereon as the Tax Commission NAV
deem most practicable.
~. Assessments shall be arranged geo
Graphically a. far as possible either upon
the roll OF upon separate records ana tthe
General Assembly, shall raes laws pro-
wiling for the printing and publication n,
ramDfiet form ~ the records showing
buch geographically ARA nged assessments
tnd for the sale OF such pamphlets at
r. Every taxpayer shall have the
right Of testing the correctness Of his as
sessvnent In the courts within such time
~ the General Asse--blv nav nrescribe:
and no property shall be assessed for a
sum IN excess 81 the percentage OF its
fair market value. as prescribed by the
governing authority
"a. State licenses and speciaI stats
taxes shan be due and PAYABLE at such
tire as the General Assembly may pre-
scribe.
Article VII.
1. Every municipality shall have the
right to provide, at fits discretion, BY
ordinance Of fits governing authority, the
taxes. and to fx the Compensation to
be paid such officer. or officers, and the
mode OF their election or appointment:
and every Parish shall elect by a vote ~
its qualified electors the officer.. or ON
GERS, TO assess its property for TAXATION
the compensation Of such Of1cer or Off.