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such capital stock, including the franchise, over and above the assessed value of the tangible property of such company or association. Said board shall adopt such rules and principles for ascertaining the fair cash value of such capital stock as to it may seem equitable and just; and such rules and principles, when so adopted, if not inconsistent with this act, shall be as binding and of the same effect as if contained in this act, subject, however, to such change, alteration or amendment as may be found, from time to time, to be necessary, by said board: Provided, that in all cases where the tangible property or capital stock of any company or association is assessed under this act, the shares of capital stock of any such company or association shall not be assessed or taxed in this state. This clause shall not apply to the capital stock or shares of capital stock of banks organized under the general banking laws of this state.

RULES FOR VALUING REAL ESTATE.

§ 4. Real property shall be valued as follows:

Rules for val

First-Each tract or lot of real property shall be valued uing real estate. at its fair cash value, estimated at the price it would bring at a fair, voluntary sale.

Second-Taxable leasehold estates shall be valued at such a price as they would bring at a fair, voluntary sale for cash. Third-When a building or structure is located on the right of way of any canal, railroad or other company leased or granted for a term of years to another, the saine shall be valued at such a price as such building or structure and lease or grant would sell at a fair, voluntary sale for cash.

Fourth-In valuing any real property on which there is a coal or other mine, or stone or other quarry, the same shall be valued at such a price as such property, including the mine or quarry, would sell at a fair, voluntary sale for cash.

PERSONAL PROPERTY-WHEN LISTED.

§ 5. Personal property shall be listed between the first day of May and the first day of July of each year, when required by the assessor, with reference to the quantity held or owned on the first day of May, in the year for which the property is required to be listed. Personal property purchased or acquired on the first day of May shall be listed by or for the person purchasing or acquiring it.

WHO SHALL LIST AND WHAT LISTED.

§ 6. Personal property shall be listed in the manner following:

First-Every person of full age and sound mind, being a resident of this state, shall list all his moneys, credits, bonds

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Where listed and assessed.

Live stock.

or stocks, shares of stock of joint stock or other companies (when the capital stock of such company is not assessed in this state,) moneys loaned or invested, annuities, franchises, royalties, and other personal property.

Second-He shall also list all moneys and other personal property invested, loaned or otherwise controlled by him as the agent or attorney, or on account of any other person or persons, company or corporation whatsoever, and all moneys deposited, subject to his order, check or draft, and credits due from or owing by any person or persons, body corporate or politic.

Third-The property of a minor child shall be listed by his guardian; if he have no guardian, then by the father, if living; if not, by the mother, if living; and if neither father or mother be living, by the person having such property in charge.

Fourth-The property of an idiot or lunatic, by his conservator; or if he has no conservator, by the person having charge of such property.

Fifth-The property of a wife, by her husband, if of sound mind; if not, by herself.

Sixth-The property of a person for whose benefit it is held in trust, by the trustee; of the estate of a deceased person, by the executor or administrator.

Seventh-The property of corporations whose assets are in the hands of receivers, by such receivers.

Eighth-The property of a body politic or corporate, by the president, or proper agent or officer thereof.

Ninth-The property of a firm or company, by a partner or agent thereof.

Tenth-The property of manufacturers and others in the hands of agent, by and in the name of such agent, as merchandise.

WHERE LISTED• AND ASSESSED, AND WHAT HELD TO BE PER-
SONAL PROPERTY-MANNER OF LISTING.

§ 7. Personal property, except such as is required in this act to be listed and assessed otherwise, shall be listed and assessed in the county, town, city, village or d strict where the owner resides. The capital stock and franchises of corporations and persons, except as may be otherwise provided, shall be listed and taxed in the county, town, district, city or village where the principal office or place of business of such corporation or person is located in this state. If there be no principal office or place of business in this state, then at the place in this state where any such corporation or person transacts business.

8. When the owner of live stock or other personal property connected with a farm does not reside thereon, the same shall be listed and assessed in the town or district

where the farm is situated: Provided, if the farm is situated in several towns or districts, it shall be listed and assessed in the town or district in which the principal place of business on such farm shall be.

hands of agents.

§ 9. The property of manufacturers and others, in the Property in hands of agents, shall be listed and assessed at the place where the business of such agent is carried on.

estate contracted to be

sold.

$10. When real estate is exempt in the hands of the Real holder of the fee, and the same is contracted to be sold, the amount paid thereon by the purchaser, with the enhanced value of the investment and improvement thereon until the fee is conveyed, shall be held to be personal property, and listed and assessed as such, in the place where the land is situated.

Personal pro

situ.

11. Personal property, in transitu, shall be listed and assessed in the county, town, city or district where the owner perty, in tranresides: Provided, if it is intended for a business, it shall be listed and assessed at the place where the property of such business is required to be listed.

§ 12. The stock of nurseries, growing or otherwise, in Nursery stock. the hands of nurserymen, shall be listed and assessed as

merchandise

etc.

813. The personal property of banks or bankers, bro- Personal prokers, stock-jobbers, insurance companies, hotels, livery sta perty of banks, bles, saloons, eating houses, merchants and manufacturers, ferries, mining companies, and companies not specially provided for in this act, shall be listed and assessed in the county, town, city, village or district where their business is carried on, except such property as shall be liable to assessment elsewhere, in the hands of agents. All persons, companies and corporations in this state owning steamboats, sailing vessels, wharf boats, barges and other water craft, shall be required to list the same for assessment and taxation in the county, town, city, village or district in which the same may belong or be enrolled, registered or licensed, or kept when not enrolled, registered or licensed.

companies.

§ 14. The personal property of gas and coke companies, Gas and coke except the pipes laid down, shall be listed and assessed in the town, village, district or city where the principal works are located. Gas mains and pipes, laid in roads, streets or alleys, shall be held to be personal property, and listed and assessed as such, in the town, district, village or city where the same are laid.

road and bridge

$15. The personal property of street railroad, plank Street railroad, road, gravel road, turnpike or bridge companies, shall be companies. listed and assessed in the county, town, district, village or city where the principal place of business is located. The track, road or bridge shall be held to be personal property, and listed and assessed as such, in the town, district, village or city where the same is located or laid.

Stage companies

panies.

16. The horses, stages and other personal property of stage companies or persons operating stage lines, shall be listed and assessed in the county, town, city or district where they are usually kept.

Express com- 17. The personal property of express or transportation companies shall be listed and assessed in the county, town, district, village or city where the same is usually kept. Consignee of § 18. No consignee shall be required to list, for taxation, the value of any property consigned to him for the sole purpose of being stored or forwarded, except to the extent of his interest in such property.

property.

Persous listing property of oth

ers.

§ 19. Persons required to list property on behalf of others, shall list it in the same place in which they are required to list their own; but they shall list it separately from their own, specifying in each case the name of the person, estate, company or corporation to whom it belongs. in- § 20. Persons, for themselves or others, holding bonds empted bonds. Or stocks of any kind, the principal of which bonds or stocks has been or may hereafter be exempted from taxation, shall list the amount of accrued interest on such bonds, without regard to the time when the same is to be paid.

Accrued terest on

ex

Deed held for security.

Removal

of

owner of personal property.

County board and auditor.

Schedule personal

perty.

21. Where a deed for real estate is held for the payment of a sum of money, such sum, so secured, shall be held to be personal property, and shall be listed and assessed as credits.

§ 22. The owner of personal property removing from one county, town, city, village or district, to another, between the first day of May and the first day of July, shall be assessed in either, in which he is first called upon by the assessor. The owner of personal property moving into this state from another state, between the first day of May and the first day of July, shall list the property owned by him on the first day of May of such year, in the county, town, city, village or district in which he resides: Provided, if such person has been assessed, and can make it appear to the assessor that he is held for tax of the current year on the property, in another state, county, town, city or district, he shall not be again assessed for said year.

§ 23. In all questions that may arise under this act as to the proper place to list personal property, or where the same cannot be listed as stated in this act, if between several places in the same county, the place for listing and assessing shall be determined and fixed by the county board; and when between different counties or places in different counties, by the auditor of public accounts; and when fixed in either case, shall be as binding as if fixed by this act. of 24. Persons required to list personal property shall make out and deliver to the assessor, at the time required, a schedule of the numbers, amounts, quantity and quality of all personal property in their possession, or under their control, required to be listed for taxation by them. It shall be

pro

the duty of the assessor to determine and fix the fair cash value of all items of personal property.

FORM OF SCHEDULE.

§ 25. Such schedule, when completed by the assessor in extending in a separate column the value of such property, shall truly and distinctly set forth:

First-The number of horses of all ages, and the value thereof.

Second-The number of cattle of all ages, and the value

thereof.

Third-The number of mules and asses of all ages, and the value thereof.

Fourth-The number of sheep of all ages, and the value

thereof.

Fifth-The number of hogs of all ages, and the value thereof.

Sixth-Every steam engine, including boilers, and the

value thereof.

Seventh-Every fire or burglar-proof safe, and the value

thereof.

Eighth-Every billiard, pigeon hole, bagatelle or other similar tables, and the value thereof.

Ninth-Every carriage and wagon, of whatsoever kind, and the value thereof.

Tenth-Every watch and clock, and the value thereof. Eleventh-Every sewing or knitting machine, and the value thereof.

Twelfth -Every piano forte, and the value thereof.
Thirteenth-Every melodeon and organ, and the value

thereof.

Fourteenth-Every franchise, the description and the value thereof.

Fifteenth-Every annuity and royalty, the description and the value thereof.

Sixteenth-Every patent right, the description and the value thereof.

Seventeenth-Every steamboat, sailing vessel, wharf-boat, barge or other water craft, and the value thereof. Eighteenth-The value of merchandise on hand.

Nineteenth-The value of material and manufactured articles on hand.

Twentieth-The value of manufacturers' tools, implements and machinery (other than boilers and engines, which shall be listed as such).

Twenty-first-The value of agricultural tools, implements and machinery.

Twenty-second-The value of gold or silver plate and plated ware.

Twenty-third-The value of diamonds and jewelry.

Form of schedule.

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