property of street railroad companies, including their franchises, used within any town, city, or taxing district, where the office of the company is located outside of such incorporated city or town or taxing district, but the main line of the road is within the city, shall be taxed in the city, town or taxing district, as if the office were situated within the city limits. companies, etc. (5) The property, including franchises, of all corpor- Joint stock ations and joint stock companies that lie wholly or mainly within any incorporated city, taxing district or town, or whose chief business is within any incorporated city, taxing district, or town, shall be assessed for taxation in such city, taxing district, or town; Provided, That all realty shall be taxed where situated. timber. (6) That hereafter all mineral, timber or other inter- Minerals and ests in fee in real estate in this State, owned separate from the general freehold, shall be assessed to the owner thereof, separate from the other interests in such real estate, which other interests shall be assessed to the owner thereof, all of which shall be assessed as real estate. Sec. 5. Be it further enacted That in assessing real Real estate, estate, the following shall be shown: (1) The description of the property. (3) The value of the land or town lots, including improvements. (4) The value of mills, gins, manufactories, distilleries, breweries, foundries, and other buildings used for similar purposes. Sec. 6. Be it further enacted, That in describing real estate, the following rules shall be observed: description, etc. The number of town lots (and blocks) of which the Town lots. property is the whole or a part shall be given; the name of the street, avenue, alley or road on which it fronts, and the front feet thereof, shall be given, unless the size, dimensions and quantity can be more conveniently given in acres, then to be given in acres. If the property is a part of any known sub-division, the number by which it is known on said sub-division, its size, dimensions, quantity and front feet or acres shall be given. In describing tracts of land, when it can be done, Tracts of land the surveyor's district, range, township, section and sectional sub-division shall be designated, and the number of acres. The lands by which the described tract is bounded shall also be given in the assessment. If this cannot be done that mode of description shall How identified Pesonalty, how assessed. Merchandise, etc., not in values. be adopted which will identify the property and its location; and when part of a known tract, sub-division, lot or block of land is assessed by a description which identifies it, any other part of it which is assessed, but not so identified, shall be held to embrace all of such tract, sub-division, lot or block not included in the part identified; but a failure to assess according to this Act shall not in any wise vitiate the assessment or sale of lands under the same; and parol testimony shall always be admissible to apply a description of land on the assessment roll, or in a conveyance for taxes where such testimony will show what land was assessed and sold, and there is enough in the description on the roll, or conveyance, to be applied to a particular tract, or parcel of land, by aid of such testimony. Sec. 7. Be it further enacted, That personal property shall be assessed under the following heads: (1) The actual stock in each bank or banking, insurance, or other stock company or corporation, invested in business. (2) Stocks of merchandise, wares, goods, and chattels cluded in tax kept on hand or in store for sale, trade, or traffic; but the value of the same shall not be included in the tax values, and the assessor is hereby required to furnish a list of the same, showing the owners and value of said stock, to the county court clerk, which shall be recorded in a book kept for that purpose, as provided in section 22 of this Act. Enumeration of taxables. (3) Merchandise, wares, goods and chattels sold at auction or on commission. (4) Notes, duebills, negotiable paper, choses in action, and accounts upon solvent persons, or parties believed to be solvent, and all other assets, including cash on hand or on deposit, or invested in any manner in this State or elsewhere; but neither notes, duebills, cash on hand or on deposit, or invested in any manner, or negotiable paper and accounts on solvent persons, or persons believed to be solvent, nor cash, nor any other assets, which are part of the capital in the business of any merchant, manufacturer, commission merchant, or cotton factor, shall be assessed under this head, but shall be assessed as provided in section 22 of this Act. (5) All bonds, stocks and other like securities, other than such as are exempt from taxation by the laws of the United States. (6) Stallions, mares, geldings, jacks, jennets, mules, cattle, sheep and hogs, and all other stock to be assessed at actual cash value. (7) Watches, plate, jewelry, pianos and household and kitchen furniture. (8) Carriages, buggies and all other wheeled vehicles of pleasure or profit. (9) Machinery, engines, presses, looms, steamboats, ferryboats and tools, and implements of all pursuits and industry for gain or profit. (10) All other personal property, whether belonging to individuals, corporations, or firms. (11) The amount of income derived from United States bonds and all other stocks and bonds not taxed ad valorem. stock, how assessed. Sec. 8. Be it further enacted, That no tax shall here- Tax on capital after be assessed upon the capital stock of any bank or banking association, or loan, trust, insurance, or investment companies, or cemeteries, or any other corporation not assessable under sections 13 and 14 under this Act, organized under the authority of this State or of the United States; but the stockholders in such bank or banking, or other association, shall be assessed and taxed upon the market value of their shares of stock therein. Such shares of stock shall be included in the valuation of personal property of such stockholder in the assessment of the State, county and municipal taxes at the place, town or ward, or district where such bank or banking or other association is located, except as otherwise provided by law, whether said stockholder resides in said place, town, ward or district or not. In ascertaining the value of the shares of stock, the real estate owned by the corporation shall not be taken into consideration, but such real estate shall be assessed to the corporation, and the taxes paid by it; but all other property of the corporation shall be taken into consideration in fixing the value of the shares of stock. Sec. 9. Be it further enacted, That the president or business manager of any bank or banking association or other corporation included in the provisions of section 8 of this Act, doing business under the laws of this State, is hereby required to declare, upon oath, before the assessor, the amount of capital invested in such business; and each one hundred dollars' worth of such capital, for the purpose of this Act and for the purpose of taxation, shall be held and regarded as one individual share in such bank or banking association; and such shares are declared to be personal property. If such president or business manager have partners, he shall declare, upon oath, before the assessor, the number of shares held or owned by each of them in such business, ascertained as above provided; and the shares so held by any partner shall be included in the valuation of his Capital stock to be returned under oath. Register of stockholders personal property in the assessment of all taxes levied. in the city, town, ward, or civil district where such business is located, except herein otherwise provided; and said president or business manager shall pay the same, and make the amount so paid a charge in his account to said partners; and if said president or business manager have no partners, he shall be held to be sole owner of all the shares in said business; and the same shall be included in the valuation of his personal property in the assessment of all taxes levied in the city, town, ward or district where said business is located, except as herein otherwise provided. Sec. 10. Be it further enacted, That there shall be to be kept. kept at all times in the office where the business of such bank or banking association or other corporations included in the provisions of section 8 of this Act, organized under the authority of this State or of the United States, shall be transacted, a full and correct list of the names and residences of the stockholders therein, and the number of shares held by each; and such list shall be subject to the inspection of the officers authorized to assess taxes, during the business hours of each day on which business may be legally transacted. Non-resident stockholders. Taxes to be paid by corporation. Sec. 11. Be it further enacted, That when the owner of stock in any bank or banking association or other corporation included in the provisions of section 8 of this Act, organized under the laws of this State or of the United States, shall not reside in the same county where the bank or corporation or association is located, or is a non-resident of this State, the revenue collector for the State, county, or municipality shall, respectively, have the power to collect tax assessed by this Act by instituting attachment proceedings; and said tax shall be and remain a prior lien on the stock until the payment of the same. Sec. 12. Be it further enacted, That for the purpose of collecting such taxes, and in addition to any other laws of this State relative to the imposition and collection of taxes, it shall be the duty of such corporation, to pay the taxes due upon such stock regardless of any dividend or earnings belonging to such stockholder, a prior lien being hereby declared on all such stock on and after the tenth day of January of each year, and the said corporation, being hereby subrogated to such prior lien for the purpose of enforcing repayment of any taxes that may be so paid for the account of any such stockholder. If the taxes on such shares shall not be paid by such corporation, then the State, county, or municipality may, after such tax may have become de Man'facturers to be assessed linquent, proceed to collect the same by attachment of said shares of stock in any court of competent jurisdiction, through counsel to be employed for that purpose. Sec. 13. Be it further enacted, That all persons, copartnerships, and joint stock companies engaged in the on all propmanufacture of any goods, wares, merchandise, or other erty. articles of value, shall pay an ad valorem tax upon the value of the property, real, personal, and mixed, which is used and held for the purpose of manufacturing, preparing, completing, and finishing goods, wares, and merchandise, and articles in the manufacture of which the parties aforesaid shall be so engaged; and every corporation organized under the laws of this State, or any other State in the United States, or any of the foreign States (except banks and banking associations, and except the quasi public corporations mentioned in the next section of this Act) engaged in any such manufacturing business, or in any other business, shall pay an ad valorem tax upon the full value of its corporate property (including its franchises, easements, and incorporeal rights, and all other property, as a part of such corporate property), which shall in no case be held or deemed to be less than the actual value of all its shares of stock, together with the actual value of its bonded indebtedness; Provided, That the shares of stock issued Proviso. by any corporation created or organized under the laws. of Tennessee, whether said corporation be engaged in mining, or the manufacture of goods, wares, or merchandise, or other articles of value, or engaged in any other business, shall not be assessed for taxation to such corporation; nor shall said shares of stock be assessed for taxation in the hands of or against the owners and possessors of said stock, and no assessor shall be paid any compensation for wrongfully assessing shares of stock prohibited from assessment by sections 13 and 14 of this Act; but their value shall be looked to in arriving at the value of said corporate property (including its franchises, easements, and incorporeal rights, and all other property as a part of such corporate property; and in assessing the corporate property, as provided in this section, a reduction shall be made and given for the value of its real property otherwise assessed. For the purpose of assessing any manufactory, the Mode of assesassessor shall visit and carefully inspect the manufactory itself, with all rights and privileges, and shall cause the owner, operator, business partner, president, or other chief official operating the same, to answer, under oath and in writing, the following questions: sing. Questions answered under (1) Is this manufactory owned and operated by a oath. |