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districts, it shall be assessed to the owner in the district in which he resides. If the owner is not a resident of either district, it shall be assessed to the occupant in the district in which he resides. If the land is unoccupied and the owner does not reside in either district, the portion of such farm or lot lying in each district shall be separately assessed therein. If there are several owners of such a farm or lot residing in different districts each containing a part thereof, a majority of them may elect in which district it shall be assessed by serving a written notice thereof on the assessors of each district during the month of May, but if such owners do not make such election, the property shall be assessed in the tax districts in which it is located.

If the boundary line of a tax district passes through a building any portion of which is used as a dwelling, the owner of such building, if occupying the same or residing in either tax district, and otherwise, the person occupying such building as a dwelling house, may elect in which district such building and the adjacent land, owned, occupied and connected therewith, shall be assessed, by serving a written notice of such election on the assessors of each tax district during the month of May; but if such election is not made, the property shall be assessed in the tax districts in which it is located.

[R. S., pt. I, ch. 13, tit. II, § 4 ; R. 8., 8th ed., 1094,

L. 1883, ch. 342 ; R. 8., 8th ed., 1095. The original law provides that where a tax district line divides an occupied farm or lot, it shall be taxed in the district where the occupant resides. This section changes the rule and taxes the land to the owner if he resides in either district. L. 1883, ch. 342, provides that where a dwelling house is divided by a tax district line, the occupant may elect in which district the land shall be taxed. This section allows the owner to elect, if he resides in either district.

The legislature added the clause at the end of each paragraph, providing that if the election is not made, the property shall be assessed in the tax district where located.

§ 11. Place of taxation of property of corporations. -- The real estate of all incorporated companies liable to taxation, shall be assessed in the tax district in which the same shall lie, in the same manner as the real estate of individuals. All the personal estate of every incorporated company liable to taxation on its capital shall be assessed in the tax district where the principal office or place for transacting the financial concerns of the company, shall be, or if such company have no principal office, or place for transacting its financial concerns, then in the tax district where the operations of such company shall be carried on. In the case of toll bridges, the company owning such bridge shall be assessed in the tax district in which the tolls are collected ; and where the tolls of any bridge, turnpike, or canal company are collected in several tax districts, the company shall be assessed in the tax district in which the treasurer or other officer authorized to pay the last preceding dividend resides.

[R. S., pt. I, ch. 13, tit. II, § 6 ; Sth ed., 1094,
without change.]

$ 12. Tagation of corporate stock.—The capital stock of every company liable to taxation, except such part of it as shall have been excepted in the assessment-roll or shall be exempt by law, together with its surplus profits or reserve funds exceeding ten per centum of its capital, after deducting the assessed value of its real estate, and all shares of stock in other corporations actually owned by such company which are taxable upon their capital stock under the laws of this state, shall be assessed at its actual value.

[L. 1857, ch. 456, $3 ; R. S., 8th ed., 1086,
without change.]

$ 13. Stockholders of bank taxable on shares. — The stockholders of every bank or banking association organized under the authority of this state, or of the United States, shall be assessed and taxed on the value of their shares of stock therein ; said

shares shall be included in the valuation of the personal property of such stockholders in the assessment of taxes in the tax district where such bank or banking association is located, and not elsewhere, whether the said stockholders reside in said tax district or not.

[L. 1882, ch. 409, pt. of § 312 ; R. S., 8th ed., 1580,
without change. See Revised Statutes of United States,
$ 5219. The consolidated school law, tit. VII, § 63, provides
for the assessment of school taxes on banks.]

§ 14. Place of taxation of individual bank capital.— Every individual banker shall be taxable upon the amount of capital invested in his banking business in the tax district where the place of such business is located and shall, for that purpose, be deemed a resident of such tax district.

[L. 1882, ch. 409, § 320 ; R. S., 8th ed., 1581,
without change in substance.]

ARTICLE II.

Mode of Assessment.
Section 20. Ascertaining facts for assessment.

21. Preparation of assessment-roll.
22. Assessment of state lands in forest preserve.
23. Banks to make report.
24. Bank shares. how assessed.
25. Individnal banker, how assessed.
26. Notice of assessment to bank or banking association.
27. Reports of corporations.
28. Penalty for omission to make statement.
29. Assessment of real property of nonresident.
30. Surveys and maps of nonresident real property.
31. Corporations, how assessed.
32. Assessment of agent, trustee, guardian or executor.
33. Assessment of omitted property.
34. Debts owing to nonresidents of United States, how

assessed.

Section 35. Notice of completion of assessment-roll.

36. Hearing of complaints.
37. Correction and verification of tax-roll.
38. Filing of roll and notice thereof.
39. Assessors to apportion valuation of railroad, tele-

graph, telephone, or pipe line companies between

school districts.
40. Neglect or omission of duty by assessors.

41. Abandonment of lot divisions. $ 20. Ascertaining facts for assessment. The assessors in each tax district may, by mutual agreement, divide it into convenient assessment districts not exceeding the number of such assessors. The assessors in each tax district shall annually, between May first and July first, ascertain by diligent inquiry all the property and the names of all the persons taxable therein.

[R. S., pt. 1, ch. 13, tit. II, § 718; 8th ed., 1096,
without change.]

§ 21. Preparation of assessment-roll.—They shall prepare an assessment-roll containing five separate columns, and shall, according to the best information in their power, set down:

1. In the first column the names of all taxable persons in the tax district.

2. In the second column the quantity of real property taxable to each person, with a statement thereof in such form as the commissioners of taxes shall prescribe.

3. In the third column the full value of such real property.

4. In the fourth column the full value of all the taxable per. sonal property owned by each person respectively after deduct. ing the just debts owing by him.

5. In the fifth column the value of taxable rents reserved and chargeable upon lands within the tax district, estimated at a principal sum, the interest of which, at the legal rate per annum, shall produce a sum equal to such annual rents, and if payable in any other thing except money, the value of the rents in money to be ascertained by them and the value of each rent assessed separately, and if the name of the person entitled to receive the rent assessed can not be ascertained by the assessors, it shall be assessed against the tenant in possession of the real property upon which the rents are chargeable.

[R. S., pt. I, ch. 13, tit. II, SS 9, 17; 8th ed., 1096, as amended by
L. 1892, ch. 202, § 1; 8th ed., supp., 3250,
L. 1885, ch. 411, § 4; R. S., 8th ed., 1101, as amended by
L. 1892, ch. 202, § 2; R. S., 8th ed., supp., 3251,
L. 1846, ch. 327, § 1; R. S., 8th ed., 1106.

No change is effected by this section. Subdivision 5 is from L. 1846, ch. 327, § 1. Section 8 of this chapter prescribes what rents are taxable, following L. 1846, ch. 327, § 1, without change.]

§ 22. Assessment of state lands in forest preserve.--All wild or forest lands within the forest preserve shall be assessed and taxed at a like valuation and rate as similar lands of individuals within the counties where situated. On or before August first in every year the assessors of the town within which the lands 80 belonging to the state are situated shall file in the office of the comptroller and of the board of fisheries, game and forest, & copy of the assessment-roll of the town, which, in addition to the other matter now required by law, shall state and specify which and how much, if any, of the lands assessed are forest lands, and which and how much, if any, are lands belonging to the state; such statements and specifications to be verified by the oaths of a majority of the assessors. The comptroller shall thereupon and before the first day of September following, and after hear. ing the assessors and the board of fisheries, game and forest, if they or any of them so desire, correct or reduce any assessment of state lands which may be in his judgment an unfair proportion to the remaining assessment of land within the town, and shall in other respects approve the assessment and communicate such approval to the assessors. No such assessment of state lands shall be valid for any purpose until the amount of assessment is approved by the comptroller, and such approval attached to and deposited with the assessment-roll of the town, and therewith

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