REVENUE LAWS OF THE STATE OF ILLINOIS.

AN ACT for the assessment of property and for the levy and collection of taxes. Approved March 30, 1872. In force July 1, 1872.

1. WHAT PROPERTY ASSESSED AND TAXED.] SECTION 1. That the property named in this section shall be assessed and taxed except so much thereof as may be, in this act exempted:

First-All real and personal property in this State.

Second-All moneys, credits, bonds or stocks and other investments, the shares of stock of incorporated companies and associations, and all other personal property, including property in transitu to or from this State, used, held, owned or controlled by persons residing in this State.

Third-The shares of capital stock of banks and banking companies doing business in this State.,

Fourth-The capital stock of companies and associations incorporated under the laws of this State, except companies and associations organized for purely manufacturing and mercantile purposes, or for either of such purposes, or for the mining and sale of coal, or for printing, or for the publishing of newspapers, or for the improving and breeding of stock. [As amended by act in force July 1, 1905. L. 1905, p. 353; Legal News Ed., p. 277. See Const., art. 9, § 1-Taxing dogs, ch. 8, § 17 et seq., par. 4, unconstitutional and void. See Consolidated Coal Co. v. Miller, 236 Ill., 149.

PROPERTY EXEMPT FROM TAXATION.

2. PROPERTY EXEMPT FROM TAXATION.] § 2. All property described in this section, to the extent herein limited, shall be exempt from taxation, that is to say:

First-All lands donated by the United States for school purposes, not sold or leased; all property of schools, including the real estate on which the schools are located, not leased by such schools or otherwise. used with a view to profit. Unconstitutional. See People v. Deutsche, etc., 249 Ill., 132.

Second All property used exclusively for religious purposes, or used exclusively for school and religious purposes or for orphanages and not leased or otherwise used with a view to profit. Constitutional. People v. Deutsche, etc., 249 Ill., 132.

Third-All lands used exclusively as graveyards or grounds for burying the dead.

Fourth-All unentered government lands; all public buildings or structures of whatsoever kind, and the contents thereof, and the land on which the same are located belonging to the United States.

Fifth-All property of every kind belonging to the State of Illinois.

Sixth-All property belonging to any county, town, village, or city used exclusively for the maintenance of the poor; all swamp or overflowed lands belonging to any county, so long as the same remain unsold by such county; all public buildings belonging to any county, township, city or incorporated town, with the ground on which such buildings are erected, not exceeding in any case ten acres.

Seventh-All property of institutions of public charity, all property of beneficent and charitable organizations, whether incorporated in this or in any other state of the United States and all property of old peoples' homes when such property is actually and exclusively used for such charitable or beneficent purposes, and not leased or otherwise used with a view to profit; and all free public libraries.

Eighth-All fire engines or other implements used for the extinguishment of fires, with the buildings used exclusively for the safe keeping thereof, and the lot of reasonable size on which the building is located, when belonging to any city, village or town.

Ninth-All market houses, public squares or other public grounds used exclusively for public purposes; all works, machinery and fixtures belonging exclusively to any town, village or city, used exclusively for conveying water to such town, village or city; all works, machinery and fixtures of drainage districts, when used exclusively for pumping water from the ditches and drains of such district for drainage purposes.

Tenth-All property which may be used exclusively by societies for agricultural, horticultural, mechanical and philosophical purposes, and not for pecuniary profit. [Approved June 28, 1915. In force July 1, 1915. L. 1915, p. 575.

RULES FOR VALUING PERSONAL PROPERTY.

3. RULES FOR VALUING PERSONAL PROPERTY.] § 3. Personal property shall be valued as follows:

First-All personal property, except as herein otherwise directed, shall be valued at its fair cash value.

Second-Every credit for a sum certain, payable either in money or labor, shall be valued at a fair cash value, for the sum so payable if for any article of property, or for labor or services of any kind, it shall be valued at the current price of such property, labor or service.

Third Annuities and royalties shall be valued at their then present value.

Fourth-The capital stock of all companies and associations now or hereafter created under the laws of this State, except companies and associations organized for purely manufacturing and mercantile purposes or for either of such purposes, or for the mining and sale of coal, or for printing, or for the publishing of newspapers, or for the improving and breeding of stock, shall be so valued by the State Board of Equalization as to ascertain and determine respectively, the fair cash value of such capital stock, including the franchise over and above the assessed value of the tangible property of such company or association, such 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 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 or under any special charter heretofore granted by the Legislature of this State. [As amended by act in force July 1, 1905. L. 1905, p. 353; Legal News Ed., p. 277. Porter v. R., R. I. & St. Louis R. R. Co., 76 Ill., 561; Republic Life Ins. Co. v. Pollock, 75 Ill., 293; C., B. & Q. R. R. Co. v. Cole, 75 Ill., 591; Taylor v. Secor, 8 Legal News, 249; Pacific Hotel Co. v. Pollock, 8 Legal News, 396; Hub v. Hanburg, 211 Ill., 43. See Raymond v. Chicago Un. T. Co., 28 Supreme Court Reporter, 7. See § 312.

RULES FOR VALUING REAL ESTATE.

4. RULES FOR VALUING REAL ESTATE.] § 4. Real property shall be valued as follows:

First-Each tract or lot of real property shall be valued 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 same 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. [See § 312.

PERSONAL PROPERTY-WHEN LISTED.

5. PERSONAL PROPERTY—WHEN LISTED.] § 5. Personal property shall be listed between the 1st day of May and the 1st day of July of each year, when required by the assessor, with reference to the quantity held or owned on the 1st day of May, in the year for which the property is required to be listed. Personal property purchased or acquired on the 1st day of May shall be listed by or for the person purchasing or acquiring it. [See § 309.

WHO SHALL LIST-WHAT LISTED.

6. PERSONAL PROPERTY—WHO SHALL LIST 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 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 attor

ney, 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. [See § 19.

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. [7 Legal News, 360.

WHERE LISTED AND ASSESSED, AND WHAT HELD TO BE PERSONAL PROPERTY -MANNER OF LISTING.

7. WHERE PERSONAL PROPERTY LISTED.] § 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 district 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. FARM PROPERTY-OWNER NOT RESIDING ON FARM.] § 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.

9. OF MANUFACTURERS IN HANDS OF AGENTS.] § 9. The property of manufacturers and others, in the hands of agents, shall be listed and assessed at the place where the business of such agent is carried on. [See §§ 6, 19, 256.

10. PURCHASER'S INTEREST IN EXEMPTED LANDS-PERSONALITY.] § 10. When real estate is exempt in the hands of the 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.

11. IN TRANSITU.] § 11. Personal property, in transitu, shall be listed and assessed in the county, town, city or district where the owner resides: 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. NURSERY STOCK.] § 12. The stock of nurseries, growing or otherwise, in the hands of nurserymen, shall be listed and assessed as merchandise.

13. PERSONAL PROPERTY OF BANKS AND OTHERS.] § 13. The personal property of banks or bankers, brokers, stock-jobbers, insurance companies (except life insurance companies organized under the laws of this State), fraternal beneficiary societies (except those organized under the laws of this State), hotels, livery stables, 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. All property and assets of life insurance companies and fraternal beneficiary societies organized under the laws of this State (except such property as is by statute liable to assessment elsewhere) shall be assessed to the corporation or society as to a natural person in the name of the corporation or society in the county, town, city, village or district of its residence as herein provided, and not otherwise. The place where its office is located in its article [s] of incorporation shall be deemed its residence: Provided, its business is actually transacted at such office, but if it shall establish its principal office in any other place than the place named in its articles of incorporation, then the place where it transacts its principal business shall be deemed its residence for all the purposes of this act. In computing the taxable property of a life insurance company organized under the laws of this State, there shall be deducted from its gross assets the value of its real estate and of its personal property otherwise taxed, the net value of its outstanding policy contracts calculated according to the mortality table and rate of interest fixed by law, and all its other liabilities (except capital stock) of the same kind and nature as those treated or required to be shown as liabilities in the last annual sworn statement of said company to the insurance superintendent and therein deducted from its admitted assets in order to determine its unassigned funds or surplus, and the remainder shall be the amount of personal property for which the company shall be assessed.

In computing the taxable property and funds of a fraternal beneficiary society, organized under the laws of this State, there shall be deducted from its gross assets the value of its real estate, furniture, supplies and other personal property, otherwise taxed, the net value of its