stock and securities, and stocks or shares in any national or other bank or company incorporated under the laws of this or any other state or of the United States, and situated and transacting business in this state; all shares in foreign corporations owned by residents of this state; all horses and neat cattle, mules, asses, sheep, swine, and goats; all household furniture, including gold and silver plate, musical instruments, watches, and jewelry; private libraries; all vehicles for transporting persons for pleasure or profit; all wagons, vehicles, or carriages; all implements or machinery appertaining to agricultural labor; all machinery and materials used by manufactories and all manufactured articles; annuities; all moneys, goods, or property and capital employed in merchandizing; all agricultural implements or machinery, goods, wares, merchandise, or other chattels in this state in possession or under the control of or held for sale by any warehouseman, agent, factor, or representative in any capacity of any manufacturer or any dealer or agent of any such manufacturer; personal property belonging to persons or companies doing freight or transportation business and belonging wholly or in part to persons within this state for such part as is owned by said per sons. (b) Exemptions (a) Property used for free public libraries, free museums, public cemeteries, and educational, religious, charitable, benevolent, etc., purposes within the state. (b) The shares issued by a building and loan association and loaning its funds to members within the state and the notes and mortgages of building and loan associations doing business in the state under the laws of the state, and which are given by the members of such association upon real estate lo cated in the state, and which real estate is subject to taxation under the laws of the state. (c) Assessment The assessment of all property, except that of public service corporations, is made by the county assessors. The operative property and franchises of public service corporations are assessed by the State Board of Equalization. All property is to be assessed at its fair cash value, "estimated at the price it would bring at a fair voluntary sale." The assessment refers to the 1st day of January, and is to be completed and the report thereof transmitted to the State Board of Equalization not later than the Saturday before the first Monday of June. Every person owning taxable property is required to list his property and the assessor is required to administer an oath as to the correctness of the list. National bank stock is assessed to the stockholders at the place where the bank is located at its par value as of February 1. The banks pay the tax and have a lien on the stock and the dividends to secure reimbursement. The net receipts of foreign insurance companies are taxed as personal property of the agency. Merchants and manufacturers list their stock by estimating the amount on hand during each month of the preceding year and dividing by the number of months. In case any person required by law to list his property fails to do so, the assessor is to estimate it and the valuation placed upon it by the assessor cannot be reduced by the Board of Equalization. A penalty of 50 per cent. is added for refusal to make a list. Depreciated bank notes and depreciated stocks are to be estimated at their current value, credits at what the persons list ing them believe will be received or can be collected, and annuities at what they are worth in money. (d) Rate The state rate is limited by the Constitution to not to exceed 32 mills on the dollar. The actual rate within this limit is to be determined by the State Board of Equalization and it shall specify the purpose for which the tax is levied and shall in no case exceed the amount appropriated by the Legislature for such purpose. In making the estimate the board allows 20 per cent. for delinquencies. (e) Collection One-half of all taxes levied upon an ad valorem basis becomes due on the 1st day of November, and, if not paid on or before the 1st day of January, the entire tax levied becomes delinquent. If the first half is paid by the 1st day of December, the second half becomes delinquent the 15th of June thereafter. All delinquent taxes, as a penalty, bear interest at the rate of 18 per cent. per annum. The county treasurer is required to notify each taxpayer of the amount of his taxes and when the same become due and delinquent. 7. Inheritance taxes (a) General scope and rates A tax is laid upon the transfer to persons or corporations of property or any interest therein or income therefrom: When the transfer is of tangible property in this state made by any person, or of intangible property made by a resident of this state at the time of transfer: First. By will or the intestate laws of this state. Second. By deed, grant, bargain, sale, or gifts, made in contemplation of the death of the grantor, vendor, or donor, or intended to take effect in possession or enjoyment at or after such death. Third. When the transferee becomes beneficially entitled in possession or expectancy by any such transfer whether made before or after the passage of this act. Said tax shall be upon the clear market value of such property. Whenever the property within this state of a resident or nonresident decedent transferred by will is not specifically bequeathed or devised, such property shall for the purpose of this act be deemed to be transferred proportionally to and divided pro rata among all the general legatees and devisees named in said will, including all transfers under a residuary clause. Whenever any person or corporation shall exercise power of appointment derived from any disposition of property made either before or after the passage of this act, such appointment when made shall be deemed a transfer taxable under the provision of this act, in the same manner as though the property to which such appointment relates belonged absolutely to the donee of such power and had been transferred to such donee by will. Property passing to father, mother, husband, wife, child, adopted child, mutually acknowledged child, or lineal descendant, is taxed at rates ranging from 1 per cent. on amount over exemption to $25,000 to 4 per cent. on amount over exemption over $100,000. Exemptions: Wife, $15,000; father, mother, husband, or lineal descendant, $5,000 each; child, adopted child, or mutually acknowledged child, $10,000 each. Brother, sister, wife or widow of a son, or husband of a daughter, at rates ranging from 1 per cent. on amount over $1,000 to $25,000 to 5 per cent. on amount over $1,000 over $100,000. All others, at rates ranging from 6 per cent. on amount over $500 to $25,000 to 10 per cent. on amount over $500 over $100,000. Property for religious, charitable, or educational purposes within state, is entirely exempt. All property of nonresidents within the state is subject to same rate of taxation as property of residents. (b) Official in charge of administration and collection State Auditor, Oklahoma City, Oklahoma. (c) When inheritance taxes are due-Discount and penalties Due at time of transfer. If tax is not paid within 12 months, 10 per cent. interest is added from date tax was due, except in case of unavoidable delay. 9. Domestic corporation taxes (a) In general Corporations are subject to the general property taxes described above and to organization and franchise taxes. (b) Organization taxes Fees to Secretary of State: For filing articles of incorporation and issuing certificate of incorporation, one-tenth of 1 per cent. of the authorized capital stock: Provided, that the minimum fee shall be $3; also that corporations organized for religious or charitable purposes exclusively shall only be required to pay a fee of $2. (c) Annual franchise taxes Fees to State Treasurer, on or before the 1st day of August of each year at the rate of 50 cents on each $1,000 of its authorized capital stock, or less. The license fee shall not be required on that portion of the capital stock employed by any |