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THE PUBLIC LAWS
STATE OF ILLINOIS.
AN ACT for the assessment of property and for the levy and collection of In force July 1,
1872. taxes. SECTION 1. Be it enacted by the People of the State of Tlinois, represented in the General Assembly, That the Property to be
assessed property named in this section shall be assessed and taxed, to 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.
PROPERTY EXEMPT FROM TAXATION.
mpt from taxa
$ 2. All property described in this section, to the extent Property exherein limited, shall be exempt from taxation, that is to me say
First-All lands donated by the United States for school purposes, pot sold or leased. All public school houses. All property of institntions of learning, including the real estate GD which the institutions are located, not leased by such institutions or otherwise used with a view to profit.
Second-All church property actually and exclusively used for pablic worship, when the land (to be of reasonable
size for the location of the church building) is owned by the congregation.
Third-All lands used exclusively as grave yards 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 connty, so long as the same remain uusold 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 purely public charity, when actually and exclusively used for such cbaritable purposes, not leased or otherwise used with a view to profit; and all tree public libraries.
Eighth-All fire engines and other implements used for the extinguishment of tires, with the building 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 tixtures belonging exclusively to any town, village or city, and used exclusively for conveying water to such town, village or city.
Tenth-All property which may be used exclusively by societies for agricultural, horticultural, mechanical and philosophical purposes, and not for pecuniary profit.
RULES FOR VALUING PERSONAL PROPERTY.
Rules for val § 3. Personal property shall be valued as follows: aing personal property.
First-All personal property, except as herein otherwise directed, shall be valued at its tair cash value.
Second -Every credit, for a bum 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 total value.
Fourth—The capital stock of all companies and associa: tions now or hereafter created under the laws of this state, shall be so valued by the state board of equalization, as to ascertain and determine, respectively, the lair cash value of