Actual value.

Fair cash value.

Appraisal, as of a solvent debt.

PENNSYLVANIA.

The assessors shall assess and rate all objects of taxation according to the actual value thereof, and at such rates and prices for which the same would bona fide sell.

RHODE ISLAND.

All property liable to taxation shall be assessed at its full and fair cash value.

TENNESSEE.

All property shall be assessed at the same value at which it ought to be appraised in payment of a just debt in cash, due from a solvent debtor.

Market value.

TEXAS.

The taxable property is valued at a fair and correct market value.

UTAH.

Market value.

Real estate

valued at fair cash value.

When deductions made.

Property shall be assessed at its fair cash market value.

VERMONT.

Real estate is appraised by the listers at its fair cash value, and personal estate at its full value after deducting the just debts owed by the taxable person.

No deduction shall be made from the valuation of personal estate of any person for debts owing by him, unless such person make oath (if required by listers) that the same is a bona fide debt which he is legally bound to pay; nor for any debt he is holden as surety and not as principal, unless such principal has failed actually and become irre sponsible; or as partner in any business, except from partnership property; nor for any debt which shall appear to have been a gift from such person; nor for any note or other security payable at some future, uncertain day, without interest; and as to the above particulars the listers may examine such person under oath.

VIRGINIA.

All property listed is valued at the fair cash value.

WASHINGTON TERRITORY. Property is assessed at its full cash value.

WISCONSIN.

Cash value.

Full cash value.

excluding

crops which may crops.

Real property of inand lease

stitutions

hold estate.

Each parcel of real property shall be valued at its true True value, value in money, excluding the value of be growing thereon. All real property belonging to any religious, literary, scientific or benevolent institution or society, as well as all school and university land held under lease, except as provided in section six of this act, (viz.: lands held under lease from any university, college or other literary institution or society granted by Congress for religious or school purposes, shall not be required to pay any tax from which such leasehold estate is exempt by the law authorizing the lease) shall be valued at such price as the assessor believes such leasehold estate would command in money.

valued at

Personal property shall be valued at the usual selling Personal price at the place where the same may be held; but if there property be no usual selling price known to the person required to usual sellfix a value thereon, it shall be valued at such price as is believed could be obtained therefor in money at such time and place.

ing price.

full amount

Money, whether in possession or deposited, subject to be Money at withdrawn on demand, shall be entered in the statement at the full amount thereof; provided, that depreciated bank notes shall be entered at their current value.

If a credit calls for a specific article or articles of pro- Credits. perty, or for a specific amount of labor or service, it shall be valued at the current price of such property, labor or

service.

tured arti

Annuities shall be valued at such price as the person Annuities. listing believes them to be worth in money. Manufactured Manufac articles remaining unsold in the hands of the manufacturer cles. shall be valued at their true value in money.

No person shall be required to list a greater portion of any credit than he believes to be collectible, nor a greater portion of an obligation given for the payment of rent than the amount which may then be actually due.

1

Bona fide
debts.

No person shall be authorized to deduct from his personal property any greater portion of his liabilities as security for others than he believes that he is legally or equitably bound to pay as such security.

Bona fide debts owing by any person, company or corporation, may be deducted from the gross amount of credits and value of personal property belonging to such person, company or corporation; but no acknowledgment of indebtedness, not founded on actual consideration, shall be deemed a debt within the meaning of this act.

PROPERTY LIABLE TO AND EXEMPT

FROM TAXATION.

ALABAMA.

Liable to Taxation.

Every white male inhabitant between twenty-one and Poll tax. forty-five years, shall pay a tax of fifty cents; every male free negro between twenty-one and fifty years, two dollars; every female free negro between twenty-one and forty-five years, one dollar.

Exemption from Taxation.

Navigable waters within the state.

State and county property and that of the state bank and branches.

Waters.

Property of

state and state bank.

of U. s.

and institu

United States property and that of literary, scientific and benevolent institutions used for purposes for which they tions." were created; not exempting, however, any such property when invested in stocks, or employed in any other than the regular business of such institutions.

Churches.

Houses of religious worship and appurtenances. Places and monuments of the dead and implements of Burial burial.

places.

Agricultural and horticultural instruments, implements, Agricultu vehicles and utensils, when kept for use.

ral imple

ments.

Property of revolutionary soldiers and their widows to Property of the value of one thousand dollars.

soldiers

soldiers.

Property of soldiers of 1812, which is exempt from exe- Property of cution; also of soldiers in the Florida and Mexican wars and of their widows, which is also exempt from execution. All insane persons and their property to the amount of one thousand dollars.

Lands granted by Congress to aid in the construction of railroads in said state until the lands are sold or disposed

of the

insane.

Lands for

railroads.

Poll tax.

Lands, &c.

Slaves,

of by the railroad companies to which they have been respectively granted by the state. The lands thus sold or disposed of are subject to taxation from the date of sale.

ARKANSAS.

Liable to Taxation.

On each free male over the age of twenty-one years and under sixty, a poll tax not exceeding one dollar, at the discretion of the county court.

Tax laid on lands and improvements, except those exempted by compact between state and the government of the United States; on town or city lots with improvements; slaves over six and under sixty years of age; household horses, &c. furniture belonging to any one family over two hundred dollars in value; horses, asses, mules, neat cattle over two years of age, goods, wares and merchandise.

furniture,

Money.

Capital.

Carriages, &c.

School money.

Widows.

Poll tax.

Money at interest beyond the amount for which the same person pays interest.

Capital employed in steamboats, ferries and toll-bridges. Pleasure carriages, capital in tan-yards, distilleries, manufactories of gold watches and jewelry.

Exemptions from Taxation.

Money and property belonging to schools.

All widows who do not own any land or negro property, or a greater amount of personal property than five hundred dollars. This, however, does not exempt widows from paying tax on moneys loaned at interest, nor any other person from paying tax on the same species of property

CALIFORNIA.

Liable to Taxation.

Every male inhabitant over twenty-one and under sixty years (and not exempt from poll tax) shall pay a tax for use of state and county, of two dollars; provided, the same is paid between the first Monday in March and the first Monday in August; but if it is not paid prior to the first Monday in August, it shall be three dollars. A Federal war tax also to be levied of two dollars annually on all male inhabitants of twenty-one years and upwards; California Indians excepted.

On every male and female of the Mongolian race of the age of eighteen and upwards shall be levied a monthly