class of real or personal property, in any such county, township, city, village, or taxing district, or in any ward or division of a municipal corporation, by such rate per cent, or by such amount as will place such property on the tax list at its true value in money, to the end that each and every class of real and personal property in the state shall be listed and valued for taxation by an equal and uniform rule at its true value in money. (106 v. 267, § 76, W. L. § 57.)

The tax commission is not authorized to increase valuations of real property in excess of its true value in money.

Blinn Treas. v. Cole, 90 Ohio State 458.

Rate of increase or decrease transmitted to county auditor.

SEC. 5614. When the tax commission of Ohio has increased or decreased the aggregate value of the real or personal property or any class thereof, in any taxing district or subdivision thereof, it shall transmit to each county auditor a statement of the amount or rate per cent to be added to or deducted from the valuation of such property, or class thereof, in each taxing district or subdivision thereof, in his county, specifying the amount or rate per cent to be added to or deducted from the valuation of the real or personal property or class of either in such district or subdivision thereof. (106 v. 267, § 77, W. L. § 60.)

Additions and deductions, how made.

SEC. 5615. The county auditor shall forthwith add to or deduct from each tract, lot or parcel of real property, or class of real property, the required per cent or amount of the valuation thereof, and shall forthwith add to or deduct from the amount of personal property assessed in each name the required per cent or amount of the valuation of any kind or class of personal property included therein, as ascertained by reference to the statements or returns on file in his office, adding or deducting, in each case, any sum less than five dollars so that the value of any separate tract, lot or parcel of real property and the aggregate value of the personal property listed in any name shall be ten dollars or some multiple thereof. (106 v. 267, § 78, W. L. § 61.)

Time within which complaint may be made to tax commission.

SEC. 5616, Any person, board or officer authorized by this act to file complaints with the county board of revision may complain to the tax commission of Ohio at any time prior to the thirty-first day of December in any year, of the determination of a county auditor respecting the liability of any property to taxation in that year, or its exemption therefrom. The commission shall hear such complaint and determine whether the property complained of is subject to taxation and certify its findings to the county auditor, who shall correct the tax list and duplicate accordingly. (106 v. 265, § 69.)

SEC. 5407.. A company, association, or person, not incorporated under a law of this state or of the United States, for banking purposes, who keeps an office or other place of business, and engages in the business of lending money, receiving money on deposit, buying and selling bullion, bills of exchange, notes, bonds, stocks, or other evidences of indebtedness, with a view to profit, is a bank, or banker, within the meaning of this chapter. (R. S. Sec. 2758.)

This and the following sections are intended to have a uniform operation upon banks, and to tax them upon the basis of their capital stock, surplus and undivided profits: Patton v. Banks. 7 O. N. P. 401, 10 O. D. (N.P.) 321.

The definition of a bank or banker in this section includes a partnership which is formed for and engages in the business of banking: Robinson v. Ward, 13 O. S. 293.

A firm or corporation doing a general merchandising or other business and not incorporated for banking purposes, which engages in the business of receiving money on deposit, subject to check and paying interest thereon, without also engaging in the business of loaning money and buying and selling bullion and other evidences of indebtedness, does not engage in all four pursuits enumerated in Section 5407 and is therefore not a bank within the comprehension of that statute. Such firm or corporation is therefore not required to make the returns to the auditor which the law demands of banks in this chapter. A. G. R. 1911-1912, p. 662.

Shares or capital of banks, incorporated or unincorporated.

SEC. 5408. All the shares of the stockholders in an incorporated bank or banking association, located in this state, incorporated or organized under the laws of the state or of the United States, and all the shares of the stockholders in an unincorporated bank, located in this state, the capital stock of which is divided into shares held by the owners of such bank, and capital employed, or the property representing it, in an unincorporated bank the capital stock of which is not divided into shares, located in this state, shall be listed at the true value in money, and taxed only in the city, ward, or village where such bank is located. (R. S. Sec. 2762.)

Incorporated banks are not themselves to be taxed, but their stockholders are to be taxed upon their shares according to their true value in money as ascertained in accordance with G. C. § 5412: Telegraph Co. v. Poe, 61 Fed. 449, 8 O. F. D. 158.

Shares in national banks cannot be taxed at a rate exceeding that imposed on state banks: Frazer v. Siebern, 16 O. S. 615.

State authorities will be enjoined from collecting from the owners of shares of stock in a national bank an amount in excess of the tax on other moneyed capital; as where national bank stock is valued at its actual value in money and other capital is valued far below its actual value: Pelton v. Bank, 101 U. S. 143, 4 O. F. D. 573; see to the same effect, Cummings v. Bank, 101 U. S. 153, 4 O. F. D. 578; Bank v. Miller, 19 Fed. 372, 5 O. F. D. 247.

Where the taxing officials assess real property at one-third of its true value and ordinary moneyed capital at three-fifths of its true value, it will be enjoined from collecting a tax upon national bank stock which is systematically valued at approximately its true value: Cummings v. Bank, 101 U. S. 153, 4 O. F. D. 578.

Shares of stock in a national bank are taxed exactly like shares of stock in incorporated state banks: Bank v. Chapman, 173 U. S. 205, 12 O. F. D. 446.

Section 5408 of the General Code, et seq., provides that the tax upon shares of stock of incorporated banks or banking associations of Ohio shall be assessed against the shareholders and not against the association as such. A. G. R. 1911-1912, p. 592.

Tax on real estate of bank.

SEC. 5409. The real estate of a bank or banking association shall be taxed in the place where it is located, in like manner as the real estate of persons is taxed. (R. S. Sec. 2763.)

Names of stockholders and shares of each.

SEC. 5410. There shall be kept in the office at all times where the business of such bank or banking association is transacted, a full and correct list of the names and residences of the stockholders therein, and the number of shares held by each, which at all times during business hours shall be open to the inspection of all officers who are or may be authorized to list or assess the value of such shares for taxation. (R. S. Sec. 2764.)

Return made by cashier, etc., to auditor.

SEC. 5411. The cashier of each incorporated bank, and the cashier, manager or owner of each unincorporated bank, shall return to the auditor of the county in which such bank is located, between the first and second Mondays of May, annually, a report in duplicate under oath, exhibiting in detail, and under appropriate heads, the resources and liabilities of such bank at the close of business on the Wednesday next preceding the said second Monday, with a full statement of the names and residences of the stockholders therein, the number of shares held by each and the par value of each share, and of the amount of capital employed by unincorporated banks, not divided into shares, and the name, residence and proportional interest of each owner of such bank. (R. S. Sec. 2765.)

There is no authority in the statutes of the state nor of the United States, for listing and valuing the shares in a national bank in the aggregate, and placing such aggregate on the tax list in the name of the bank. Such shares, when listed and valued for taxation, are required to be placed on the proper tax list in the names of the respective owners. The listing of the shares for taxation is provided for and secured by this section, and the correction of returns made by the cashier of the bank to the county auditor is provided for by G. C. § 5413, and not by G. C. § 5401 Miller v. Bank, 46 O. S. 424.

It is the duty of the cashier, and not the owner of stock in a bank, to make return thereof: Lander v. Bank, 118 Fed. 785, 55 C. C. A. 523, 14 O. F. D. 54.

A banking company in making a report for taxation, to the auditor, is required to list all real estate upon which capital stock is issued, as assets of the bank, and it therefore cannot happen that the value of the real estate would exceed the capital stock of the bank, as was stated to be the case with certain Columbus banks owning buildings upon which a rental income was realized outside of the particular business of the bank. A. G. R. 1911-1912, p. 1232.

Auditor to fix value of bank shares or property.

SEC. 5412. Upon receiving such report the county auditor shall fix the total value of the shares of such banks, and the value of the property representing the capital employed by unincorporated banks, the capital stock of which is not divided into shares, each, according to their true value in money, and deduct from the aggregate sum so found, of each, the value of the real estate included in the statement of resources as it stands on the duplicate. Thereupon he shall make and transmit to the annual state board of equalization for banks a copy of the report so made by the cashier, manager or owner with the valuation of such shares or property representing capital employed as so fixed by the auditor. (R. S. Sec. 2766.)

Under this section the value of the real estate must be deducted from the aggregate sum of the total value of the property, and the amount thus obtained is to be taken as the value of the property of such bank for the purpose of taxation: Bank v. Lucas County, 25 Fed. 749, 5 O. F. D. 467.

If no intentional discrimination is shown to exist, the owner of stock in a national bank is not entitled to any relief on the ground that the method of assessing such stock for taxation is not in all respects the same as that of assessing other personal property for taxation: Bank v. Miller, 19 Fed. 372, 5 O. F. D. 247.

If the taxing officials systematically and intentionally value moneyed capital in general far below its actual value, while they assess national bank stock at its actual value, equity will enjoin the taxing officials from collecting the excessive amount of such taxation, if the owner of such stock has paid or tendered the amount of the tax which would be due if the national bank stock were assessed upon the same basis as other moneyed capital: Pelton v. Bank, 101 U. S. 143, 4 O. F. D. 573.

The debts owed by the owner of shares of bank stock cannot be deducted from the value of such stock, see G. Č. § 5227.

When bank fails to make return.

SEC. 5413. If a bank fails to make and furnish to the county auditor the statement required, within the time herein fixed, the auditor shall examine the books of the bank; and also any officer or agent thereof under oath, with such other persons as he deems proper, and make such statement. The auditor shall have like powers, and the probate judge of the county shall exercise like powers, and perform like duties in aid of the auditor in the performance of his duties under this section, as are authorized by law in cases where the county auditor is informed, or has reason to believe, that any person has failed to make a return, or has made a false return for taxation. The statement so made out by the auditor shall stand as the statement required to be made by the cashier. (R. S. Sec. 2769.)

The remedy for a false return by a cashier of a bank is provided for in this section: State, ex rel., v. Akins, 63 O. S. 182; French v. Insurance Co., 12 O. D. (N. P.) 183. Power to correct the returns made by banks is conferred upon the auditor: Bank, 46 O. S. 424.

Penalty for making false return.

Miller v.

SEC. 5414. A bank officer who fails to make out and furnish to the county auditor the return required by section fifty-four hundred and eleven, or wilfully makes a false statement in such return, shall forfeit not more than one hundred dollars together with the costs and other expenses incurred by the auditor or other proper officer in obtaining such statement. (R. S. Sec. 2769.)

Report of banks transmitted to tax commission.

SEC. 5617. On or before the first day of June, annually, each county auditor shall make and transmit to the tax commission of Ohio, a copy of the report made by the cashier, manager or owner of each bank, with the valuation of the shares or property of the bank, representing capital employed, as fixed by him. (106 v. 269, § 85.)

Annual examination of the reports of banks.

SEC. 5618. On the third Tuesday of June of each year, the tax commission of Ohio shall examine the reports of banks and banking associations made to the county auditors and the value of the shares of incorporated banks and the shares of unincorporated banks, the capital stock of which is divided into shares, each of which shares is an aliquot part of the capital so divided, and of the property representing the capital employed by unincorporated banks, the capital stock of which is not divided into shares, as fixed by the county auditors and reported to the commission. (106 v. 269, § 86.)

For decision under former statutes, Section 5603 et seq. with reference to the equalization for banks, see Bank v. Hubbard, 106 Fed. 809; 13 O. F. D. 508. Lander v. Bank, 186 U. S. 458; 14 O. F. D. 497.

Assessing shares of stock in a bank in the aggregate, and placing such aggregate valuation upon the tax duplicate in the name of the bank is not authorized. Miller v. Bank, 46 Ohio State 424.

If the statute fixes the time and place of the first meeting of the board of equalization, such statute is sufficient notice to the owners of bank stock; and a special notice to each bank or owner is not necessary.

Lander v. Bank, 186 U. S. 458; 14 O. F. D. 497.

Power to increase or decrease value of shares of banks.

SEC. 5619. The tax commission of Ohio may increase or decrease the value of the shares or property representing capital employed by any bank or banks, if in the judgment of the commission the value thereof so reported to the commission by the county auditor is not the true value in money, to the end that all such shares and property representing capital employed shall be assessed equally and uniformly throughout the state at the true value thereof in money. (106 v. 269, § 87.)

Annual certification of value of bank shares to county auditor.

SEC. 5620. On the third Tuesday of July, annually, the tax commission of Ohio shall certify to the county auditors of the proper counties, the valuation as fixed by it of the shares of, and property representing capital employed by banks situated in such counties, specifying as to each bank the aggregate valuation of the shares thereof or property representing capital employed thereby and the deductions to be made therefrom. The county auditor shall make the deductions as so certified, and the value of the shares of each incorporated bank or banking association, and the shares of each unincorporated bank the capital stock of which is divided into shares, each of which shares is an aliquot part of the capital so divided, and the property representing the capital employed by unincorporated banks, the capital stock of which is not divided into shares, shall, after such deductions are made, be entered upon the proper tax lists and duplicate. (106 v. 269, § 88.)

The tax against national bank shares must be assessed against shareholders who are not residents of the state of Ohio, and the valuation of such shares shall be placed upon the tax list of the counties in which the respective banks are located. A. G. R. 1911-1912, p. 592.

Review and correction of findings.

SEC. 5621. Between the third Tuesday of June and the third Tuesday of July, the tax commission of Ohio may, on the application of any interested person or bank, or on its own motion, review and correct its findings. (106 v. 269, § 89.)

Tax a lien upon bank shares; collection of tax; penalty.

SEC. 5672. Taxes assessed on shares of stock, or the value thereof, of a bank of banking association, shall be a lien on such shares from the first Monday of May in each year until they are paid. It shall be the duty of every bank or banking association to collect the taxes due upon its shares of stock from the several owners of such shares, and to pay the same to the treasurer of the county, in which such bank or banking association is located, as other taxes are paid, and any bank or banking association failing to pay the said taxes as herein provided, shall be liable by way of penalty for the gross amount of the taxes due from all the owners of the shares of stock, and for an additional amount of one hundred dollars for every day of delay in the payment of said taxes. (R. S. Sec. 2839.)

Each and every provision of this section contemplates an assessment upon bank stock in the name of the shareholder; and such provisions are inconsistent with any other method of assessment: Miller v. Bank, 46 O. S. 424.

Banks may deduct taxes paid from shareholders; when; lien.

SEC. 5673. Such bank or banking association paying to the treasurer of the county in which it is located, the taxes assessed upon its shares, in the hands of its stockholders respectively, as provided in the next preceding section, may deduct the amount thereof from dividends that are due or thereafter become due on such shares, and shall have a lien upon the shares of stock and on all funds in its possession belonging to such shareholders, or which may at any time come into its possession, for reimbursement of the taxes so paid on account of the several shareholders, with legal interest; and such lien may be enforced in any appropriate manner. (R. S. Sec. 2840.)