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road taxes levied by the several civil townships, cities and incorporated towns, not to exceed two mills on the dollar of the assessed valuation of all taxable property within the county, including organized civil townships, cities and incorporated towns, and it shall have the entire supervision of the expenditure of such taxes; provided, it may levy a higher rate, not to exceed five mills on the dollar, if it shall have been directed to do so by a majority of all of the electors of the county:

Provided further, that within all cities and incorporated towns, twenty-five per cent (25%) of the money so raised by the levy made within said cities or towns shall be paid by the County Treasurer to the Treasurer of said city or town to be expended by the Governing Body of said city or town for bridge and street purposes within said city or town.

Approved February 15, 1923.

CHAPTER 105.

(H. B. 144)

RELATING TO STATE BOARD OF EQUALIZATION

AN ACT Entitled, An Act to Amend Section 6736 of the South Dakota Revised Code of 1919, Providing for the Equalization of Property for Taxation Purposes and Declaring an Emergency.

Be It Enacted by the Legislature of the State of South Dakota :

Section 1. That Section 6736 of the South Dakota Revised Code of 1919 be and the same is hereby amended to read as follows:

Section 6736 Meeting, When-Equalization-How Made. The tax commission shall sit as a state board of equalization, commencing on the first Monday of August each year. It has power and is required to equalize and to assess, if necessary, the property of any person, partnership, association, company or corporation so that it shall be assessed as required by law. It shall:

1. Equalize the assessment of land and structures thereon, separately, by adding to the aggregate value thereof, in every county in which the commission may believe the valuation to be too low, such rate per cent as will raise the same to its proper proportionate value, and by deducting from the aggregate assessed value thereof, in every county in which the commission may believe the value to be too high, such per cent as will reduce the same to its proper proportionate value. Town and city lots shall be equalized in the same manner as herein provided for equalizing lands.

2. Equalize the assessment of personal property by adding to the aggregate assessed value of any class of personal property of every county in which it believes such valuation to be too low, such rate per cent as will raise the same to its proper proportionate value, and by deducting from the aggregate assessed value of any class of personal property, in every couuty in which the commission may believe the valuation to be too high, such per cent as will reduce the same to its proper proportionate value.

Such board, in making such equalization, may add to or deduct from the aggregate assessed valuation of lands, town or city lots, and

Section 2. Section 8 of Chapter 109, Session Laws of South Dakota for the year 1919, be and is hereby amended to read as follows:

Section 8. The Tax Commission of this state shall prepare and distribute through the county auditor to the assessors a form for the listing and returns which the taxpayers are required to make, and the form shall be printed on a separate sheet, and shall be entirely distinct from the forms prepared for the listing and returns of other classes of property. The form herein required to be made shall show, each under a separate heading, the total amount in each of the following classes: 1. Money subject to check and on deposit in banks, trust companies or similar financial institutions, wherever situate.

2. Money on deposit in banks, trust companies, postal or other savings banks, or similar financial institutions, wherever the same are situate, and which is represented by certificate of deposit, cashier's checks or similar instruments.

3. Money, other than above specified, on hand or under control of the owner or his agent, whether the same is held in this state or elsewhere.

4. Promissory notes, bills of exchange, due bills, cream checks and similar evidences of indebtedness.

5. Bonds, except municipal and United States bonds.

6. Real estate mortgages upon lands situate outside of this state and amount secured thereby.

7. Real estate mortgages upon lands situate in this state and amount secured thereby.

8. Chattel mortgages upon personal property in this state or elsewhere, and the amount secured thereby.

9. Judgments in this state or elsewhere.

10. Book accounts.

11. Contracts for sale of real estate outside of this state.

12. Contracts for sale of real estate in this state.

13. Annuities, royalties, and all sums of money receivable at stated periods.

14. All claims and demands for money or other valuable thing not above enumerated.

15. Shares of stock in corporations the property of which is not assessed or taxed in this state.

The Tax Commission may include in the form such additional classes as they may deem desirable. It is expressly provided that the amounts shown under each item shall be the total amount only of property owned of the class named and shall not show the detailed items which make up such class.

The county auditors shall deliver to the assessors such forms and the assessors shall use the same, and no other forms shall be used for listing moneys and credits. Such list shall be open to the inspection of the assessors, county auditors, their deputies and clerks, the board of review, the county board of equalization and the tax commission and its secretary and clerks, but the details of the lists made by the taxpayers shall be disclosed to no other persons except by order of court, and any assessor or other person who shall disclose such details shall be liable to a fine of not less than one hundred dollars nor more than five hundred dollars. The lists shall be delivered by the assessor to the county auditor and by him preserved.

Section 3. That Section 3 of Chapter 109 of the Session Laws of 1919 be and the same is hereby amended to read as follows:

Section 3. Money and credits as the same are defined and con

strued to mean in Section 2 shall hereafter be subject to an annual tax of four mills on each dollar and no more of the true and cash value thereof, which shall be in lieu of all other taxes. But nothing herein shall apply to money or credits belonging to banks and trust companies situated in this state, which are otherwise assessed and taxed. Approved March 12, 1923.

CHAPTER 109.

(S. B. 296.)

RELATING TO MONEYS AND CREDITS

AN ACT Entitled, An Act to Amend Section 6 of Chapter 109 of the Session Laws of 1919, Relating to the Assessment and Taxation of Moneys and Credits and Declaring an Emergency.

Be It Enacted by the Legislature of the State of South Dakota :

Section 1. That Section 6 of Chapter 109 of the Session Laws of 1919 be amended to read as follows:

Section 6. Moneys and Credits shall be listed and assessed in the assessment district where the owner or agent resides; of corporations, except banking as heretofore expressed, having offices or places of business in the different assessment districts of the state, shall be listed and assessed in the assessment district or districts where the offices or places of business are located and business transacted, and any money held or credit extended.

Section 2. Whereas, this act is necessary for the immediate support of the state government and its existing public institutions, an emergency is hereby declared to exist and this act shall be in full force and effect from and after its passage and approval.

Approved March 9, 1923.

CHAPTER 110.

(S. B. 2)

REPEALING MORTGAGE REGISTRY TAX

AN ACT Entitled, An Act to Repeal Chapter 113 of the Session Laws of 1919 Relating to the Payment of Registry Tax Before Filing and Recording Real Estate Mortgages, Providing for Exemption from Further Taxation of Mortgages Upon Which a Registry Tax Has Been Paid, and Declaring an Emergency.

Be It Enacted by the Legislature of the State of South Dakota:

Section 1. That Chapter 113 of the Session Laws of the State of South Dakota for the year 1919 be and the same is hereby repealed.

Section 2. All mortgages upon real property situated within this state, and the debts and obligations which they secure, shall be exempt from all taxes by the state or any other taxing district therein during

the period for which the mortgage registry tax was paid under the laws repealed by this Act.

Section 3. Whereas, this Act is necessary for the immediate support of the State Government and its existing public institutions, an emergency is hereby declared to exist, and this Act shall be in full force and effect from and after its passage and approval. Approved February 27, 1923.

CHAPTER 111.

(H. B. 34.)

EXEMPTION OF PERSONAL PROPERTY

AN ACT Entitled, An Act to Amend Paragraph Numbered 5 of Section 6670 of the Revised Code of 1919, as Amended by Chapter 106 of the Session Laws of 1919 Relating to Property Exempted from Taxation and Repealing Paragraphs Numbered 6 and 7 of Section 6670 of the Revised Code of 1919 as Amended by Chapter 106 of the Session Laws of 1919.

Be It Enacted by the Legislature of the State of South Dakota:

Section 1. That paragraph 5 of Section 6670 of the Revised Code of 1919, as amended by Chapter 106 of the Session Laws of 1919, be amended to read as follows:

Section 6670. Paragraph 5. The personal property of each individual liable to assessment and taxation under the provisions of this chapter, of which such individual is the actual and bona fide owner, to the amount of not exceeding fifty dollars in value in household furniture and provisions: Provided, that each person shall list all his personal property for taxation, and the county auditor shall deduct, after county equalization, the amount of the exemption authorized by this subdivision of said section from the total amount of his assessment, and levy taxes upon the remainder.

Section 2. That Paragraphs Numbered 6 and 7 of Section 6670 of the South Dakota Revised Code of 1919, as amended by Chapter 106 of the Laws of 1919, be and the same are hereby repealed.

NOTE BY THE SECRETARY OF STATE: The foregoing act, having been presented to the Governor of this state for his approval, and not having been returned by him to the house of the legislature in which it originated, or to the Secretary of State with his objections, within the time prescribed by the Constitution, has become a law without his approval.

C. E. COYNE, Secretary of State.

CHAPTER 112.

(S. B. 128)

RELATING TO RAILROADS

AN ACT Entitled, An Act to Amend Sections 6600, 6602, 6603 and 6607 of the South Dakota Revised Code of 1919, Relating to the Assessment of Railroad Property.

Be It Enacted by the Legislature of the State of South Dakota:

Section 1. That Sections 6600, 6602, 6603 and 6607 of the South

Dakota Revised Code of 1919 is hereby amended to read as follows:

"Section 6600. Assessment, When and How Made." The tax commission shall assess the property of railroads on the seventh day of July and if the seventh day of July falls on Sunday or on a legal holiday, then the following day, each year. The ownership and valuation of the assessment shall be as of the first day of May each year, and shall be made upon the main line or lines and branches thereof and all side tracks outside the limits of cities and incorporated towns within the state, separately, and shall include the right of way, roadbed, bridges, culverts, rolling stock, depots, yards, shops, buildings, gravel or sand beds, lands for snow protection, and all other property, real and personal, used in and employed about and incidental to the actual and necessary operation and maintenance of such railroads and branches thereof. In assessing a railroad and its equipment and property, the tax commission shall consider the earning power of the property as shown by its gross and net earnings, the value of the franchises, if any, or other privileges granted by the state, if any, under which it has the right of eminent domain and the right to do business within the state, and any and all other matters necessary to enable the tax commission to make a just and equitable assessment of the value of such property. The tax commission shall determine and fix separately the aggregate value of the property described in subdivision three of the second section of this article, which is located within the limits of any city or incorporated town.

"Section 6602. Transmit Statement to County Auditor." The tax commission shall on or before the fourth Monday in August, each year, transmit to the county auditor of each county through which any railroad runs a statement showing the length of main track, of main line or lines and the branches thereof and side tracks within such county, not located within the limits of any city or incorporated town, and the assessed value per mile of such main line or lines and branches and side tracks as fixed by a pro rata distribution per mile of the assessed valuation of such property, except that part located within the limits of cities or incorporated towns, as aforesaid, and such statement shall be entered upon the proper records of the county. The tax commission shall also transmit to the city auditor of each city, and to the clerk of each incorporated town through or into which any such railroad extends, a statement showing the total assessed valuation fixed by the tax commission upon that part of such railroad property described in subdivision three of the second section of this article, which is located within the limits of such city or town, and such statement shall be entered upon the proper records of the city or town, and a transcript thereof transmitted to the county auditor of the county in which such city or town is located, to be by him listed for taxation the same as other property within such city or town assessed by the assessor thereof.

"Section 6603. Duty of Board of County Commissioners." It shall be the duty of the county auditor after receiving such statement from the tax commission to turn such statement over to the board of county commissioners, who, at its first meeting after receiving such statement, shall make and enter in the proper record an order stating and declaring the length of the main track of road, branches and side tracks and assessed valuation of such road, branches, and side tracks lying within each township and lesser taxing district in the county through or into which such road or branches thereof run as fixed by the rate of assessment per mile as made by the tax commission; and shall also enter

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