Taxable prop

erty.

Be it enacted by the Legislature of the State of Nebraska:

SECTION 1. The property named in this section shall be assessed and taxed, except so much thereof as may be in this chapter exempted:

First. All real and personal property in this state. Second. All moneys, credits, bonds, or stocks, or 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.

SEC. 2. The following property shall be exempt from Property extaxation in this state:

First. The property of the state, counties, and municipal corporations, both real and personal.

Second. Such other property as may be used exclusively for agricultural and horticultural societies, for school, religious, cemetery, and charitable purposes: Provided, that in the assessment of real estate, encumbered by public easement, any depreciation occasioned by such easement shall be deducted in the valuation of such property: Provided, further, that the increased value of lands by reason of live fences, fruit and forest trees grown and cultivated thereon, shall not be taken into account in the assessment thereof.

empt.

SEC. 3. School lands sold under any provisions of any School lands. law of this state, or such as have been heretofore sold, shall not be taxable until the right to a deed shall have become absolute, except the value of the interest of such purchasers, shall be taxable, which interest shall be determined by the amount paid and invested in improvements on such lands: Provided, that the increased value of such improvements by reason of live fences, fruit and forest trees, grown and cultivated on such lands, shall not be taken into account in assessing the value of such improvements.

personal prop

SEC. 4. Personal property shall be valued as follows: Valuation of First. All personal property, except as herein other- erty. wise directed, shall be valued at its fair cash value.

Second. Every credit, for a certain sum, payable either in money or labor, shall be valued at a fair cash

Valuation of real property.

Personal property, when listed.

How listed,

value for the sum so payable; if for any article of property, or for labor, or service 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.

SEC. 5.

Real property shall be valued as follows: First. Each tract or lot of real property shall be valued at its fair value, estimated at the price it would bring at a voluntary sale thereof, where public notice had been given, and a payment of one-third cash and the balance secured by a mortgage upon the property.

[Second.] Leasehold estates, including leases of school and other lands of the state, shall be valued at such a price as they would bring at a fair voluntary sale for cash.

Third. Where a building or structure owned by lessee is located on land leased from another, the same shall be valued at such a price as such building or structure would sell at a fair voluntary sale for cash.

SEC. 6. Personal property shall be listed between the first day of April and the first day of June of each year, when required by the assessor, with reference to the quantity held or owned on the first day of April, in the year for which the property is required to be listed. Personal property purchased or acquired on the first day of April shall be listed by or for the person purchasing or acquiring it.

SEC. 7. Personal property shall be listed in the manner following:

First. Every person of full age and sound mind, being a resident of this state, shall list all his moneys, credits, bonds, or stocks, shares of stock of joint or other companies (when the capital stock of such company is not assessed in this state), moneys loaned or invested,

annuities, franchises, royalties, and other personal property.

Second. He shall also list all moneys and other personal property invested, loaned, or otherwise controlled by him as the agent or attorney, or on account of any other person or persons, company, or corporation whatsoever, and all moneys deposited, subject to his order, check, or draft, and credits due from or owing by any person or persons, body corporate or politic, whether in or out of the county.

Third. The property of a minor child shall be listed by his guardian; if he have no guardian, then by the father, if living; if not, by the mother, if living; and if neither father or mother be living, by the person having such property in charge.

Fourth. The property of any other person under guardianship by his guardian; or if he has no guardian, by the person having charge of such property.

Fifth. The property of a wife, by her husband, if of sound mind; if not, by herself.

Sixth. The property of a person for whose benefit it is held in trust, by the trustee; of the estate of a deceased person, by the executor or administrator.

Seventh. The property of corporations whose assets are in the hands of receivers, by such receivers.

Eighth. The property of a body politic or corporate, by the president, or proper agent or officer thereof.

Ninth. The property of a firm or company, by a partner or agent thereof.

Tenth. The property of manufacturers and others in the hands of agent, by and in the name of such agent, as merchandise.

SEC. 8. Personal property except such as is required where listed, in this chapter to be listed and assessed otherwise, shall be listed and assessed in the county, precinct, township, city, or village where the owner resides. The capital