Show REVENUE AND TAXATION A Article on That Subject to Be Submitted flonday TAXATION OF MORTGAGES AMOUNT OF DEBT MUST BE SUBTRACTED SUB-TRACTED FROM PROPERTY Territorial Taxation Xot to Exceed Eight Mills Taxation of Mines CorporationsArticle of Public Debt Will Also bo Submitted Xot to Excecd Taxes lie committee on revenue taxation aria1 public debt of the constitutional convention will make its report on Monday and will submit the following I articles There are several important provisions in them such as the taxing I of mines and the proposition on taxing j o mortgages I The article on revenue and taxation I reads as follows Hcveuuo and Taxation Section 1The fiscal year shall begin on the first day of anuary unless changed I by the legislature vSec 2All nronertv in the state not e mpt under the laws of the United States or under this constitution shall be taxed in proportion to its value to be ascertained as provided by law The word property as used in this article is hereby declared to include moneys credits bonds stocks franchises and all matters and things real personal and mixed capable of private ownership but this shall not be construed so as to authorize the taxation of the stocks of any company com-pany or corporation when the property of such company or corporation represented by such stocks has been taxed The legislature leg-islature shall provide by law for an aura au-ra jal tax sufficient with other sources of revenue to defray the estimated ordinary ordin-ary expenses of the state for each fiscal yEar And for the purpose of paying the state debt if there be any the legislature legisla-ture shall provide for levying a tax annually an-nually sufficient to pay the annual interest inter-est and principal of such debt within twenty years from the final passage of tito law creating the debt Rate of Taxation Sqc 3he legislature shall provide by ls5Mtt uniform and equal rate of assess meLt and taxation on all property in the state according to its value in money and shall prescribe such regulations by reuenil law as shall secure a just valuation valua-tion for taxation of all property so that every person and corpora ion shall pay a tax in proportion to the value of his her or Its property provided that a deduction deduc-tion of debts from credits may be authorized au-thorized provided further that the property of tile United States the state counties cities towns school districts municipal corporations and public libraries libra-ries lots with the buildings thereon used exclusively for either religious worship or charitablepurposes and places of burial not ued or held for private or corporate benefit shall be exempt from taxation Ditches canals and flumes owned and used by individuals or corporations for irrigating lands owned by such individuals individu-als or corporations or the individual members thereof shall not be separately trx d so long as they shall be owned and used exclusively for such purpose Taxation of Mlcex Sec 4All mine and mining claims both placer and rock in place containing 1err rg R nc 19 E or bearing gold silver copper lead coal or other valuable mineral deposits after purchase thereof from the United States shall be taxed at the price paid the United I Uni-ted States therefor unless the surface ground or some part thereof of such 1 I mine or claim is used for other than mining purposes and has a separate and independent value for such other purposes pur-poses in which case said surface ground or any part thereof so used for other than mining purposes shall be taxed at its value for such other purposes as provided pro-vided by law and all the machinery uAed in mining and all property and sur face improvements upon or appurtenant to mines and mining claims which have j a value separate and independent of such mints or mining claims and the net annual I an-nual ° proceeds of all mines and mining T ms shall be taxed as provided by law Tax on Mort asres I Sec 5A tax upon mortgages secured Ion Ion I-on either real or personal roperty shall I never be levied unless a reduction equal TO the amount of such mortgage shall be made in the assessed value of the property prop-erty covered thereby See GThe legislature shall not impose taxes for the purpose of any county city I I town or other municipal corporation but I may by law vest in the corporate authorities au-thorities thereof respectively the power I to asse and collect taxes for all purposes pur-poses OL such corporation j Sec iAn accurate statement of the re J c iPts and expenditures of the public r > Moneys shall be published annually in 8u ch manner as the legislature may pro Vlde Not to Exceed Eight Mills Sec 8The rate of taxation on proper ty for state purposes shall never exceed I eight mills on each dollar or valuation and whenever the taxable property with in the state shall amount to two hundred I million dollars the rate shall not exceed five mills on each dollar of valuation and whenever the taxable property within the state shall amount to three hundred mil lion dollars the rate shall never thereaf ter exceed four mills on each dollar of valuation unless a proposition to increase in-crease such rate specifying the rate proposed pro-posed and the time during which tho same shall be levied be first submitted to a vote of such of the qualified electors of the state as in the year next preceding such election shall have paid a property tax assessed to them within the state and a majority of those voting thereon shall vote in favor thereof in such manner man-ner as may be provided by law Use of Public Moneys Sec 9The making of profit out of pub lic moneys or using the same for any purpose not authorized by law by any ublic officer shall be deemed a felony d shall be punished as provided by law 1 part of such punishment shall be dis qtialidCAtion to hold public office Sec 10No appropriation shall be made nor any expenditure authorized by the legislature whereby the expenditure of the state during any fiscal year shall exceed the total tax then provided for by law and applicable for such appropriation or expenditure unless the legislature malting such appropriation shall provide pro-vide for levying a sufficient tax not exceeding ex-ceeding the rates allowed in section eight of this article to pay such appropriation or expenditure within such fiscal year This provision shall not apply to appropriations appro-priations or expenditures to suppress in surrections defend tne state or assist in defending the United States in time of war Corporations Taxed Fully I Sec 11 All corporations In this state or doing business therein shall be subject sub-ject to taxation for state county school municipal or other purposes on the real and personal property owned or used by them within the territorial limits of the authority levying the tax Sec 13 There shall be a state board of equalization consisting of the governor state auditor state treasurer secretary of state and attorneygeneral also in each county of this state a county board of equalization consisting of the board of county commissioners of said county The duty of the state board of equalization shall be to adjust and equalize the valuation valu-ation of real and personal property among the several counties of the state The duty of the county board of cquall ratlon shall be to adjust and equalize the I valuation of the real and personal property prop-erty within their respective counties Each board shall also perfcnrj such other duties as may be prescribed by law c Nothing In this constitution shall construed to prevent the legislature Ijm providing a stamp tax or for taxa 0 I tion based on incpme licenses franchises or mortgages |