Section 3. How property of banks to be taxed

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How property of banks to be taxed

Summary: (Section repealed) Authorize classification of property for tax purposes and provide for a 15 mill tax limit on real estate

Election Date: November 5, 1929

Votes For Ratification: 710538

Votes Against Ratification: 510874

Percent for Ratification: 58%

Percent Against Ratification: 42%

Notes:

Amendment Source: 1929 HJR 8

Effective Date Source:

How property of banks to be taxed

The General Assembly shall provide by law for taxing the notes and bills discounted or purchased, moneys loaned, and all other property, effects or dues, of every description, without deduction, of all banks, now existing, or hereafter created, and of all bankers, so that all property employed in banking shall always bear a burden of taxation equal to that imposed on the property of individuals.

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