be computed according to the tax levy for the preceding year; and every contract by which a debtor is obliged to pay any tax or assessment on money loaned, or on any mortgage, deed of trust, or other lien, shall, as to any interest specified therein, and as to such tax or assessment, be null and void. 3787. Taxes, against whom levied.

SEC. 2. The owner of a mortgage, deed of trust, contract, or other obligation whereby land or real property, situated in this state, is made security for the payment of a debt, and also the debt so secured, shall for the purpose of assessment and taxation, be deemed to be the person or persons to whom the security was given in the first instance, unless it appears on the record of the security that some other person is the owner; and all assignments or transfers of a debt secured as mentioned in this act shall, for the purposes of assessment and taxation, be null and void, unless such transfer or assignment is made in writing upon the margin of the record of the security, and the name of the person to whom such debt is assigned or transferred given; and in all cases such debt and security shall be assessed and taxed to the person or persons who appear on the record of such security to be owner or owners thereof; and a mortgage, deed of trust, contract, or other obligation whereby land or real property situated in no more than one county in this state is made security for the payment of a debt, together with such debt, shall be assessed and taxed to the owner of such security and debt in the county, city or district in which the land or real property affected by such security is situated. The taxes so assessed and levied on such security and debt shall be a lien thereon, and the debt, together with the security, may be sold for the payment of any taxes due thereon, in the same manner and with like effect that real property or land is sold for the payment of taxes. 3788. Manner of assessment for taxation.

SEC. 3. For the purposes of assessment and taxation no payment on any debt secured as herein before mentioned in this act shall hereafter be taken into consideration by any assessor in this state, when assessing such debt and security as herein provided, unless such payment is endorsed in writing on the margin. of the record of such security by the owner thereof, or his authorized agent, before the delivery by the county recorder to the board of equalization of the abstract of all unsatisfied mortgages and liens remaining on record in his office. And in all cases the assessor shall assess such debt and security for the full amount of such debt, that appears from the record of such security to be owing, unless in the judgment of the assessor the land or real property by which such debt is secured is not worth as many dollars as still appears unpaid of such debt, and then, in that case, he shall assess such debt and security at whatever sum he thinks to be their real cash value. 3789. Duties of county recorders.

SEC. 4. It is hereby made the duty of the several county recorders in this state to record in the margin of the record of all mortgages on land and real property, when requested so to do by the mortgagee or owner of the mortgage, all assignments thereof, or of the note or other evidence of debt thereby secured, and also all payments made thereon or the note or other evidence of debt secured thereby, and copies thereof certified by such recorder shall be received in evidence in all courts of this state with like effect as a certified copy of such mortgage. And all persons who now have mortgages recorded in this state, upon which partial payments have been made, are hereby allowed sixty days after this act takes effect to cause to be recorded in the recorder's office of the proper county such payments with the dates thereof.

3790. Taxation in cases of banks and trust companies.

SEC. 5. Where any bank or trust company is assessed in this state upon its shares or capital stock, and such bank or trust company is the owner of mortgages or trust deeds assessed to it upon lands within this state, the amount or value of such mortgages or trust deeds shall be deducted from the amount which it is assessed upon its shares or capital stock; and such bank or trust company shall only be assessed upon such sum for its shares or capital stock after deducting the value of the mortgages or trust deeds owned by it.

An Act supplemental to an act entitled "An act to provide revenue for the support of the government of the State of Nevada, and to repeal certain acts relating thereto," approved March 23, 1891.

Approved March 27, 1911, 391

3791. Method of assessing property and franchises of express companies. SECTION 1. For the purpose of assessment and collection of taxes on the property and franchises of any express company the cash value thereof shall not be less than the largest amount on which the net profit of the company for the calendar year previous to the assessment or levy of the taxes will pay interest or dividends at the rate of eight per cent per annum. This net profit shall be the difference between the average gross annual earnings per mile on the mileage operated in this state on local and through business, including receipts for the transportation of parcels and property carried into, out of or through this state and the necessary annual average expense per mile on such mileage operated in this state in such transportation, carrying and operation of the express company under reasonable, economical and prudent management, estimated for the last calendar year previous to the levy. The actual annual deterioration of property used in the business shall be considered a part of the annual expense.

3792. Express companies to make complete report.

SEC. 2. Every express company shall include in the list or statement of taxable property now required by law to be made a statement of the gross receipts and expenses and the net income of the company, the amount paid in dividends and the amount held or carried over as surplus, for the last calendar year, and a statement of the total number of miles operated by such express company on any through lines which run through this state, and of the gross receipts and expenses thereon, and of the total number of miles operated by such express company exclusively in this state, and of the gross receipts and expenses thereon. Such list or statement shall be in no way conclusive or binding upon any officer, board or authority empowered by law to fix assessments or to collect taxes.

An Act defining certain duties of county assessors, county commissioners, county clerks, county treasurer and ex officio tax receivers.

Approved February 27, 1893, 52

[Sections 1, 2, 4, 7, 8 and 10 of this act, being substantially the same as sections 3624, 3635, 3636, 3640, 3642 and 3654, are omitted.]

3793. Board of equalization.

SEC. 3. The board of county commissioners of each county in this state, shall meet as a board of equalization on the third Monday of September in each year, to examine the assessment roll and equalize the assessment of property appearing upon the assessment roll in their respective counties, and shall continue in session from time to time until the business of equali

zation is disposed of, but no later than the first Monday in October, and all the provisions of the statute as to notice and manner of equalization, shall be the same as now prescribed, except as to the dates of such meetings, which shall be as herein before stated.

See secs. 3638, 3678, 3797.

3794. Duties of auditor.

SEC. 5. The county auditor, as soon as the assessment roll is delivered to him by the clerk of the board of equalization, shall proceed to add up the valuations, and to enter the total valuation of each kind of property, and the total valuation of all property on the assessment roll.

See sec. 3641.

3795. Auditor to deliver corrected roll.

SEC. 6. On or before the first Monday in November in each year, the auditor shall deliver the corrected assessment roll with his certificate attached thereto, together with the maps or plat books, to the ex officio tax receiver.

See sec. 3641.

3796. Tax receiver to settle.

SEC. 9. On the second Monday of December in each year the ex officio tax receiver shall also attend at the office of the county auditor with the assessment roll, and the auditor shall then and there administer to the ex officio tax receiver an oath, which shall be written and subscribed on the assessment roll, to the effect that each person and all property assessed in said roll, or [on] which taxes have been paid to him, has the word "paid" marked opposite the name of such person or a description of such property, and the auditor shall then foot up the amount of taxes remaining unpaid, and shall make a final statement with the ex officio tax receiver of all taxes charged against him on account of said assessment roll. The auditor shall then immediately transmit, by mail or otherwise, to the state controller a statement in such form as he may require, of all and each particular kind of property delinquent, and the total amount of delinquent taxes.

See sec. 3648.

An Act to provide for a more uniform valuation and assessment of property in this state.

3797. State board of county assessors.

SECTION 1. The county assessors of the several counties of this state shall meet for a period not exceeding ten days in the office of the governor at Carson City, Nevada, on the second Monday in January of each year, and shall at such meetings establish a valuation through the state of all railroads and rolling stock of such railroads, of all telegraph and telephone lines, of all electric light and power lines, of all cattle and sheep, and upon all other kinds of property which in the judgment of said assessors can be valued and assessed more uniformly by said assessors, acting collectively, than by the several county assessors acting separately; provided, that in fixing such valuation the location and situation of such property shall be considered;

and, provided further, that nothing herein shall be so construed as to impair the right of the board of equalization of any county to equalize taxes on all property, the valuation of which has not been fixed at the annual meeting of the county assessors as provided in this section; but the said county board of equalization shall not have the power to equalize any property upon which a valuation has been placed by the said board of county assessors; provided, any taxpayer under the provisions of this act shall not be deprived of any remedy or redress in a court of law relating to the payment of taxes. amended, Stats. 1903, 95.

See sec. 3814, 3840.

Live stock, see secs. 3843 3844.
Transient stock, secs. 3845 3861.

As

Cited, Hardin v. Guthrie, 26 Nev. 251, 252 (66 P. 744); State v. C. & C. R. R. Co., 29 Nev. 487, 496 499 (91 P. 932).

3798. Idem-Officers-Powers-Penalty.

SEC. 2. At such meetings the governor shall be the chairman and the governor's secretary shall be the clerk. The governor shall have the casting vote in case of a tie. The state controller shall supply all information and data concerning the finances of the state, either on his own motion or by request of the board. Eight assessors shall constitute a quorum for the transaction of business, and a majority of the entire board shall decide any question before the meeting; provided, that in case of a tie on any question before the board, the chairman shall cast the deciding vote; and it is hereby made the duty of every assessor present at the meeting of said board to vote aye or no, upon every question put by the chairman of said meeting, and every assessor failing so to do shall forfeit his office and shall be proceeded against by the district attorney of said assessor's county, at the request of the attorney-general to enforce said forfeiture; provided, that, if at any meeting the assessor of any county shall, by reason of sickness or other unavoidable cause, be unable to attend any such meeting, then, in that event, the chairman of the board of the county commissioners of such counties shall attend such meeting, and shall act and vote in the place of such absent assessor, with the same force and effect as such assessor might do if present, and the governor or acting chairman of said meeting shall be and hereby is authorized to issue a subpena for the attendance of any assessor who shall fail to attend, unless excused by the provisions of this act. he is hereby further empowered to deputize anyone who is qualified by law to serve a summons to serve the same; and provided further, that, if at any meeting the governor or his secretary shall, for any reason, be unable to act as chairman or clerk, then, in that event, the state controller shall act as chairman, and in case the state controller shall also be absent, then the attorney-general shall act as chairman and as such chairman shall have all of the powers herein granted to the governor acting as such chairman. Any assessor who shall fail to attend the meetings provided for in section 1, unless he is prevented by sickness or other unavoidable cause, shall be subject to a penalty of $500, to be collected in a suit instituted against said delinquent assessor or his bondsmen by the district attorney of the county of said assessor, on the request of the attorney-general; and shall be further subject to removal from office, should a majority of the state board of revenue hereinafter created order proceedings to that effect to be instituted. As amended, Stats. 1903, 95.

3799. Record to be kept.

And

SEC. 3. The chairman shall preside at all meetings and the secretary shall keep a full and correct record of the proceedings thereof, in suitable books which shall be provided for that purpose, and which shall be kept in the office of the governor.

3800. Valuations to fix.

SEC. 4. The valuation fixed at such annual meetings shall be the actual cash value of all such property as may be designated, as now provided by law, taking into consideration the locality of such property, and the assessors of the several counties shall assess and enter upon the assessment rolls of their respective counties all such property at the valuation designated by such meeting of county assessors, and shall fix the value and assess all property not so valued at said meeting in the manner now provided by law. As amended, Stats. 1903, 96.

3801. Idem-Power of assessors.

SEC. 5. The valuation fixed at such annual meetings shall be uniform on all such property as may be designated, except in cases where the value is affected by its locality or other consideration affecting its cash value; and the assessors of the several counties of the state shall fix values on all property not so valued at said annual meeting, in the manner now provided by law. As amended, Stats. 1903, 96.

3802. Tax levy.

SEC. 6. An annual ad valorem tax of eighty cents on each one hundred dollars of taxable property is hereby levied and directed to be collected for state purposes upon all taxable property in this state, including the net proceeds of mines, except such property as is by law exempt from taxation; provided, that such rate of eighty cents may be changed as hereinafter provided. Of the tax hereby levied fifty-three and four one-hundredths cents shall go into the general fund of the state, seven and one-fifth cents shall go into the territorial interest fund, seven and three-fifths cents shall go into the state interest and sinking fund, ninety-six one-hundredths of one cent shall go into the state university interest and sinking fund, four cents into the general school fund, eight-tenths of one cent into the university interest and sinking fund, 1897, No. 1, eight-tenths of one cent into the university interest and sinking fund, 1897, No. 2, and five and three-fifths cents into the contingent university fund.

See sec. 3617 for tax levy.

3803. Idem-Personal property.

SEC. 7. In assessing all personal property not secured by real estate, prior to making the final state levy as provided in this section, the state rate of eighty cents on each one hundred dollars valuation, provided in section 6. shall be collected and the state proportion shall be forwarded to the state treasurer in the first semiannual settlement. Immediately after the auditor's statement of valuation, provided for in section 10 of this act, shall have been received by the state controller, the governor, state controller, and attorneygeneral shall meet and ascertain the aggregate valuation of all the taxable property in the state, as reported by the several county auditors, They shall then proceed to fix the state rate of taxation (not to exceed eighty cents on each one hundred dollars) in proportion as the amount required to conduct the state government for the year stands to the whole property valuation in the state; but in no case shall they fix a rate which will give the state more revenue than necessary to meet the total amount of appropriations made by the last preceding legislature.

See sec. 3617.

3804. Idem-Controller to notify assessors and auditors.

SEC. 8. When the rate of state tax shall have been fixed as provided in section 7, it shall be the duty of the state controller to immediately notify the several county assessors and county auditors of the same.

See sec. 3617.