3805. Idem-Reduction of levy. SEC. 9. In case of a reduction being made, in the levy for state purposes, each of the several counties of the state shall be credited by the state controller with the difference between the amount previously paid to the state during that fiscal year and the amount due under the rate fixed in accordance with the provisions of section 7 of this act, and the amount so credited shall be deducted in making the next settlement with the state. 3806. Auditors to notify controller. SEC. 10. The several county auditors shall, annually, on or before the fourth Monday in October of each year, forward to the state controller a statement under seal of his office of the aggregate assessment of all property on the assessment roll in his county, segregating the personal from the real property. 3807. Duty of assessors. SEC. 11. It shall be the duty of each county assessor to fix the valuation. of all property which may be assessed by him at the valuation placed upon the same kind of property at the regular annual meeting of assessors for the state. As amended, Stats. 1903, 97. See sec. 3617. 3808. Expenses of attendance. SEC. 12. There shall be allowed and paid to each county assessor attending the meetings of county assessors required in section 1, the actual expenses of such assessors in going to and returning from his county to attend each meeting; and an itemized statement of such expenses duly verified shall be presented to the state board of examiners, who shall audit the same as other claims against the state are allowed and paid. 3809. Assessor-Penal provisions. SEC. 13. Should any assessor in this state neglect to assess property in accordance with the provisions of this act, or laws now in force or effect, or place a greater or less valuation on any property that has been fixed at said meeting of assessors, the state board of revenue, which is hereby created, consisting of the governor, state controller and attorney-general, shall instruct the district attorney of said assessor's county to bring suit against such assessor and his bondsmen for the sum of five hundred dollars as a penalty therefor, which said sum when collected, shall be paid into the general fund of the state treasury, and such board may instruct the attorney-general to request the district attorney of said assessor's county to institute suit against . such assessor for his removal from office for such neglect or refusal. The suit shall be tried in the district court having jurisdiction in the county where property is situated. As amended, Stats. 1903, 97. See sec. 3828. 3810. Idem-Suit-Costs. SEC. 14. The district attorney shall have the assistance and advice of the attorney-general in prosecuting the suit in case the governor and state controller shall deem it advisable. In case of an adverse decision of the court, the state shall pay all costs. Either party to the suit shall have the right of appeal to the supreme court and the usual stay of proceedings, upon the filing of the proper bond to be approved by the judge of the court. 3811. Expenses-Printing. SEC. 15. Neither the governor, state controller or attorney-general shall receive any additional compensation for their services imposed by this act; but shall be allowed their actual traveling expenses when absent from the capitol on duty connected with or required by this act. Such claim for expenses shall be accompanied by proper vouchers and shall be audited and allowed as other claims against the state. All printing necessary to carry out the provisions of this act shall be ordered by the said state officers at the state printing office, and the state printer is hereby authorized and directed to supply the same. 3812. Excess taxes recovered. SEC. 16. Any taxpayer who shall have paid taxes on personal property prior to making the final levy during any fiscal year, shall be entitled to have any excess he may have so paid refunded at any time during that year by presenting a claim in regular form against the county where such taxes were paid, for the amount of such excess, and the same shall be audited and paid out of the excess so created in the state fund in the county treasury. As to assessment of property which comes into existence as additions or otherwise, see State v. C. & C. R. R. Co., 29 Nev. 487 (91 P. 932). 3813. Appropriation. SEC. 17. The sum of three thousand (3,000) dollars is hereby appropriated out of any money in the general fund not otherwise appropriated to carry out the provisions of this act. An Act to provide revenue for the support of the government of the State of Nevada. Approved March 6, 1893, 109 3814. How railroads are to be assessed. SECTION 1. In all cases where a railroad is located and is being or has been constructed in or through one or more counties of this state, the president, secretary, general superintendent or managing agent of the corporation, company or person owning the same, or managing agent thereof, within the county, shall within a reasonable time after demand by the county assessor of any county in or through which such road is being or has been constructed, furnish to such assessor a statement under oath or affirmation, which shall be in writing, duly subscribed and sworn to before some officer authorized by the laws of this state to administer oaths, setting forth the length of said road in such county and the value thereof, with a list of the property, real and personal [except rolling stock], pertaining thereto, also the whole length of said road within the state, and the number and value of all locomotives and cars, commonly known as rolling stock, used on said road within this state, and an apportionment of the value of such rolling stock to such county, the same to be estimated according to the proportion which the true portion in said county bears to the whole length of said railroad within the state. But in the event that any portion of the rolling stock or personal property of a railroad company, operated wholly within this state, shall not be used or employed in all the counties through or into which such railroad runs, then such portion of said rolling stock or personal property shall only be assessed in the county or counties where used or employed, and shall not be considered in any apportionment of the value of the rolling stock or personal property of such railroad in counties. where not used or employed. The statement, however, shall not be conclusive, nor shall the value therein fixed bind the assessor; but he shall, notwithstanding, proceed to value and assess said property according to his official judgment. See sec. 3794. When a railroad company claims that its taxes, as assessed by the county assessor, have been reduced, it must affirmatively show the jurisdictional fact that a complaint was made by it to the board of equalization of the assessor's valuation on the property. State v. C. P. R. R. Co., 17 Nev 259 (30 P. 887). The records of the board must show that the complaint was made; the oral testimony of the members of the board is inadmissible. Idem. The board has the right to amend its record so as to make it conform to the truth, and an amendment made by order of the board of county commissioners after it had ceased to sit as a board of equalization was admissible to show the facts upon which the board of equalization acted in reducing an assessment. Idem. There is nothing in the constitution which indicates that it was intended to confer upon county assessors the sole right to assess property, or upon county commissioners the sole right to equalize its valuation. Sawyer v. Dooley, 21 Nev. 390 (32 P. 437). The right of a de facto member of the board of assessors and equalization to exercise the duties of his office cannot be collaterally questioned. Idem. See citation of this case under Const., sec. 325, p. 106, ante; also Const. sec. 278, p. 82, ante. This act (Stats. 1891, 56) authorizes the board to equalize the value of railroads, as well as other property, and to raise the assessed value of the same, without regard to whether the owner applies for a reduction of the valuation. Idem. Where the admitted net profits of a railroad were $8,500, an assessment of the road for taxation at $175,000 was justified by evidence that the current rate of interest for loans of large amount was from 4 to 6 per cent. State v. N. C. R. R. Co., 26 Nev. 357 (68 P. 294). utility alone. State v. V. & T. R. R. Co., 23 The fiscal year for the purpose of taxation of railroads, the same as for all other property, commences on January first. State v. V. & T. R. R. Co., 24 Nev. 53 (49 P. 945). The rule being that the value of a railroad, for the purpose of taxation, should be determined, mainly, by its net earnings capitalized at the current rate of interest, a jury is justified in finding that the rate to be used in the computation is the rate of interest which investments command, and not that on temporary loans. Idem. The net income of a railroad for purposes of taxation is the difference between the gross receipts and the expenses as they would have been under reasonably economical and prudent management. Idem. On an issue as to the earning capacity of a railroad for purposes of taxation, classifications of items of expense by the company in its ledger or other accounts are not evidence in its favor, except as they are substantiated by the original entries of the transactions in its books. Idem, On such an issue it would be presumed, in the absence of a contrary showing, that charges for things essential to the operation of the road represented reasonable and economical expenditures. Idem. On such an issue taxes actually paid should be added to the operating expenses and deducted from the gross income. Idem. In the absence of proof that a county levying a tax in excess of $1.50 per $100 is not indebted for liabilities contracted prior to the year of the levy, it would be presumed in support of the levy that it was so indebted. Idem. Evidence held insufficient to support assessment. State v. V. & T. R. R. Co., 23 Nev. 283, supra. The cash value of a railroad for purposes of taxation must be determined mainly by its net earnings capitalized at the current rate of interest, taken in consideration with any immediate prospect of any increase or decrease in earning capacity; and if the utility of the road, as so determined, is not equal to the cost, which is prima facie its value, the value must be determined by 3815. Definition of the word "railroad"—Personal property assessed, how. SEC. 2. The word "railroad" shall be held to include, in addition to the track of said railroad, including the rails, couplings, spikes, ties, bridges, culverts, tunnels, cuts, fills, embankments, and the land owned by the right of way of such railroad, all the structures, fixtures, improvements and buildings of said railroad owned thereon or used in connection therewith. The personal property belonging to said railroad, or used in connection therewith, and in operating the same, including the rolling stock, furniture, tools, implements, wood and coal, shall be valued and assessed separately from the track of said road, and shall be listed and entered on the assessment roll under the head of personal property; all buildings and superstructures belonging to or used in connection with said railroad, except such as form a part or the track of said road, including depots, storehouses, woodsheds, machine shops and round-houses, shall be assessed separately from the track and listed as real estate. 3816. Portion to be assessed as part of whole. SEC. 3. In ascertaining, assessing and fixing the value of any railroad for taxation the assessor shall assess it the same as other property, and shall consider, treat and assess the portion thereof at its value within his county as an integral part of a complete, continuous and operated line of railroad, and not as so much land covered by the right of way merely, nor as so many miles of track consisting of iron rails, ties and couplings. 3817. Failure to furnish statement. SEC. 4. If any corporation, company, or person owning such railroad failing, neglecting, or refusing, after being notified, to furnish a statement for assessment and taxation, as provided in this act, the county assessor may proceed to make the assessment in the same manner as in other cases, and as provided in an act to provide revenue for the support of the government of the State of Nevada, approved March twenty-three, eighteen hundred and ninety-one. Taxation-C. P. R. R. subject to. (Railroad Co. v. Peniston, 18 Wall. 5, cited). State v. C. P. R. R. Co., 10 Nev. 47. Sworn statement of railway company must show affirmatively that the person making it is one of the persons named in the statute, and be subscribed by him. State v. Washoe Co., 5 Nev. 317. On failure of assessor to demand statement, held that the burden of proof was upon the railroad company desiring equalization to show the fact of neglect to make the demand. Idem. See State v. Washoe Co., 7 Nev. 83. Failure to make statement-Excludes from equalization Sufficiency of statement Description of property. Verification of statement good when intention is clear— Delivery of statements proven orally. State v. C. P. R. R. Co., 17 Nev. 259 (30 P. 887). Since the act of Congress of July 10, 1886, the surveyed but unpatented lands within the grant to the Central Pacific railroad are no longer exempt from taxation by reason of the government lien thereon for the costs of surveying, etc. The conditions contained in that act to the effect that the lien shall continue, and that the United States may become a preferred purchaser at any tax sale of such land, control such sales, and there is no necessity for a legislative acceptance by the states of the conditions of the act. State v. C. P. R. R. Co., 21 Nev. 247 (30 P. 686, affirmed, 162 U. S. 512). The cash value of a railroad is measured by the amount of cash required to procure it, provided its utility is commensurate with its cost; and the amount of cash required to procure a railroad is the necessary cost of its construction. State v. C. P. R. R. Co., 10 Nev. 47. Principles of valuation and taxation elaborately discussed and explained. Idem. The actual cost of a railroad is prima facie its value; but if it appears that the actual cost was in excess of the necessary cost, the necessary cost is its proper standard. If it further appears that the net income of the road does not amount to current rates of interest on its necessary cost, and is not likely to do so, or if the business of the road is likely to be destroyed or impaired, by competition or other cause, or, in short, if the utility of the road is not equal to its cost, then its value is less than its cost, and must be determined by reference to its utility alone. (State v. C. P. R. R. Co., 10 Nev. 47, affirmed.) State v. V. & T. R. R. Co., 23 Nev. 283 (35 L. R. A. 759, 46 P. 723). Under Stats. 1891, pp. 137, 138, providing that all property shall be assessed at its actual cash value, and that the term "eash value" means the amount at which the property would be appraised if taken in payment of a just debt from a solvent debtor, the value of a railroad for the purpose of taxation must be determined mainly by its net earnings, capitalized at the current rate of interest, taking into consideration any immediate prospect of an increase or decrease in the earning capacity of the road. Idem. Net earnings of railroad. Replacing bridge deducted as part of expenses of the year. Idem. State v. V. & T. R. Co., 23 Nev. 432 (49 P. 38); State v. V. & T. R. Co., 24 Nev. 53 (49 P. 945). The omission of the assessor to state the number of acres of land assessed to a railroad company where the number of miles of the road is stated-where it is not shown that the railroad company was injured by the failure to state the number of acres-does not make the assessment void. State v. C. P. R. Co., 10 Nev. 47. An Act in relation to levying and assessing taxes for state and county purposes. Approved March 19, 1891, 189 3818. Duties of commissioners-Levy of taxes-May raise or reduce. SECTION 1. All state and county taxes required to be levied by the boards of county commissioners of the several counties of this state in pursuance of the revenue laws of this state, shall hereafter be levied by such boards of county commissioners on or before the first Monday of March in each year; provided, that if after the equalization of taxes in the several counties of this state, it shall appear that the levy previously made by the board of county commissioners of any county of this state for county purposes will result in the collection of a revenue, either in excess or a deficiency of the requirements of such county for the current year, then, and in such event, the board of county commissioners in any such county shall have the power, and it is hereby made the duty of such board of county commissioners, to immediately meet and either reduce or raise the rate of taxation, so previously levied, to such a sum as such board in its judgment may consider sufficient to insure the collection of such an amount of revenue as will answer all the requirements of such county for such current year. As amended, Stats. 1893, 119. See sec. 3762. An Act regulating the assessment and taxation of banks and of the shares of stock therein. Approved March 20, 1907, 202 3819. All bank property to be assessed. 3820. All bank shares to be assessed to the holders-Full cash value. 3821. Real estate. 3822. Real estate only to be assessed to bank. 3823. Assessor to receive true and complete list of stockholders. 3824. Bank held liable for taxes upon its shares. 3825. Lien on shares of stock, when. 3819. All bank property to be assessed. SECTION 1. All of the property of every bank in which no shares of stock have been issued shall be assessed to it in the same manner and form as other property is assessed to the owners thereof. 3820. All bank shares to be assessed to the holders-Full cash value. SEC. 2. All shares of stock in banks. whether of issue or not, existing by authority of the United States, or of the State of Nevada, or of any other state, territory, or foreign government, and located within the State of Nevada, shall be assessed to the owners thereof in the county, city, town or district where such banks are located, and not elsewhere, in the assessment of all state, county, town or special taxes, imposed and levied in such place, whether such owner is a resident of said county, city, town or district, or not. All such shares shall be assessed at their full cash value on the first day of May, first deducting therefrom the proportionate value of the real estate belonging to the bank, at the same rate and no greater than that at which other moneyed capital in the hands of citizens and subject to taxation is by law assessed. And the persons or corporations who appear from the records of the banks to be the owners of shares at the close of the business day next preceding the first day of May in each year shall be taken and deemed to be the owners thereof for the purposes of this section. 3821. Real estate. SEC. 3. The real estate belonging to any bank shall be assessed to it in the same manner and form as other real estate is assessed to the owners thereof. 3822. Real estate only to be assessed to bank. SEC. 4. No bank in which shares of stock have been issued shall be assessed upon other property than its real estate and no stockholder in such bank shall be assessed on account of his property interest therein except for his share of stock as herein before provided. 3823. Assessor to receive true and complete list of stockholders. SEC. 5. Every bank in which shares of stock have been issued, and the officers thereof, shall upon the request of the assessor deliver to him in full, |