192 
TAXATION AND REVENUE SYSTEMS—OREGON. 
Shares of stock of other banks and interests in banking capital, 
building and loan associations, or trust companies are assessed to 
such bank, building and loan associations, or trust companies, at the 
place where such institutions are located. 
Transient live stock is assessed in the home county, which means 
the county wherein the live stock is located at 1 o’clock a. m. 
March 1. The tax collected is apportioned to the counties in which 
such live stock is pastured in proportion to the time spent in each 
county. 
The owner or holder of stock in any incorporated company which 
is taxed on its capital stock shall not be taxed as an individual for 
such stock. 
Personal property pledged is deemed to be the property of the 
person in possession. 
The board of state tax commissioners (created in 1909) has 
general supervisory powers over the system of taxation and collec 
tion of public taxes, dues, and revenues throughout the state. 
In addition to its supervisory duties the commission is required 
to make an annual assessment of the property having a situs in 
this state, of all railroad companies, sleeping car companies, union 
station and depot companies, electric and street railway companies, 
express companies, telegraph companies, telephone companies, 
refrigerator car companies, oil and tank line companies, and of such 
heat, light, power, water, gas, and electric companies as may be 
doing business as one system, partly within and partly without the 
state, or so doing business in more than one county in the state. 
The property so assessed shall include all rights of way, roadbed, 
cars, rolling stock, tracks, wagons, horses, office furniture, tele 
graph, telephone, and transmission poles, wires, conduits, switch 
boards, machinery, appliances, and appurtenances and all other 
property of a like or different kind used in the carrying on of 
the business of said corporation, and owned, leased, or operated 
by them, and all other real and personal property and all franchises 
and special franchises, but shall not include or subject to assessment 
for taxation by the commission such real estate as is not actually 
used in the exercise of corporate franchise or in operation of corpo 
rate business, nor to car and machine shops, grain elevators, grain 
warehouses, docks, bridges across the boundary rivers, the Willa 
mette River, the water craft of any corporation, nor to the real and 
personal property of such corporation devoted to navigation, but 
such property so excepted shall be liable to assessment in the same 
manner as other property in the state by the several county assessors. 
The term property having a situs in the state, includes all property 
real and personal, of the corporations, owned, leased, used, operated 
or occupied by them, and also such proportion of the rolling stock, 
cars, and other personal property of a like or different kind as is 
used partly within and partly without the state, as determined by 
the commission. 
Personal property is assessed to the owner in the county of his actual 
residence, and includes all personal estate in his possession or con 
trol as guardian, executor, administrator, or trustee. 
The personal property of corporations is taxed in the county 
where the principal place of business is located, unless otherwise 
provided by law. That of those engaged in navigation, at the 
home port of the water craft in whatsoever county located. 
All lands shall be taxed in the county in which the same shall 
lie. 
Public lands sold or contracted to be sold are assessed to the 
purchaser as of March 1 of the assessing year at the hour of 1 a. m., 
which terminates the previous assessing year. 
The undivided estate of any deceased person may be assessed 
to his heirs or devisees, and each heir and devisee is liable for the 
whole of such tax, with the right of contribution from the other 
heirs and devisees to the payor. 
Merchandise, capital, and machinery are taxable in the county, 
city, or other municipal corporation where the same may be, either 
to the owners or to the persons having charge or possession thereof, 
whether owned by a person or corporation residing in or out of the 
state. 
Every person, firm, corporation, or association holding real or 
personal property is required to list same and state in his account 
thereof to the assessor the true cash value of all such property, and 
may be required by the assessor to verify same under oath. 
Personal property of nonresidents is assessed in the same manner 
as that of resident citizens. 
The investments by banks in real estate are deducted from the 
aggregate amount of its capital stock, surplus fund, and undivided 
profits and assessed and taxed as other real estate. The remainder 
constitutes the value of the shares of stock as a basis for taxation in 
the hands of the stockholders. A list of stockholders, showing the 
number of shares held by each party in interest, is furnished the 
assessor annually between the 1st day of April and the 15th day 
of May relating to such ownership as of the hour of 1 o’clock a. m. 
on the 1st day of March preceding. 
Such taxes become a lien on the shares and upon any dividends 
earned, and when unpaid become delinquent after the first Monday 
in May in each year and may be sold on execution in the same 
manner as other property is sold for delinquent taxes. 
The assessment is to be completed in each county before the 
third Monday in October. 
c. Equalization.—The board of state tax commis 
sioners reviews and equalizes the assessments of the 
county assessors after equalization by the county 
boards of equalization, and if any property has been 
assessed at other than full cash value, shall change the 
apportionment of property within that county assess 
able, in a like proportion. 
2. Rate— 
Taxes for the support of the state government are 
apportioned among the several counties in the propor 
tion which the total taxable property of each county, 
as equalized by the board of state tax commissioners, 
bears to the total taxable property of all the counties 
as so equalized. 
3. Collection— 
The amount of state tax apportioned to the county 
is to be levied and collected in the same manner as the 
county taxes, and the county is debtor to the state for 
this amount. One-half is to be paid over by the county 
treasurer by May 1 and the remainder, by November 1. 
Taxes on real property are due from the day the 
warrant for collection is issued to the sheriff, and all 
taxes are due on or before the first Monday of April 
following the levy, but if one-half is paid at that time 
the remainder need not be paid till the first Monday 
in October. For payment before March 15, a rebate 
of 3 per cent is allowed, and for delinquency a penalty 
of 10 per cent is charged, with interest at 12 per cent. 
Delinquent taxes on personal property may be col 
lected by the sheriff by levy and sale, and may be 
charged against real property of the owner, in which 
event they become a lien upon such real estate the 
same as taxes upon real estate. 
Six months after taxes on real property become 
delinquent, it is the duty of the tax collector upon de 
mand for payment of the taxes, penalty, and interest,