REVENUE AND TAXES. 485

1929, ch. 226, sec. 14.

14. In valuing and assessing real estate, the land itself and the build-
ings or other improvements thereon shall be valued and assessed sepa-
rately; and such buildings or improvements shall be assessed at such sum,
if any, as they may add to the fair market value of the land; and build-
ings or improvements not substantially completed on the date of finality
shall not be assessed at all. In case of the separate ownership of the sur-
face of land and of minerals or mineral rights therein, the assessing au-
thority may, in its discretion, make separate assessments of the value of
the surface and of such minerals or mineral rights.

1929, ch. 226, sec. 15.

15. (a) In computing the assessable value of shares of stock in any
national bank located in this State, or in any domestic corporation (other
than finance corporations) having a capital stock divided into shares which
are subject to assessment and taxation under this article, the State Tax
Commission shall first ascertain the total aggregate value of the shares of
capital stock of such corporation by considering (1) the market value, if
any, of the shares of such stock, without reference to sales at abnormal
prices, rendering market quotations not a fair index of actual value of
the shares of stock as a whole; (2) the net earnings or income of such
corporation, and (3) the net value of its assets; provided (a) that such
aggregate value of the shares of capital stock shall never be ascertained to
be less than the fair aggregate value of all the property and assets of such
corporation of whatsoever kind and wheresoever situate, less the indebted-
ness or other liabilities of such corporation, exclusive of the capital stock,
but with a fair allowance for contingent liabilities, and (b) that such ag-
gregate value of the shares of the capital stock shall never be ascertained to
be less than the total value of the real estate and tangible personal prop-
erty owned by such corporation in this State.

(b) From the amount so ascertained as the total value of the capital
stock of such corporation shall be deducted: (1) The assessed value of all
real estate in this State assessed to such corporation. (2) If such corpora-
tion is a fire insurance company or a life insurance company, the value of
any mortgages on real estate in this State held by it. (3) The net assessed
value of shares of stock in any national bank situated in this State or in
any domestic corporation which are taxable to the holders under this
Article, and the taxes on which are hereunder required to be paid by such
national bank or corporation for the account of the holders, and which shall
have been held by the reporting corporation continuously for more than
six months prior to the first of January as of which the report is made.
(4) The fair value of property exempt under Section 7 (28) of this
Article.

(c) After making the deductions specified in paragraph (b) of this
section from the total value of the capital stock ascertained under para-
graph (a), the residue shall be divided by the number of shares outstand-
ing and the quotient shall be the assessable value of each share.