67-5-1103 - Deduction of property otherwise assessed. - Tennessee Statutes

67-5-1103. Deduction of property otherwise assessed.

Real estate and personal property of any corporation, company or association defined in § 67-5-1101, whether owned directly or indirectly through another entity or entities, shall be assessed in the same manner and where situate, as other real estate and personal property; but in computing assessable value of such shares of stock, the appraised value of such realty and the appraised value of such personal property otherwise assessed or returned for taxation shall be deducted from the value of the shares of stock, and the remaining value constitutes the value upon which the assessment shall be made.

[Acts 1907, ch. 602, § 24; Shan., § 709a1; Acts 1927, ch. 39, § 1; Code 1932, § 1392; Acts 1971, ch. 434, § 1; 1977, ch. 140, § 4; T.C.A. (orig. ed.), § 67-717.]