Dear Slrr Opinion X0. Q-7523

R%: Tslxabillty of b&c deposit8 Pour recent letter Inquiresa whether noney on deposit in a bank in this State is wbje6t to tiuatioo.

iii’6 diiwut your attenticm to Articles 7147 and 7149, Reriasd Statutes, 1925. Tbcca 6tatut6s lpkke it alew that the mere faot that a taxpayer d-6 not have money in hi6 per- soaal poaseat;ion foil dam$ary 1, of a taxable year, but ha8 it on&;;g't in P bank,: does not allow ma& fund8 $.o yapa

. T! ~., You laqniro fklSO.at what percmte’e ‘such depofitr are to be emk-med. By law, all property, if ncludlng money ou deposit, ie raqtllred to be taxed at it6 trw and -1 of tbo term *ialuea a8 used vahe (for e statut;ary drfinitioo ia st6tutjes relating to ad valorcra taxiM.on; bea ArUe 7169, uupraji~ Of course, all pmpwty +st be ,66aecseed OR the aaiw

: our Constttutisn requlres that tazstioa be equal end ttn mm. Therefar%, if less than true and fplU,valw Im the %P bass &wasa&&mmnt of pro.pertLa other that bmk deposits a

wit .seelsing to tax bank depoidts,auat~assosr them kw t-t ?a~ on the ssms pemeutege barl.8 rrs.ethw texable prp -9 perti88.2

You &l&bask low the A66e6sor-0ollectm uan find.out about sue& dopoofts. ae ,&a not consider this 'inquiry a quetk thereof. tion of lriw, axid hence psruttezw%t disaiosd.~’ ,;

Yours very truly