§ 46. Property taxes.

For the execution of its powers and duties, the council may tax all real and personal property in the city not exempt by law from taxation, or segregated to the state for exclusive taxation, all corporations located in the city or having their principal office therein and not exempt by law from taxation, all moneys owned by or credits due to any person living in the city, all capital of persons having a place of business in the city and doing business therein and employed in said business, though the said business may extend beyond the city; provided, that so much of said capital as is invested in real estate, or employed in the manufacture of articles outside the city limits, shall not be taxed as capital; all stocks in incorporated joint stock companies doing business in the city and by whomsoever owned and not exempt by law from taxation; income, interest on money, dividends of banks, or other corporations; provided, that no capital, interest, income or dividends shall be taxed, when a license or other tax is imposed upon the business in which said capital is employed, or upon the principal, money, credits or stocks from which the interest, income or dividend is derived; nor shall a tax be imposed at the same time upon stock of a corporation and upon the dividends thereon; and provided, further, that such property has not been segregated to the state for exclusive taxation. Assessments upon stocks and bonds shall be according to the market value thereof. The council may, by curative ordinance, ratify and confirm irregular assessments and levies of taxes heretofore or hereafter made, and the acts of all ministerial officers in connection therewith, and any such ordinance heretofore passed is hereby ratified and confirmed.