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AD VALROUM TAXES
WARD: LIVE Former State Senator Ottis Lock of Lufkin..told the Legislature's Property Tax Committee..that fair in Public School financing can only be accomplished through abo ionof the state's Ad Valorum Tax system.Lock..who retired from the State Senate in 1959..said the present Ad Valorum Tax system penalizes those who own their homes or other real property..while ignoring those whose wealth is tied up in stocks,.bonds..bank deposits and other intangible holdings.The State Constitution..says Lock.,provides that all property with only specified exceptions..should be taxed..but in practice..the law is applied only to real property.Lock says exempting intangible personal property..exempts 58-percent of the