Private railroad car tax.

The California Constitution authorizes the Legislature to classify personal property for differential taxation or for exemption by means of a statute approved by a 23 vote of the membership of each house. Under the Private Railroad Car Tax Law, the State Board of Equalization assesses and taxes private railroad cars operated upon railroads in this state by class based on the owner's acquisition cost, less depreciation, as provided. In making an assessment, the board is required to determine the average number of each class of private railroad cars physically present in the state in the calendar year immediately preceding the fiscal year in which the tax is imposed upon the basis of car days.