Porter v. First National Bank of Panama City

[EDITORS' NOTE: THIS PAGE CONTAINS HEADNOTES. HEADNOTES ARE NOT AN OFFICIAL PRODUCT OF THE COURT, THEREFORE THEY ARE NOT DISPLAYED.] This appeal is from a decree perpetually enjoining the Tax Collector of Bay County from collecting taxes levied for the years 1925 and 1926 upon the capital stock of a national bank. The court held that under the provisions of Sec. 1, Article IX of the Constitution of Florida, as amended in 1924, intangible property was not assessable in 1925 and 1926 at a higher rate than 5 mills on the dollar of the assessed valuation, and that as no statute authorizes such a…