They are assessed partly upon persons, but chiefly upon property, and
property is divisible into real estate and personal estate. The tax
assessed upon persons is called the poll-tax, and cannot exceed the
sum of two dollars upon every male citizen over twenty years old. In
cases of extreme poverty the assessors may remit the poll-tax.

[Sidenote: Real-estate taxes.]
As to real estate, there are in every town some lands and buildings
which, for reasons of public policy, are exempted from paying taxes;
as, for example, churches, graveyards, and tombs; many charitable
institutions, including universities and colleges; and public
buildings which belong to the state or to the United States. All lands
and buildings, except such as are exempt by law, must pay taxes.

[Sidenote: Taxes on personal property.]
Personal property includes pretty much everything that one can own
except lands and buildings,--pretty much everything that can be moved
or carried about from one place to another. It thus includes ready
money, stocks and bonds, ships and wagons, furniture, pictures, and
books. It also includes the amount of debts due to a person in excess
of the amount that he owes; also the income from his employment,
whether in the shape of profits from business or a fixed salary.

Some personal property is exempted from taxation; as, for example,
household furniture to the amount of $1,000 in value, and income
from employment to the extent of $2,000. The obvious intent of this
exemption is to prevent taxation from bearing too hard upon persons
of small means; and for a similar reason the tools of farmers and
mechanics are exempted.[2]