Article X
Sec. 3: The legislature shall provide by law a uniform rule of taxation, except on property paying specific taxes, and taxes shall be levied on such property as shall be prescribed by law. Provision may be made by law for a tax of not to exceed four per centum upon or with respect to the net gains, profits and incomes, from whatever source derived, which tax may be graduated and progressive and which may provide for reasonable exemptions. For the purposes of such tax, property and persons, firms and corporations, upon which such tax may operate may be classified: Provided, That the legislature shall provide by law a uniform rule of taxation for such property as shall be assessed by
athe State Board of Assessors, and the rate of taxation on such property shall be the rate which the State Board of Assessors shall ascertain and determine is the average rate levied upon other property upon which ad valorem taxes are assessed for state, county, township, school and municipal purposes.
