Principle governing valuation and assessments.
Section 4
SEC. 4. Principle governing valuation and assessments. — All real property subject to taxation under the provisions of this Act shall be valued and assessed for taxation at its true and full value in accordance with the schedule of values in force in the municipality or municipal district wherein it is situated. As far as property applicable such schedule shall be controlling; but when the property to be assessed is of a kind not classified in the schedule or of a kind for which a value is not therein fixed, it shall be assessed at its full and true value, independently of such schedule.