Every franchise, privilege, easement or right of an intangible or incorporeal character, whether owned by an individual or corporation, shall be rendered by the owner thereof or the agent of the owner, and shall be assessed for taxation separately and distinct from the real property and tangible or corporeal personal property of the owner, and the same shall in every case be valued separately from the real property and tangible personal property of the owner, and shall in every instance be carried as an item of separate and distinct valuation upon the assessment sheets and tax rolls of the city.
(Code 1943, Art. 54-9)