There shall be a state tax commission consisting of
four (4) members, not more than two (2) of whom shall belong to the same political
party. The members of said commission shall be appointed by the governor, by and
with the consent of the senate; the first commission to consist of one (1)
commissioner appointed for a term of two (2) years, one commissioner appointed
for a term of four (4) years and two (2) commissioners appointed for a term of six
(6) years, and appointments thereafter to be for a term of six (6) years; each
commissioner to serve until his successor is appointed and qualified. If during the
recess of the senate a vacancy occurs in said commission, it shall be the duty of the
governor to fill such vacancy by appointment, and the appointee shall hold office for
the unexpired term of his predecessor. The duties heretofore imposed upon the state
board of equalization by the Constitution and laws of this state shall be performed
by the state tax commission and said commission shall have such other powers and
perform such other duties as may be prescribed by law, including the supervision
and coordination of the work of the several county boards of equalization. The
board of county commissioners for the several counties of the state, shall constitute
boards of equalization for their respective counties, whose duty it shall be to
equalize the valuation of the taxable property in the county, under such rules and
regulations of the state tax commission as shall be prescribed by law.