The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-01-05
CHI A r l. E S T ON
TUESDAY MORNING. JANUARY S, 1869.
Two-and-a-half Per Cont. on REAL
Estate.

1
Estate.
The Committee of the City Council on
Ways and Means propose, among other
things, to raise the tax on real estate, for the
current year, from two per cent. to two-and-
a. half per cent; and they doubtless do this
because they intend to provide q revenue
which will enable the city to resume the
payment Of interest upon it's debt, as we'll
as meet the ordinary expenses Of the Mu-
nicipal government. This is most praise
worthy determination; but we cannot, with
the information before US, quietly acquiesce
in an increased rate Of taxation which will
seriously impair the value Of every foot of
land, of every dwelling house, and of every
| store and shop in Charleston
| The committee estimate that the taxes
which they propose will produce seven
| hundred and seven thousand dollars,
and that the payments will be seven hun
dred and ten thousand dollars, leaving
q deficiency Of about three thousand dol
lars. The tax on real estate is expected to
produce, at two-and half. per cent, Ave
hundred thousand dollars, and continu-
ance of the present rate of two per cent
would reduce the income from this source
to four hundred thousand dollars, leaving a
deficit of one hundred thousand dollars.
! We do not know Of any other tax which
! can be increased to make up this deficiency;
but it seems to us that while the income
may not be enlarged, the outlay may be
diminished by an amount nearly sufficient
for our purpose, if not entirely so.
| According to the statement Of the COM
mittee, the actual expenses of the city for
the year, including interest, will be $685.
600, the total amount of $71O, 900 being
made up ''city improvements" $36, 5000,
and floating debt $4,000. This proposed
outlay for city improvements we object to
in toto, unless it is shown that it cannot
be avoided and is indispensably neces-
sary. There are many places in which
money could be advantageously spent in
improving and beautifying the city We
want parks, and public squares, and new
sidewalks, and cobble-stone pavement,
| and host Of other things. But this is not
time when we may crafty our taste for
the sublime and beautiful, or even enjoy
| oil the conveniences which the public Gem
fort requires. We are making strenuous
efforts to pay the city interest, and will
pay it; but we cannot afford to spend thirty
six thousand dollars in city improvements,
If the money is to be obtained by any in
| crease in the rate of taxation upon real
estate, or any other description of tangible
or intangible property. We should be will
ling to see taxation increased, if without
that increase we could not pay the interest
! on the city debt; but we are not willing to
increase taxation for the sake Of beautify,
ing the city, building shell roads, cutting
canals, opening parks and the like And
so with the floating debt of fifty thousand
dollars. We believe that it is better to
carry this debt for one more year, at cur
rent rates of interest, than to pile up taxa
tion still higher. With an improving gen
eral trade, end with vigilance and prompti-
tude in collecting taxes, the income Of the
city should rapidly increase. and twelve
months hence this fifty thousand dollars
could be paid without trouble Indeed, it
seems somewhat absurd that the committee
should only estimate the tax on gross sales
to produce seventy thousand dollars, which
would be the tax upon total sales Of only
one million four hundred thousand dollars.
But in any event we say that 1t is better to
pay twelve months interest upon $4,000
than to add one-fourth to the tax upon the
real estate in Charleston.
Omitting the charges for floating debt
and city improvements, the total outlay will
be $624O0O, and the income-wi,h q tax
Of two per cent. on real estate--will be
$607,O00 This leaves deficit. Of about
$1,000, wh;ch may be made up in great
part by an excess Of income over estimates,
caused by the steadily improving condition
Of our general trade.
We do not desire to hamper the City
Council, or to embarrass them in carrying
out their financial scheme for the year.
They have in their general propositions our
cordial support; but we do not think that
an increase Of the tax on real estate is nec-
essary, and hope that Council will not pass
the Tax bill as it stands, without mature
deliberation. There may be reasons for
the increased tax which are known to Coun-
i ois aiolu; but in that case the public have
the right to kaow what those reasons are.
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