The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1872-12-13
Tbe @afkstnn 4ftns,
FRIDAY, DECEMBER Is, 1872.
Tho Burnt District.

State, Al long .a6 IL REMAINS III lo Pieoon'
dresry condition, the outside world will not
beisve that the city is thriving. The ap-
pesrance of active prosperity brings Viii
It an increase of prosperity; and'it is rather
hard that a community, which has made Sc
much solid progress as Charleston has done,
should be cried down only because the
houses destroyed in 1861 have not yet been
rebuilt. There is q demand for dwelling
houses suitable for persons OF moderate
means, but the demand is not sharp enough
TO warrant capitalists In running the gaunt-
letaof State and Municipal taxation. The
honses could be rented at once, without
detriment to the houses now In the market,
sndzcapitalists and tenants are confident
that In q few. years the barren acres OF the
burnt district will be covered with pleasant
homes. But we cannot afford to walt.
Every day Of waiting does the city some
harm. And the work cannot be accom-
pllished unless capitalists are offered some
sort or premium to induce them to lay out
their.money. This is proposed to be given
hem in the, shape OF an exemption, for i've
wears, from State and Municipal taxation.
THE Nrwsia thoroughly in favor OF Offer
ing every possible inducement to those who
a~retineiined to rebuild the Burnt District
But this must, be doae in such a way as to
avoid the iBflction Of loss upon any class OF
citizens. The people outside OF the burnt
disttict cannot afford to pay additional
taxes, for the Of persons in the burnt
district. There must not be any reduction
In the amount OF property serving as the
oasis OF taxation. And here lies the objec-
ton to the bin. now before the Legislature.
Thstsbil proposes to exempt nom taxation,
iors q period OF i've years, all buildings or
improvements In. the burnt district, and the
lots S0f land upon which they may stand.
The vacant lots are now taxed, and will
continue to be taxed II no building or I'M
pravenent he put. upon them. The pro-
posed Bill, therefore, would reduce the
amount ef taxable property in Charleston
by the assessed value Of. the lots upon which
any improvement might be made. The sum
10 be raised by taxation could not be dimin.
ishsd, and, the rate Of taxation, upon the
pr~opertynot improved. and outside OF the
bufnt district would necessarily be increas-
ed. This wouldzbe unfair TO the taxpayers
at large. They have q right to expect that
there shall be no reduction in the amount OF
taxable property, and that, at the end OF
i've. years, the taxable value OF the previous
" exempted property shall speedily. make
up for the previous apparent loss.
Wethink that the bill before the Legisla-
fure should be 80 modified as to prevent, for
I'VE years, any increase In the assessed
valne, ior.tax purposes, Of any property In
the. burnt district, upon which houses may
bebdIit. This would leave the tax upon q
house and lot at the figure at which the
vacant lot is taxed. It i equivalent to
about four per cent. upon the cost OF the
building, and that is enoughto lead capital
issto put their money into the work. Take
q lot worth $1,000 with a house worth $4,000.
The tar would be only four per cent. upon
$1,000, OF, $40; the exemption for five years
being equal to four per cent. upon $4,000, or
$500 "a year. And at the end OF the five
years the ground tax would be reduced, be-
cause the buildings throughout the burnt
district would then be taxed at their full
value.