Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1888-01-27
sessed at eighty, and so mucn
interest at three per cent shall +.
sesscd at sixty-four dollars in the |

| ooSopb Nv OiRhNNt "hu Sp "uth
interest at three per cent shall.
sessed at sixty-four dollars in the |
dred. | do not suggest the adoption 0
these rates of valuation, but only cit,
the law as a precedent for Legislative as
sessment. The want of such provs
ion has been sadly felt by those consci
entious persons who feel it to be duty
to comply with law, and discover truly
the amount Of their personal property
for the purposes of taxation, while i
furnishes an excuse to evade the law By
every possible means to those who ar,
willing and anxious TO do So The alb
surdity and injustice of leaving such in
vestments to be assessed alike at theil
face value is 90 palpable as only to re-
quire mentioning in order to be appre.
ciated.
TO PREVENT sECRETIoNs.
Until the General Assembly authori
yes an equitable valuation to he put upon
such Investments bearing different rates
of interest, it will be impossible for the
tax authorities while complying with the
law to DO justice to such conscientious
holders as make no attempt to evade tax.
alton. Until provision is made by the
Legislature to remedy this defect in oui
laws. the temptation to secrete such pro-
perty will be too strong for those who
are not conscientious about complying
with law, and those who are so must be.
come victims to what is certainly man
ifest defect in our taxing system. The
amount of interest bearing capital which
evades taxation is so large that the fail
ure to reach it imposes an unjust burden
on the owners Of real property, among
whom are nn immense humber who
would otherwise think themselves happy
in the ownership of their little homes,
which are 30 important to them, but
very many of which are now assessed al
value larger than the property could
possibly be sold for in the market.
MONEY 70 BE ASSESSED.
Another popularity of our assessment
acts is that money is not enumerated a.
one of the items to be put on the assess
ment lists, whereas in nearly if not quite
all the other States in the Union money
heads the list as the first item to be in
quired for by the assessors. The conse.
quence Of this omission is that very many
owners of coupon bonds and other invest
ments Of interest bearing capital prepare
for our ten-year assessments by selling
off their Investments and turning them
into cash, to be probably repurchased
after the assessor has finished the listing
of their property. Our assessment laws
heretofore have only subjected to taxa.
ton Investments of money and not tht
money itself so that If n man could con
trive to have his wealth all reduced tt
money at the time of assessment he would
escape taxation, although he might have
it all reinvested on the next day after
the assessor has passed him suggest
therefore, that money be made the frs
item of charge in any assessment bill
which may be passed.
GROUND RENTS.
also suggest that ground rents should
be declared by law to be personal prop
erty, and that Il rule for capitalizing anc
charging them AZ other taxable property
should be enacted. know of no reason
why the owner of ground rents should
be exempt from taxation more than thu
owner of any othor property. 1t is a'
reliable source Of income as any in tho
State, and under the very peculiar
system which has grown up in tho city
of Baltimore, very large amount of the
most valuable property being invested
in ground rents, has been allowed tc
escape taxation for want of q system oil
assessment for it. 1t is, of course, proper
and right that the former owner, who
has parted with the whole usufructuary
interest in the land, merely retaining q
lien to secure the pay of his annuity
should have convenant from the pur
chaser to keep the taxes on the lanc
paid up, because otherwise the security
for the payment of his rent might be en-
dangered and lost; but that is no reason
why the lessons estate, which consists
of the well-secured annuity. should be
exempt from taxation, and no law ha,
ever been passed to make il 80 exempt
This large amount has been lost fo
years to the basis of taxation because NJ
provision Of law has been made to have
such annuities capitalized and assessed
| should think that the amount of los
to the basis of taxation in the State b.
the absence of such a provision in on
law cannot DO less than from fifty b
sixty millions of dollars. The New Yorl
statute 1846, chap 327) declares groun'
rents to be personal property, and order
their capitalization for the purpose of as
sessment at six per cent. | can sec n
reason why this is not the proper rat
for capitalization for the purpose Of taxa
ton, as the annuity is always worth thi
rate when paid and If not paid, and
forfeiture of the land and improvement
occurs, the subsequent assessment woul
be upon an entirely different basis.
is to be hoped that this very importan
matter nay be attended to by the pres
ent Legislature, which will, by increasin
the basis Of assessment, be entitled t
the gratitude Of all the taxpayers Of tn
State owning other property.
EXEMPTION FROM TAXATION.
That the trainers of our constitution
intended to deny to the legislative branc
of the government the power to exeml
any class Of persons, or the owners
any class Of valuable property, fro
taxation is. suppose, generally believe
to be true, but the quaint, antiquate
and uninteiligibic language in which The
unfortunately clothed the article in u
,, declaration Of rights upon that subje'
has not been construed to have tn
meaning. and hence for very many yea
we have had in our State specially favo
ed species Of property, the owners