The climax. [volume] (Richmond, Madison County, Ky.) 1887-1897, 1889-12-18

and lot some two months ago which
had been for years assessed at s., $50
and obtained for It 81 $50. Excluding
my dwelling and Office building, the
gross rental Of the properly included
in these bills II all OF it were constantly
rented (which, ii is neeiless to add, is
by no means the easel would be at a
fair estimate So, 629 per annum, and
this year the taxes amounted to
So, 1915, or tweuiy-six and One-half
per eentum Of this gross rental. Ny
experience has shown that twenty per
centum Of the rent j. reasonable
allowance to make for loss Of income
during vacancy, insurance, water rent
and repairs, 50 that pay the city and
State over thirty-three per centum Of
the net income from my taxable prop
erty, aud this does not give me bias
10 favor Ofthe present assessment.
"What We want is not merely a new
assessment on tie old plan, but a thor
ough change Of plans. and Il is not now
a moment too sO0u for u to consider
the principals Of the legislation which
we shall ask OF the bext General As
sembly.
$50 long as real estate is valued 10y
public officers and these officers are
partisan place-holders there will be
risk that influential politicians or their
prOteges will get their properly too
low and that every body else's properly
was assessed too high, since the party
in power is always intTusied in keep
ing Up the ba>is of taxation that il may
avoid raising The rate. l will permit
every owner Of real property 10 assess
each piece annually himself, but oblige
him TO sell it at the price he fixed To
any one willing 10 buy within rea-
sonable time, with a right Of pre-emp-
ton G" the city.
"AIl property taken for the city or
abandoned by failure 90 assess should
be sold at auction not later than April
lst next ensuing. II there are several
persOus interested i'm the same lot each
shall have the right TO suggest an
assessment, and the highest suggested
shall be accepted, but the person fixing
il must buy out the others If required
on his own basis Of value.
81 now come TO the question Of per-
sOnal property, which requires differ
ent treatment, because the obstacles
which it offers to a fair assessment are
different Realty Is easy to discover,
but hard to value; personality is easy
TO value, but very hard TO discover;
50 hard that it is not too much TO say /
1 think that the great bulk, at least, |
of intangible personal property be-
longing to residents Of Maryland now |
escapes taxation altogether.
"To secure a full assessment OF per |
sonality il is obvious that annual re-
turns are necessary, but these alone !
will not suffice. Each return must be |
suPplanted 10y an abandonment to the |
State Of all the property subject 10 tax |
alton and not returned, including all /
property colOrably conveyed TO others |
10 avoid assessment, and the interest |
thus abandoned should be sold at auc- |
tiOn, after due advertisement, to the |
highest bidder. Il is a tOlerably safe in
ference that this purchaser will, in ]
cases out Of a hundred, |
when any property has really been
either openly or cOvertly, |
be the tax dOdger himself, and, if full |
publicity j. given TO each mans re- !
turn, it is reasonable to expect that he |
will pay not less than two or three |
per centum Of what be has in fact /
fraudulently concealed; so that it will |
be cheaper TO return his property |
and pay years taxes on it, rather |
than ransom it annually. Indeed, |
under this system, the chief difficulty |
will be, think, TO get the Ielurns
made at all; those aiming 10 evade |
will do as many did when |
an income tax wss levied. While a
law remains unrepealed l believe That
it ought to be infiexibly aud Impair
italy enforced, but 1 wish here to |
express my opinion that to tax 'intan-
gible property or in other words,
debts and contracts, is essentially alb
surd and unjust"