The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-04-08
city BONDS ARE TAXABLE.
uIsT BE RETURNED FOR STATE
AND COUNTY TAXATION.

1ax Returns Now Being Made to the
receiver at VERY satisfactory
Rate-SOme Features of the Tax
Act and the Instructions to Tax
Rcceivers-The Laws Appear to Be
Deyised With the Object of EN-
troctine as Much Revenue Pos
sibIe From the Cities-BOnds,
stocks and Mortgages Must BE RE
turned. whether Held Within or
without the State-FOreigners Are
Liable for Poll Tax,
Tax Receiver John r. Dillon has been
busv all the week receiving tax returns.
H. reports that the returns have been
coming in at a fairly lively rate. 1t is
TOO early of course, to form an idea as
10 whether they will be greater or less
,1an last years. but the first weeks work
leaves nothing to complain of.
The date for which the value of the
nroperty shall be returned is fixed at Feb
l. instead of March l, as in previous
years, the idea seeming 20 be that many
of the property owners would be caught
mapping and instead of reducing their
stocks of goods or getting their securities
ont of the state ahead of the day for max
Ing returns, as they are supposed 10 have
done in previous years, would find that
they were too late for any such maneuver
this year. So far this has made no APP
probable difference in the returns, and it
j. doubtful if the effect of the change in
date will be noticeable.
Capt Dillon remarked, in response to
query on the subject THE honest people
Will make their returns honestly, as they
have always done, and those who have not
done so are not likely to be caught by
change in the date."
\ review of the instructions TO the tax
receiver gives evidence of determination
upon the part of the trainers of the tax
laws and rules to catch the city properly
owner for the full value of his property
Special instructions are given the tax re-
ceivers to see to it that city real estate
and other city property is returned for
state and county taxation al the same
valuation as it is returned for city tax
taxation Savannah and other cities of
the STATE have boards of tax assessors who
see to It that property, and especially real
estate and Improvements, is returned for
city taxation at a figure closely approx
mating its market value. There are over
1Oo counties in Georgia, however where
there are no boards of tax assessors. In
these counties the land owners return
their lands practically at their own valua
ton.
The TAX receiver is made the judge of
the correctness of the return, and as he
is usually DESTROYS of a reelection il is
a very rare thing indeed for a return to
he increased. This one fact more than
anything else probably, explains why it
Is that three-fourths of the taxes of the
state are paid by the cities and nearly
half the counties draw out of the state
treasury more for school fund and pensions
than they pay in taxes. The rural coun-
ties being largely in the majority in legis-
lative representation the honest farmer
sees to it that the tax gatherer shears the
citizen closely, while his own wool stands
a better chance of escaping.
Many people are not aware of the fact
that city and county bonds are liable for
taxation. Yet such is the case and specific
Instructions are given the tax receivers
on this point Bonds of other states held
by citizens of this state are also liable.
Chatham county bond pays per cent. and
is worth over 100 on the market The own
er of such a bond, if residing in Savannah
and returning his bond, as he is required
to do under the law, for both city and
state and county taxation, would have TO
give up over hait his premium Tor taxes.
This makes it practically impossible for
citizens of Savannah TO invest in county
and other bonds.
Another requirement which works
against the local investment is the require
ment that mortgages and other evidences
Of Indebtedness must be returned for tax
alton although the property on which the
money is loaned is also taxed A local in
weston who puts out his money on city
real estate must return the mortgages for
taxation AS the mortgages are of record
ne cannot well avoid doing so. On the
other hand the agents of the northern loan
companies can lend money for the same
purposes and as the mortgages given for
these loans are sent out of the state they
cannot be reached by the tax receiver
ms perhaps explains more than any
thing else why there is now more than
%'U0W0 of Savannah capital in the New
York banks. The local capitalist Is unable