The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-08-04

bC ttf>SIssSClls tiiiHI Iilt tullNllISSlOIl
shall adopt the suggestion made by me
when | first moved THAT the stock should
be assessed by them to-wit: that it
should he assessed against the COM
panies an instanter notice may be given
to the companies interested, to appear
ami show cause why the property shall
mot be taxed against them, and the mat
ter may be proceeded with without loss
of time Especially, as 1T mas been
agreed before the commission by fine
opposing counsel, that no objection shall
be made in respect TO the time when
the matter shall he heard.
The fact THAT those companies bought
the rolling stock on credit,
and have executed deed Of
trust to secure the balance of pur-
chase money remaining unpaid does
not excuse them, or the trust company
from paying taxes thereon If an indi-
vldual buys horse or a tract of land
and gives mortgage to secure the pur-
chase money. or If he buys a horse or \
tract OF land under a conditional safe.
paying one half the price, taking posses
sion OF and using the same, he is liable to
pay taxes on 1t; and il by agreement the
mortgage or hargainor pays the taxes.
IT Is proper that he should be reimbursed
hy the mortgagor or bargainee. The
TACT that the mortgage or bargainor is
nonresident, does not relieve the prop
erty from taxation where it is situated
or used. The machinery act of 1899. see
IL. provides that whenever personal
property has been conveyed in trust, and
the trustee lives out of the State hut
the trustor resides within the State. then
such property shall be listed for taxation
in this State by such trustor where the
property is situate"
VIII. ROLLING STOCK AND
Oh ER RAILROAD PROPERTY
MUST BE tanned At ITS TRUE
VALUE IN MONEY
1t is claimed by the railroad companies
that the county boards of assessors have
adopted a rule of valuation by which
they assess the property of individuals in
the several counties at two-thirds or
three-fourths of its actual value, and
that therefore the Corporation Commits
sion must adopt the same rule in the as
sessment or railroad property.
1t is denied that the county assessors
have adopted any such uniforms rule In
some counties, doubtless, the assessors
have underyalued property. But no gen
eral practice Of differentiation has been
thus established. In many of tne cout-
ties much of the property cannot be sold
for the tax valuation.
Stocks are required to be listed for tax
aticn; but what stock is assessed by as
certaining its true market value end then
deducting % or 80 1-3 per cent there.
from! Money en- hand is taXalf-sin this
Slate. hut what assessors undertake to
value $4,000 which an individual re-
tirns for taxation, at $500 or Sc
666.66?
IL. THE CONSTITUTIONS AND
LAWS OF NORTH CAROLINA FC -
BID THE APPLICATION OF SUCH
A RULE OF VALUATION.
The constitution, article ", section 3,
requires:
Laws shall be passed taxing, by uni
form rude, an moneys, credits, invest
ments in bonds. stocks, joint stock com
panies or otherwise: and also. all real
ard personal property, according to its
true value in money
The constitution of Tennessee. similar
to our own in this respect, provides that.
"All property shall be taxed according
to its value to be aseertained III such
manner as the Legislature shall direct,
so that the taxes shall be equal and uni
form throughout the State
In Chattanooga Y. Railroad Company,
( Lea, oti4. the Supreme Court OF Ten
nessce said:
THE principle of the constitution IS
that all property shall be taxed at all its
value.
In State V. Butler, II Lea, 4141, the
same court said:
But it is not competent to the Legis-
latuTe to prescribe a rule for the reduc-
tion Of assessments, which will violate
the manifest object of the fundamental
law. That object is that the property
must be taxed at its valuation, ut the
time the tax is imposed
In Brown v. Greer, 3 Head, 696. Judge
Caruthers, of the same court, in deliver
ing the opinion said:
The constitution and statutes to
which the assessors are sworn to con-
form, require that property should be
assessed according to its value In this
case, from the description of the slaves.
it IS clear that they are not assessed It
much more than half their cash value.
1t IS great abuse and ought to be re-
formed. All property ought to be asses
ed at its fair value, and that can only be
determined by the ordinary selling
ana Duylng PRICES for cash at the
time. To place it any lower than this
standard is palPable dereliction Of duty
on the part Of those whose duty it is
made by law TO value ii, and it is diff
cult to see how the district or town as
SCISSORS can reconcile their practice in
this respect to their duty enforced by IA
solemn oath. The fault is not that IF
the taxpayer but of the tax assessor:
as it is not the dirty of the former, but
the latter to fix the value Of the prop
erty.''
In Street Railway V. Marrow, 81 Tenn.
dis. the court said:
The Constitution and laws prescribe
that all property sholfld be assessed
according Ito its value, and if by the mis-
feasancc, nQn-feasance or mistake Of the
assessor, it ils not assessed according TO
Its value, but upon an arbitrary basis
fixed by the assessor mt far less than it's
value, why should the tax debtor es-
cape"
If the words according to value may
WOMAN'S NIGHTMARE.
She Shoulders When She Realizes the