The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-03-16
ADVICE FOR ASSESSORS
THE GOVERNOR AND OTHERS AD-
DRESS THE MEETING.
"Cash Value" to BE Regarded I'm Maxi
ing Appraisements-Co
on Various Items.

Nounty Assessor Compton, or wayne COuH-
ty. and the meeting was of the nature OF
an experience meeting, each member rising
and asking any questions which he desired
discussed. No final action was taken on
any Of the propositions submitted, but there
was a free discussion of them.
The morning session opened with about
three-fourths CT the assessors present, and
Governor Mount was selected 10 preside and
Frank Martin, deputy auditor of state, was
selected as secretary. Committees were an
nouneed on almost every item in the sched-
ule for taxation and the afternoon was de-
voted to the sessions Of the committees.
The opening address Of the morning was
made by Governor Mount, and he said, in
part:
The results OF the conference one year
ago were most gratifying. There was an
increase last year in the assessment of per-
years preceding there had been loss in the
personal property assessments In the State
OF @llo6S' a. while during the same period
taere was an Increase in the assessments
upon real estate of $40, 709, 0iS. There can be
no question that, II all personal property
had been justly listed, there would have
been large increase, instead of a reduc-
ton. The vast amount of intangible, per-
sonar property that ESCAPES taxation is caus-
ing dissatisfaction among holders OF real
estate and will prove an incentive to them
10 seek differentiation.
The prevailing disposition TO seek invest
HcllS IN intangible securities, thereby eS-
Gaping the assessor, not only places a pre-
MUM upon such Investments but tends TO
discourage efforts TO secure homes, the pur-
chase of which often incurs debt, thus i'm
posing on the home-getter the unequal bur-
den or paying tax upon more than he pos
sts53es. wnlie other investments escape alto
Sether Ihis widespread wrong, grievous as
IL may seem, does not justify in any degree
9ndervaluat!on Of real estate. 1t is your
duty to see that all property, real or per-
S0nal, tangible or intangible. is assessed at
us true cash value. Upon this point there
seems to be wide divergence of opinion
TRUE CASH VALUE.
In appeal cases before the State Tax
Board reference is often made to the rule
OF appraisement,' some claiming the rule
TO be so per cent. of the value, some 75, and
some 80 In one instance bank asked a
reduction from 80 per cent. on capital stock
TO 10 per cent, and at the same times shares
had been sold at 80 per cent. premium 1
desire 10 Impress upon this meeting that the
rule laid down in the statute, the true
cash value not what property would bring
at forced sale, but at a fair rate of such
property on the market. The assessor 5
duties are not always pleasant and CAL
culated TO win friends, but often the op-
posite. Neither fear nor favor should be
factors in the discharge of your duties
Equity and law demand that all property
should bear its just proportion of the bur-
Sen OF taxatlon; II Is your duty TO see that
upon the duplicate. Your duties this year
VIII be especially onerous The appraise-
ment Of real estate will add TO the work and
responsibility of your office. This should be
done with great care, as it must stand for
four years. The assessment Of land re-
qulres sound Judgment. Land values differ
in the same county and township; adjoining
farms differ in value"
MR.. BUSKIRK'S ADDRESS.
The chief address of the day was delivered
by Tax Commissioner Buskirk, which was
given close attention. Among other things,
Mr.. Buskirk said:
las companion piece to increased ap-
preparations we are presented with legis-
latiVe enactment that provides that owners
or mortgaged real estate may have the
amount of the mortgaged indebtedness, not
exceeding 500 nor more than one-half of
the value OF the land, existing and unpaid
on the LIST day of April, deducted from the
assessed valuation OF the mortgaged prem
I'm order to get the benefits of this ex-
empuon, IL is provided that the land-own-
er shall, in the months of March or April,
hle with the county auditor sworn state
ment OF the amount of the mortgage debt,
with the name and residence of the mort
gagee, and the name of the then owner of
the mortgage, If it has been assigned. The
auditor is required to send a copy of this
statement to the auditor of the county
where the owner OF the mortgage lives.
The object Of this latter requirement is. of
course, to put il beyond the power of the
owner OF the mortgage to avoid assessment.
Making false statement to the auditor
OF from $50 to 500, and Imprisonment for
not more than six months. The act con-
tains emergency clause, and IL a valid
enactment, is now in force.
If held TO be valid, this enactment will
result in the exemption Of millions of dol
lars of property from taxation, how many
millions is, of course. mere conjecture: but,
in my opinion, the sum total will be APP
palling, unless counterbalanced by an as
sessment of other property largely increased
but the Validity of this law is seriously
questioned, and IL is not thought that ii will
be sustained by the courts.
THE question is so important and the in
terestS involved so vast that / think II
would be advisable 10 call upon the law de-
partment of the State for an opinion as &c
the validity of the law in question, the duty
of the taxing officers Of the State in Tela-
ton to it's enforcement and that steps be
taken at the earliest practicable moment to
get a test case before the courts, in order
that the question be judicially determined.
1t will be your duty to see to it that the
real estate mortgages. on account of which
deductions are claimed from real estate as
sessment, do not escape the tax duplicates
but that, on the contrary, the assessments
OF such mortgages. at least, keep pace WITH
the deductions claimed, whether allowed OF
not. You can easily do this by keeping tai
on the statements required to be flied with
| the county auditor by those seeking deduc'
tons on account or such mortgage indebt'
edness.
An increased assessment is neither ex-
pected nor desired at the expense or re-
| CARELESS of, value, but, If the letter and
| spirit as well OF the law is followed strict
| ~ and the assessments for the current veal
are made upon a basis OF value, fair, cash
value, at voluntary sale, the evils of de
pleted treasury will be avoided, the State
| will maintain it's financial integrity and the
| burdens of government Will be eQuitably
| distributed
Upon you and your township assessors
| primarily. at least. the State depends fol
protection against these threatened evils
and that you and they will not fail il in
| this great emergency l feel assured"
AS TO PRIVATE BANKS.
On the subject OF the assessment OF pri
| vate banks. he said:
1T was hoped that the question of the
assessment OF private banks would be set.
| tied by legislative action. but the hope wa:
| in vain. and Section 50 pamphlet copy OF
| tax laws) remains as IL was. and the ques-
| ton confronts US now that did al your for.
mer meeting. l have no personal feeling ir
this matter. nor any desire TO organize
crusade against this class of taxpayers
among whom / number some OF my warm
est personal friends. desire simply TO dis
| charge my duty in the matter. l have I'm nC
| wise changed the opinion heretofore held
and expressed I'm my address TO you las
year. 1 still believe that Section 80 is invalid
| for the reasons then stated, and that such
banker is entitled TO deduct his debts from
credits alone. and that on the residue of hi,
property and effects he should be assessed
| in the same manner that other taxpayer:
4