The news & observer., 1901-03-09

OF any county or township is SO grossly
irregular ard unlawful as to require it.,
! the board may order a general review OF
/ the taX-list i'll the manner as above de-
| scrbed
The bill contains section defining
market value or true value. Tbs
section IS as follows:
The intent and purpose OF the tax
laws Of this State IS to have all property
and subjects Of taxation fairly assessed
| at the value which would be realized
therefrcm by cash sale, in such manner
as such property and subjects are usually
sold, sbut not by forced sale thereof, and
the words market value" or true
value when used in the tax laws shall
be held and deemed to mean what the
property and subjects would bring at cash
sale when sold in such manner as such
! property and subjects are usually sold 3"
1t is made the duty of the Tax Com
| mssioners to prepare pamphlet for the
| instruction of tax assessors and have it
| sent to the register CT deeds in the va
rions counties who shall furnish each as
SCISSOR with a copy.
Another section provides that should
the taxpayer claim that any portion Of
the property or income shown on his list
| it known to the tax lister, stating the
ground CT his claim for exemption, anc
| if the claim is allowed by the tax-lister,
| the amount so allowed shall be temzed
and deducted on the face of the tax list.
| Should the tax-lister not allow the deduc-
| ton claimed. the list shall stand for the
| full amount, until the question is sub
mtted to the State Treasurer for his
| decision
Still another new section that has been
| found in other States TO result in a much
| fairer valuation of property and increases
| the assessed value of larger pieces OF
property is the following:
''It shall be the duty of the tax listers
and assessors to place a valuation upon
! improvements upon lands separately from
the lands themselves The valuation on
lands and on improvements shall be en-
tered in separate columns on the tax
returns and on the tax duplicate and the
sum Of the two columns shall be carried
to a third column. if the land and the
improvements arc beth owned by the
same person.
Under the new bill tangible and intar-
gible property are assessed separately.
The section in regard TO this is as fol-
lows:
'(a). The said commissioners shall first
determine tie value Of the tangible prop
erty Cf each railroad, of rolling stock and
all other physical or tangible property.
This value shall be determined chiefly
by a due consideration of the actual cost
to replace the properly. with just al
lowance for depreciation, and also OF
ether conditions to be considered, as in
the case of private property. (b). They
shall then assess the value Of the fran
chise, which shall be determined by duo
consideration of the gross earnings as
compared with the operating expenses,
and particularly by consideration of the
value placed upon the whole property by
the public (the value of the physical prop
erty being deductedj as evidenced by the
market value Of all capital stock, cCrtifl-
Gates of indebtedness, bonds or any other
securities, the value Of which is based
upon the earnin gcapacity of the property
(c). The aggregate value OF the physica,
or tangible property and the FRANCHISE
as thus determined shall be the true
value Of the property for the purpose or
an ad valorem taxation, and shall be ap-
portioned in the same proportion that the
length of such road in each county bears
to the entire length thereof; and the
commissioners shall certify to the chair
man of county commissioners and the
mayor of each city or Incorporated town,
the amount apportioned to his county,
CITY, or town, and the commissioners shall
make and forward a like certificate, to-
gether with all tho reports of the various
railroad officers or copies thereof, and
other papers and evidence which form the
basis of the valuation, to the Auditor Of
hn from
any railroad company, except the tax i'm
posed for school purposes, shall be paid
by the treasurer of each company directly
TO the State Treasurer within thirty days
after the first day of July of each year,
and upon failure to pay the State Treas
urer as aforesaid, he shall institute an
action to enforce the same in the county
or Wake or any other county in which
such railroad is located adding thereto
twenty five per centum of the tax. Tho
board of county commissioners OF each
county through which said railroad passes
shall assess against the same only the tax
imposed by the State for school purposes
and those imposed for county purposes.
If the above section had been in the
Machinery Act passed by the last Legis-
lature tho railroad tax assessment cases
would very probably not have been
started
Another departure from the old law
made by this bill, is the requirement that
all list-takers upon making return OF
their work to the board of commissioners
shall take and subscribe an oath that
they have faithfully discharged their duty
as prescribed by law. Any list-taker MAX
ing a false return shall be deemed guilty
OF "pcrjury.
Each assessor is required, when making
the assessment roll for his district, to
"enter on the blanks so furnished to him
in regular order, in the name of the own
or if known, and from the best informa-
tion he can obtain. a correct description
Of all real and personal property then ex-
empt from taxation in his town or assess
ment district, together with statement
of its value, for what purpose used, and
the rent, if any obtained therefor. The
list of such exempt property when com
pleted and on or before the first day OF
September shall be delivered by the as
SCISSOR to the register OF deeds, who, on
or before the first day OF November next
thereafter, shall make dul licates thereof
and transmit such duplicates 10 the Sec
rotary of State and file the original in his
of