The Princeton union. [volume] (Princeton, Minn.) 1876-1976, 1902-01-16


wharf and boom companies, are asses
sed on real and personal property val
uations and franchises as we'll. The
value of franchises are ascertained by
deducting from the capital stock: and
bonded debt the value of real and per-
sonal property.
Telephone, telegraph, express, Sleep
ing car, freight line, and equipment
companies are to be assessed on the
mileage basis. The report says:
In brief, the State Board Of Review first as
certains the true cash value of the entire prop
erty owned by such company, taking for that
purpose the aggregate value of all the shares
| OF capital stock, if such shares have a market
| value, otherwise taking the actual value of
such stock or of the capital of the company
where it has no shares of Stock and adding
| thereto the funded or bonded debt, if any. The
| aggregate amount thus obtained is to be taken
| as the basis for ascertaining the valuation of
| the property of the company
Having obtained Such total valuation, a
| mileage valuation is thereby obtained by
simple arithmetical computation and the val
uation of the property is distributed for &C
curacy OF computation, to the political subdi-
visions of the State in which the company has
| milage; and in proportion thereto. The amount
of tax which the company would pay if sub
ject to ordinary taxation for general or local
purposes in the several taxing districts into or
through which it's mileage extends, is then as
certained, from which an average rate upon
| the total valuation of the company is computed.
The company is required to pay into the
State treasury taxes computed according to
such rate, which will thereupon be in lieu of all
| other taxes for State and local purposes upon
| property, except such as is not properly pro-
| motive of it's ordinary business. The rate thus
obtained will be as nearly accurate as it is pos
| sible to be made.
The commission has made provision
for the taxing of the mines of the State
by the ordinary method. Referring to
section II of article TX of the constitu-
ton which was adopted in 1896, the
commission says:
No constitutional provision was ever more
unhappily framed than the one in question.
SO far as it applies to mining properties, its
| provisions are so extremely vague as to invest
| with doubt the meaning intended. Although it
| may be ultimately held that true construc-
ton OF the constitution authorizes the IMPOSE
| ton OF tonnage tax upon the output of mines
| the commission was unwilling to assume, in
view of the uncertainty attending the subject
| that such authority exists. In being thus COM
PEELED to refrain from providing for tonnage
| tax, it had no alternative than to provide for
| the taxation of mining properties by the ordin-
airy method.
The bill creates permanent tax
| commission of three members, abol-
ishes the State board of equalization
and substitutes State board of review,
consisting of the governor, auditor,
secretary of State, attorney general
and tax commissioners. The county
auditor, county treasurer, chairman of
county commissioners, register of
deeds and county supervisor of assess
ment, shall constitute board for the
review and equalization of the assess
ment of property and be known as the
county board of review. The county
supervisor of assessments is to be
elected by the people for term of four
years.
Exemption on personal property is
reduced from 800 to $25. Application
of statute of limitations from taxes due
is removed. Exhaustive reports from
all individuals, firms and corporations
. are required. All property must. be
listed at it's true value and taxpayers
: are required to list their property I'M
de-. oath. Time of listing property is
changed from May ! to April l, and all
taxes are made due Jan. Is. County
auditors are required to compile and
print a list of all assessments in Che
county and mail them to each tax
payer. Personal property taxes be-
come delinquent March and are a
lien upon the owners real propertys if
notpaid. ! {! =
The tax bill requires assessors. to
view property assessed and abolishes
the town board of review while retain
ing the town assessor. ..... 49,. ~ &
Real property will be assessed every
fourth year. The county treasurer
| shall collect all taxes. At tax judg.
'fment sale land is sold to the party who