The Lexington dispatch. [volume] (Lexington, South Carolina) 1870-1917, 1902-12-10
The Lexington Dispatch.
Wednesday, December 10, 1902.
Taxing Property.

81; Mucn discussion lS now SOiUS UH
in the newspapers Of the State in
reference to the assessment of real
estate for taxation, Comptroller Gen
eral Derham being accredited with
favoring the assessment Of real es-
tate at the ratio of 100 cents to the
81, without giving the rule by which
the quantity, 100 cents, in regard to
valuation is to be arrived at. A few
ssme-toos", apparently without giving
the problem that mature considera-
tion and thought that the Importance
OF the subject demands, have caught
on to the tale end of the proposition
Of the Comptroller General, and are
singing the song of 400 cents on
the dollar" so entirely out of accord
with the harmony of the true basis
of valuation as to make them pain
fully ridiculous in the minds of
shoughtful thinkers. This subject is
too grave in its Importance and too
far reaching in it's scope and bearings
npon the wealth of the State to be
considered in a light or fippant man
ner by irresponsible and thoughtless
mouIders of public opinion. The
ramifcations are SO complex that
when we come to consider the true
basis of the.valuation of real property
that upon the very threshold the stu
dent of economies is dazed with the
stupendousnessof his subject and lost
in the mazes of its windings, so that
nine times ont of ten he lays false
premises as a foundation upon which
TO build his conclusions.
Real estate is said to be the basis
ef all wealth, that is, it is the only
permanent and tangible evidence of
wealth. Stock and bonds, gold and
silver, precious stones and the pro-
auetions of science, art and literature
are subject to detoriation and decay
and are, therefore, fictitious and
their value is fixed only upon
the present needs and requirements
of man or the passing and feeting
fancy Of fashion and its deyotees.
Real property is indistructable. 1t
cannot be destroyed without first de-
ssroying the immutable, unchangab!e
laws of God that were conceived even
before the foundation OF the world
and are more incapable Of change by
present inYironment than the laws Of
the Medes and Persians, and conse-
quensly becomes the basis of wealth
from the fact of it's own stableness,
and should, therefore, bear the bur-
den Of taxation and be the source
from which all other values pro-
sseds.
But how are We to arrive at .
true and correct valuation Of real
propertys It goes without saying
chat the value Of real property is
affected to marked degree by loca-
hon and invironment. The natural
productiveness and fertility of the
soil occupies bat an unimportant
place in the solution of the problem
when it's nearness to market and
transportation, as we'll as town and
city, conveniencss are considered.
Hence it follows as natural se-
quence that the burden of taxation
should more heavily fall upon town
and city lots than upon rural
realty. It is also obvious that
the present rule of assessing re-
atty for taxation is faulty and
by no means accomplishes that
for which it was intended-the equi-
table distribution of taxation. But
this brings us to another phase of
the subject. We have not the space at
this time to discuss this phase as we
would like, therefore we will pass it
over for the present with the state.
ment that the value of realty is fixed
for taxation by what it would bring
at force sale, and submit to our
readers as food for thought the be-