The Elk Mountain pilot., 1902-03-11
Taxation of Minea.

| The Senate committee OH finance,
which had the revenue bill under con-
sideration, has presented its report
The amendment dealing with the taxa
ton of mines naturally excited the
most attention. II provides that all
mines shall be divided into Two classes.
producing and non-producing. All
whose gross production shall exceed
5000 year being in the former class.
Between the 1st and 10Th Of January
in each year mine owners shall deliver
| to the assessor of their county a state
ment showing:
First-The name of the mine or min
ing claim.
Second-The name or names of the
owner or owners thereof.
! ThIrd-The number of acres contain
ed in such mine or mining claims.
Fourth-The number of tons of ore
extracted during the preceding year.
Fifth-The gross value of any such
ore extracted in dollars and cents.
Slxth-Actual cost of extracting the
same from mine. which shall not In
clude the salaries of any officers or
about the mine.
Seventh-Actual cost of transporta-
ton to place of reduction or sale.
Eighth-Actual cost of treatment, re-
duction or sale.
Ninth-The net proceeds in dollars
and cents after deducting the above
expenses.
Which said statement shall be signed
and sworn to.
The assessor shall determine the
gross and net proceeds and value the
mine at n sum equal to one-fourth of
the gross proceeds. unless the net pro-
ceeds exceed one-fourth of the gross.
in which case the valuation shall De
equal to the net. The value shall nev-
er be less than the highest amount that
any non-producing mine in the same
district is assessed at. Surface i'm
provements and machinery shall be
separately valued and taxed at full
cash value If owners neglect to make
the required statement the mine shall
be assessed at full cash value. The
assessors have power to examine
books and accounts in order to verify
| owners statements, and II the latter
are found false the assessment shall
be at full cash value.
Section S2H provides:
| And the property owned by any min
ing corporation shall be held to rr:Jre-
sent the value of its capital stock .'r
the purpose of taxation: provided. that
| the manner OF assessment aLl taxation
in the sections hereilaDova set forth
shall apply orly to mincs AID 'r;nthg
claims bearing and producing gold, sill
yer, lead, copper or other precious or
valuable metals or minerals, and shall
not be construed to apply to mines Of
iron. coal. asphaltum, quarries and
lands valuable because containing 9TH
er metals minerals, or earthS, all Of
which shall be assessed and taxed Ike
other property according to the value
thereof: and provided, further. that all
mines or mining claims or pOssessory
rights therein that are not producing
gold, silver. lead, copper, or other pre-
cous or valuable metals or minerals,
shall be assessed and taxed like other
property according to the value there
of. and in ascertaining such value the
assessor shall. in addition to the other
| requirements of this act, take into con-
sideration the location thereof, the
| proximity to other mines or mining
claims. and any other matters which
may tend to assist him in arriving at
| n fair and equitable valuation of such
| property; and, provided. further, that
| nothing in this act contained shall he
| construed as giving the assessor any
| right to assess n non-producing mining
| claim at Il greater sum per acre taLn
| is assessed per acre against the lowest
producing mine in the same locality.
| In addition an amendment was
| adopted making more stringent the
rules to be followed by the State Board
! of Equalization in arriving at the as
sessable valuation of corporate prop
erty. The board must take for n basis
| the market value of the stocks and
bonds but may deduct the value of
holdings not used in the operation of
the companies.