Gilpin observer. (Central City, Colo.) 1897-1921, 1902-03-13
Taxation Of Mines.

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. 1t provides that all
mines shall be divided into two classes.
producing and non-producing. All
whose gross production shall exceed
$1,000 year being in the former class.
Between the LIST and 18th 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 Scres 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.
Sixth-Actual cost of extracting the
same from mine, which shall not in
clude the salaries of any officers or
agents not actively engaged in 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 a 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 be
equal to the net. The value shall new
er be less than the highest amount that
any non-producing mine in the same
district is assessed at. Surface i'm
proyements 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 If 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 repre-
sent the value Of its capital stock tvr
the purpose of taxation: provided, that
the manner OF assessment; aLl taxation
in the sections hereilaDova set forth
shall apply Only to mines ard p:nibg
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
err metals, minerals, or earths, all VI
which shall be assessed and taxed like
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-
cious or valuable metals or minerals,
shall be assessed and taxed like other
property according to the value there
of, and In ascertaining such value tho
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 al
a fair and equitable valuation OF such
property: and. provided. further. that
nothing in this act contained shall be
construed as giving the assesso" any
right to assess n non-producing mining
claim ut n greater sum per acre than
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 ut the as
sessable valuation OF corporate prop
erty. The board must take for basis
the market value Of the stocks and
bonds but may deduct the value OF
holdings not used in the operation of
the companies.