Albuquerque weekly citizen. (Albuquerque, N.M.) 1891-19??, 1903-04-25
ASSESSMENTS

ion In answer to the following ques.
tons:
First-What property of national
banks is exempt from taxation by rea.
son Of the fact that its capital stock Is
returned and listed for taxation under
section 257 of the compiled laws of
1897?
Seconds not real estate held by q
bank to be assessed separately from
its capital stock and assessed as other
real estate?
Third-If any real estate belonging
to national or other bank Is to be
considered as taxed by the assessment
OF its capital stock, does this include
anything more than its banking house?
Each OF these questions involves the
same matters for consideration and
therefore does not call for a separate
categorical answer.
No property of any bank is exempt
from taxation by reason of the fact
that its capital stock may be returned
and listed for taxation under section
257 of the compiled laws of 1897. II
has been held by the supreme court OF
New Mexico that the capital stock OF
building and loan association may he
listed for taxation, and that mortgages
held by the association, which un.
doubtedly go to make up the value of
the stock may also be assessed, and
that the fact that the real estate COW
cred by the mortgages may also be as.
sessed to its full value, is no objection
20 the validity of the assessments
against the association. Section 52i9
of the Revised Statutes of the United
States, to which you refer, clearly
shows that the taxation of the capital
stock Of national bank 0ces not ex-
empt real estate from taxation. and
the banking house of the institution,
mentioned in your third question, can
he in no way different from other real
estate.
This would seem to he full answer
to your questions, but feel Il a mat.
ter of duty to invite attention TO I
fact that the capital stock OF the two
banks in this county-one national and
the other territorial-has not been for
years returned and listed In accord.
ance with the requirements of sections
257 and 402S of the compiled laws CT
1897, one of which requires the as
sessment of shares of such stock at
their actual cash value. and the
other at their cash value" This Ian
guage is not ambiguous. and there can
be no honest. lawful reason given for
not enforcing this plain requirement.
In the concrete cases presented in this
county, | am informed that the cash
value OF the stock of the national bank
is not less than 125 per cent, whic., or
its present capitalization, would
amount to s250,0o0. II my informa-
ton is correct as to the value OF the
stock. there is no way under the law.
by which the assessor, properly and
with due regard to the obligation OF
the oath required OF him by section
40i6 of the compiled laws, can Inst the
stock at less than $3.50. 900, although
the assessment last year is only $780,
900 on a capitalization OF $150000. As
to the territorial bank, IL may not be
as easy to appraise the value OF its
stock. but its capital is a little over
one.third as much as that of the other,
while its business, believe, is also
over one-third as much as that OF the
other bank. II this is true, It's stock
must be worth as high a price, which
would make its cash value" 500. 500
instead OF $43.440. as shown In the tax
rolls OF 1902.
have not examined the returns
heretofore made by these banks, but II
Ia not to be believed that any officer
of either of them can have sworn, as
piled laws Of 1897. that "the actual
cash value" OF the shares of the stock
in his bank. is the amount which ap-
pears on the tax rolls.
II is notorious that there has been
general differentiation of property In
Bernalillo county for purposes of taxa
ton. but no rasn Is required by the
law to swear to he values he puts In
his return unless he seeks the benefit
of the 5000 exemption allowed to the
head OF family. II Is the duty of the
assessor to fix those values. IL the
taxpayer knowingly omits any Of his
property from his return, he is not
only subject to penalty OF twenty
Ave per cent. but is guilty OF perjury
uEder section 1896 OF the compiled
laws OF 1897. Jut no such punishment
follows an under-statement OF values,
If he does not ask the exemption. no
matter how dishonest or reprehensi-
BILE such under-statement may be.
There In no way, however, for the
assessor honestly to avoid correcting
such under-statements. by section
1883 of the compiled laws, 1t is made
his imperative duty to increase the
amount OF assessment when the return
of any person is incorrect as to
amount or valuation, and by section
4046 he Is required to make oath that
during the whole time allowed by law
to make the assessment, he has made
diligent inquiry and examination to
ascertain all the property subject to
taxation, and that he has assessed II