Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1903-01-29

I
net earnings at six per cent The val
uaIion secured by the latter method is
slightly higher than that by the stock
and bond aggregate. If either method
of valuation were used the railroads
would have to pay nearly million
dollars in taxes more than they are
now paying. The commission recon-
mends that if the ad valorem system
be adopted, the work of valuing and
assessing the roads be put in the
hands OF a state board. 1t does not
follow that state board assessing
railroads would pace so high a value
on the roads as the commission have,
and there is no contention that this
should be done. The findings are
simply the results of the commissions
best efforts to get at the assessabIe
value Of thee complicated properties
with view to equalizing, under the
law, the burdens taxation.
Other Matters.
Next to the chapters upon railroads
and the taxation Of credits perhaps
the most interesting feature CT the re-
port is the chapter devoted to the in
heritanca tax. The subject is gone
into very exclusively. So clearly Is
the wisdom of that form Of taxation
pointed out there is little doubt that
the legislature will re-enact, with
proper changes, the law recently de-
clared unconstitutional.
In the chapter devoted to state as
| cnccnoo-4c
bring assessments up to actual value
of the property is given. Tables are
printed to illustrate year by year the
changes in the valuation of counties
by the state board; changes in the val
uation Of counties by local assessing
officers; the increase in local assess
ments of subsequent years over 1899;
and the changes made in the relatian
which each county bears to the total
state tax.
A state budget is recommend, the
term budget being defined as "a re-
port from the administrative to the
legislative branch of the government
of the estimated revenue of the state
from taxation and the expenditures
for the support Of the several depart
ments of the stats governmental
educational, charitable, penal and re-
formatory Institutions and for many
other public purposes.
A chapter each is devoted to bank
taxation and the one mill tax In the
former are given statistics showing
the capital and deposits of the banks
of the state There are some sugges-
TORS made, also, for laws to be enact
ed under the new constitutional
amendment A substitute for the one
mill tax that will limit the annual
amount for common school purposes
to $700,000 is recommended.
Recommendations
|. That all existing laws requiring
and providing for the assessment and
taxation Of credits as property or for
exemption from assessment on &C
count OF debts owing, be repealed, but
leaving in full force and effect the ex-
listing laws for the taxation of the
shares of stock of banking corpora.
tons, capital of private bankers, and
the taxation Of trust companies and
vi pOA SANiOAA4o
representing moneyed capital.
2. That the value Of railway property
be ascertained and determined by
state board with requisite powers
and that taxes be levied on such valu-
alton at the average rate Of taxation
throughout the state, such taxes to be
paid into the state treasury for the
Use of the state. The said board
should also be the state board Of as
sessment to ascertain and determine
the valuation of the general property
of the state as the basis for the appor-
tionment and levy Of state taxes.
8. That the laws for the assessment
of the shares of stock of state and ma
tional banks and the capital of private
banks be made more definite and GER
tain by amendment. That from the
cash value of the shares Of stock of
an incorporated bank there be deduct
ed the assessed value of such real es-
tate as shall be necessary for it's i'm
mediate accommodation for a banking
house ii the convenient transaction Of
it's bushes No other real estate
owned by banking corporation
should be deducted from the value of
the shares of stock.
f. That the tools of mechanics and
others and the other classes of prop
erty specified in chapter * be exempt
from taxation.
5. That the state adopt a system re
curing all departments, institutions
and officers to file with the governor
of the state thirty days prior to each
session Of the legislature, an estimate
of the appropriations which will be re-
quired for the ensuing biennial period,
> AMI that the appropriations therefor
be included in one legislative act.
, 6. That the power of assessing the
property of express, sleeping car,
equipment and freight line companies
be transferred from the secretary of
state, state treasurer and attorney
: general and vested in the tax commits
: sion as the state board of assessment.
Z. The passage Of an act for the tax
: alton Of gifts, inheritances, devises,
: requests and legacies, in conformity
! with the law proposed in chapter "
: of this report.
s. That the law proposing a tax of
one mill on each dollar of the assessed
valuation of the taxable property as
! determined by the state board of as
= sesslnent for the common school fund
! income be changed to a specific appro-