The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-01-08
ASSESS PROPERTY
At ACTUAL VALUE
The State Auditors Report
and its Suggestions.
LIVE WITHIN OUR INCOME
How Taxes Should b. Pac d and Plan Sug
gested b. Which B Ter
Results Can be
Obtained.

The Auditor, DR.. B. r. Dixon, in tn,
preliminary section of his report not We
from the press, gives the following fact:
and suggestions from the Auditors De-
partment for the fiscal year ending No.
vember 30th. 1902
The receipts from all sources during
the year for the general fund, are given
at 1907 ,95S6S, and the disbursements
$1,s64, OO4.65, leaving balance of SiS,954.O5'
The balance of the Educational Fund'
SIS. 9091S. The total balance 500, SG3.21
The above balance from the Auditor S
Ledger does not show the amount OF
actual cash in the treasury at the close
of the fiscal year. as there are outstand-
ing warrants which are chargeable to
the treasurer as so much cash.
The total debt of the State interest
end non-interest bearing, is stated as
being sc. 500. $40. end the total investments
of both general and educational funds is
stated as s4,415, 05O
APPROPRIATIONS.
President Dwight said it was the ''hrst
duty of every college to need money.
II strikes me that our State institutions
arc living up to this duty" and while
/ am fully aware of their needs. and
would be first in giving them the needed
aid in order to meet the requirements
OF the hour, still for the protection o.
cur treasury and for the honor OF our
State, it is respectfully suggested that
the General Assembly of 1903 stand b.
the plain business methods of living with
in our income, and not make app;opria-
tions N excess of the estimated receipts
DOMESTIC CORPORATION TAX LAW
During the past year there has been
collected through this department and
turned into the State Treasury, on cor
poration excess, s11,913 (s11 ,913.30 and
for pensions 1922 9.21-making total Of
s14.1S So.
Tie above does not represent all the
tax raised by the section of the Revenue
law on corporations, for the reason that
Iaany corporations have increased their
real and personal property to the same
figures as their capital stock, thereby
raging I'll their taxes to the sheriff
OF the county in which their plant is
located, instead of paying State and
pension tax to the State Treasurer on the
excess of capital stock, and the re-
rainder to the sheriff.
In the administration of this law there
should be a constant effort to see that
al corporations of the same class
should be subject to the same tax, that
whatever burdens fall upon any member,
should fall proportionately upon every
ether member of the same class for the
reason that any other course will give
tbs rLtaxed portion a decided advantage
in business over the taxed remainder
l would also call attention to the fact
that there Is an impression among bust
ress men that legitimate corporations
"3n secure advantages in taxation by
organizing under the laws of some other
State. This may be true where the com
paDy 10 be incorporated employees large
amount of capital in some other State
Or wheI, the capital is 'watered" to
large extent. but l do not believe this
"a be true of corporations organized to
60 legitimate business within our own
borders. For instance, a company or
ganized to do business in this State. in
corporated under the laws of New Jersey
say for $3,OOO,O0O pays an annual tax of
$4,000 to the State of New Jersey, for
which it receives absolutely no protec-
tien whatever, either from fire, by no
lice or from any other source. Surely
there should be some way by which cor
Torations doing business wholly, or even
for the most part, within our borders
should be compelled to incorporate under
the laws of our State.
The operation of the Revenue Act Of
cur State cannot be equitable or Just in
The absence of some sort of general
supervision. The Tax Commission, Gre
ated by the Legislature of 1901, should
be also a Board of Equalization for the
general assessment of properties in the
State, for the reason that it is Also
lCtely necessary to have q general basis
of assessing property for taxation. For
instance, in one county there is basis
CT assessment which may produce an
equitable value throughout that county
In another county. however, there is
property of similar value and the basis
of assessment may be entirely different
the result of which is to list property
in ono county al 80 per cent of its value
while in the other the property is listed
its full commercial value So that one
man paws double the amount of tax on
his property as the first named citizen
rays upon property of equal value This
is manifestly unjust and should be rem
cd.ed
In the new assessment of property,
which Will be made in 1903 all property
should be assessed at its actual value.
! respectfully ask Your Excellency to
call the attention OF the incoming Leg
isiature 10 this matter, in order that
snch legislation may be enacted as will
compel the assessors to comply with the
law in this respect. If all property in
the state were placed on the tax books
NJ rs true value. there would be no
room for tax dodgers" to hide. North
carolina would then get credit abroad
Tor the property which she actually owns,
and as only so much money is necessary
10 run the government, the rate of tax
i:ion could be lowered so that we would
set the credit of having the lowest rate
OF taxation OF almost any State in the
Union. This would be an inducement for
capital to come into our State and helm
build up its waste places.
PENSIONS.