The Jersey City news., 1906-01-09


bank stocks and insurance values
amounting to s12o.0o0,00o making the
total over $Gb0, 0,o00, 900 as against an as
sessment of $153,244, ,987, and this does
not include over $500, ,000, ,0G40 Of cash de-
posts, which some hold merely represent
other forms Of property. Apparently
nearly $50G,O00,0O0 Of tangible personal
property escapes the assessor. :. - Is
about 80 per cent. of the present assessed
valuation of all property in the State
and, if assessed, should result in reducing
the tax rates 33 13 per cent on the pres
ept basis Of expenditure. Real estate is
clearly bearing an unfair share Of taxa
tion and persons of small means larger
proportion of taxes than the well to do
A vast deal of property now escapes
through lack of courage or through fa-
vorit.sm on the part of officials.
THE claim that it is impossible to find
and list property that now escapes the
tax assessors is the cry Of incompetence.
What the census taker can find. the as
SCISSOR surely can find. Recent erents
have shown that other reforms, once said
to be impossible, can be accomplished.
Reform in this direction is no exception
to the rule. Massachusetts, which COM
pares with our State in many particulars,
finds $500 worth of personal property per
capita for assessment; New Jersey
should be able to find more than $I2.
The lack of uniformity in valuations
and assessments is well known This is
largely due to a system that depends
upon the varying judgments of five hum
dred or more different tax assessors with
as many different views.
''Tfe last Legislature passed an act
providing that second -class railroad prop
erty should be taxed at local rates and
that the revenue from this source should
as Heretofore be turned into the treas
uries of the municipalities where such
property is situate. This law increased
by $4S5,000 the amount of taxes annu-
ally to be paid by the railroads. The
last Legislature, in pursuance of the
policy inaugurated two years ago, re-
ferred to the State Board of EquaIiza-
ton of Taxes, under a joint resolution
the further consideration Of the taxation
of railroad property, the question Of val
uation, evasion and the equalization of
all classes of property, with directions to
recommend to the Legislature such leg
islation as would establish equality of
listing, valuation and assessment, so that
all property, corporate and Individual,
except that used for religious, education-
al and charitable purposes. should bear.
its full, equal and just burdens of taxa
ton without discrimination"
'The further consideration of the
taxation of railroad property referred to
the main stem, or right of way, which
is confined to strip not exceeding one
hundred feet in width and which in
many cases does not exceed siSty-six feet
is width. The main stem is thus the
railroad highway of limited width tfav-S
ersing the State The Board of Equali-
zation has made a recommendations upon
this class of railroad property, and that
recommendation is before you in d sepa-
rate report. 1t provides, in brief, for the
taxation of this class of railroad property
at the average tax rate of the State.
The method of taxing this class of rail-
road property has been the subject of
long continued discussions for number
of years in this State, AND is the subject
of various methods and forrs of taxa
tion in our sister States.
in their early infancy railroad enter
prises were hazardous risks and in order
to encourage their construction and the
consequent development Of the country,
a moderate rate of taxation was imposed.
As the contiguous country developed
cities and towns and taxation increased
with iscreasing municipal expenditures,
the public demanded that railroads share
in the increased burdens. In 1884 the
Legislature passed the General Railroad
Tax law under which the main stem,
franchises and personal property Of rail
roads were taxed at the rate of oneShalf
of one per cent.
"The question of change IS the tax
alton of the main stem, fright of way,
of railroad property should be considered
by you atathis session In this connec-
tion equality of taxation as between this
and other kinds of property should be
the test of settlement, Railroads should
pay the same proportion of taxes as is.
paid by other property; so more. no less.
As Governor Albeit said Equal bur
dens and equal rights for all, corpora