The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1909-12-14
CORPORATION Commission
Reports $744,857
More Property


Carolina is Tut AT So|O,IIo,1|V
Which, is Estimated by Commits
sion to Be so Per Cent. of the
Wealth of the State.
Property in North Carolina is on
the increase in value, as is shown by
the annual report of the Tax Commits
sion. otherwise the North Carolina
Corporation Commission, which was
given out yesterday. By its figures
the increase in value for the past
year is put at $744,857, the total
valuation of property in the State be-
ing placed at s576,115,170, as against
$75,37O,313 last year. The estimate
of the Commission is that this 10 90
per cent. of the value of property in
the State.
In it's letter of transmittal to the
Governor the Commission says that
in the act crediting the State Tax
Commission, granting its powers and
prescribing duties the representatives
of the people fully appreciated the
difficulties incident to equal and just
taxation, the act emphasizing equal
ity Of taxation, directing that all the
properties of the State liable to assess
ment for taxation be assessed at their
true value in money.
Equality in taxation is declared to
be most desirable and it is said that
to get this there must be a common
test. 1t is stated that there has been
great progress in this line, although
there is universal reluctance to taxa
ton. The tangible real and personal
property, as shown by the tax rolls,
is said to represent so per cent of
the States wealth, the assessment be-
ing by list-takers and assessors of the
State, the assessment depending upon
their %soundness of judgment, fairness
and fidelity, full information as to
their duties having been given. The
assessment made, except as to per-
sona] property, is in force four years
and the report made does not cover
the assessing year. No complaints as
to the last report have been received.
The letter of transmittal then con-
tinues:
''Tne tables contained in this report
show the total valuations Of all prop
erty subject to taxation for the assess
ment June 1, 1908, to be $576,115,170,
an increase over previous year Of
$744.857. This is a substantial in
crease, considering that it was not an
assessing year and that the tables
show there has been a s~hrinkage in
the values of personal property of
$2,151,431.
The personal property valuation is
shown to be about 60 per cent. Of the
valuation placed upon real property,
and the burden OF taxation is borne
practically in the following proper
tions: the individual taxpayer, II
per cent; public service corporations,
Is per cent; industrial corporations,
10 per cent; banks and building and
loans, ; per cent.
IF the tables contained in this re-
port are compared with those cover
ing the assessment year, 1901, the
Boards first annual report, it may
be seen that the total increase in val
uation is $234,893,161, or IS per cent,
for the period of eight years. The in
crease during the same period, as
shown by the assessments, the indus
trial corporations is 1873 per cent. ;
public service corporations, 90 per
cent; and to banks and building and
loans, 154 per cent. These increase
upon the several properties as here
classified, likewise the total increase,
may seem to be excessive and I'M
equal.
w have no way to prove beyond
a question the absolute accuracy Of
the value of the property SO returned
for taxation. Using the Information
which is available to the public, the
other classes of property as listed by
the public service and industrial cor
porations, we find the net earnings
from operation, public service corpor-
ddoliS, " = po,oo1,A1o, anu, Ii cdp1-
talized on basis of 6 per cent. per
annum, would represent a capital
stock value Of $144,353,766, or, as is
shown in their valuation for taxation,
81 plus per cent. of their value; in
dustrial corporations with paid ir
capital stock of s5,OO5,6 GIL, valued al
80 per cent, not including surplus
and undivided profits; and banks an6
building and loans, paid in capita
stock surplus and profits, s18,795,463