The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1910-04-20
New Ser1es-VOl. XXI, No. I6.
AFFECT ALI '0RATIONS.
GhEENW : SCISSORS PRO-
Po' ~ >fCAL CHANGE.
hcf y i County Auditor inquiries
I'd Can Reduce Rate of As
lent on Bank Returns to For
y Per Cent-ComptroIler Replses
ANY Change Must Be General.

Columbia, April 15-"If a promo
sition advanced by the Greenwood
board of assessors through the audi
tor of that county to assess hant
property at 40 per cent. Of its tr,re
~aIue-and If bank property is so as-
sessed all other property must also
be accordingly assessed-would be
put into effect" said Comptroller
General Jones today, "the reduction
In the valuation of property in this
State would be something like ss5.
600, ,O00."
The following letter was received
by Comptroller General Jones:
Dear Sir: Can the county board
OF assessors for Greenwood County
reduce the rate Of assessment from
60 per cent, as heretofore, to 40 per
cent on bank returns, one-third
Please tell me.
Yours very truly, j. w. Watson"
Mr.. Watson is county auditor for
Greenwood county.
Taking the position that if one
class Of property is assessed, Comp
troller General Jones addressed the
following letter today:
"Mr. j. w. Watson, County Audi
tor, Greenwood, S. C.-Dear Sir: You
ask to be advised if the county board
OF assessors can reduce bank returns
from 60 per cent to 40 per cent OF
their value.
Il beg to call your attention to the
| law-see Code, South Carolina. Ar
ticle VIII, page As, Special Rules as
to Assessment and Taxation of Bank
ing Corporations, which requires that
all shares Of bank stock shall be as
sessed at their true value in money.
1T is clearly seen that there is no
authority under the law for boards
10 nix any per cent Of the value of
| nank shares for their assessment.
however, as have repeatedly said.
| boards Of assessors have heretofora
set ASIDE the assessment laws in this
State, and in the case of banking cor
porations have attempted for several
years to assess them at 60 Der cent
OF the true value of the shares. The
! banks cannot be assessed on one per-
centage of their true value and other
corporations or taxpayers on q DIFF.
| lerent basis. Equality between tax-
payers must be observed. Should the
BOARD OF assessors Of your county ar
pltrarily reduce the assessed yalue or
! bank shares to 40 per cent NJ that,
true value, then railroad property.
textile industries, cotton seed oil
mills, telegraph, telephone. Pullman
palace car, express and all other cor-
porate property, which is now as
sessed by the State board of assessor.
ana State board of equalization ar eo
per cent of it's true value. as O n7o+tor
Oh right and justice, should also be
paced upon the same basis of 40 nor
cent; this would result in a re3uct;on
OF the assessed value for taxation of
corporate property of at least cog
oVo'oo0. With these facts before
your county board, they should besi.
tate before adopting such a basis for
assessment Of banks and other cor.
porations' 1t would necessarily re-
suit in increasing the tax on the gen.
erai mass Of individual taxpayers.
wv. A. JONES,
"Comptroller General.
Comptroller General Jones said to-
day that the object is to equalize the
taxes this year on the basis Of last
years assessments