Morgan County republican. (Versailles, Mo.) 1906-1914, 1911-01-12


tice to the corporations in the state
the example Of other states and i'm
pose a tax of 25 cents upon each one
thousand dollars of capitalization. I
again urge upon you the consideration
Of this additional subject of taxation.
I again recommend to your favor
able consideration the imposition of a
tax upon inheritances, with such ex-
emptions as will relieve the estates
of people of ordinary means from this
tax.
Taxation.
If such laws IS l have herein sug-
gested we're enacted, i believe that
adequate revenue could be derived
for the conduct Of the state govern
ment, without any substantial change
in the present methods of assessing
the real and personal property of the
state. But manifestly, from the stand
point of fairness, as we'll as from the
standpoint of ~expediency, there should
be a change in the present method
Of assessing the real and personal
property subject to a property tax.
The constitution of the state provides
that all property shall be assessed
In proportion to its value" and the
laws of the state provide that the
| property owners shall return and that
the assessors shall assess all real and
personal property at its true value. 1t
Is made the duty Of the county boards
Of equalization to equalize assessments
by raising the valuation OF all prop
erty which has been assessed or re-
turned below Its real value" and it
Is made the duty of the state board
OF equalization to equalize assessment
by adding to each class of property
which it believes to be valued below
| its real value in money" such per
centum as will increase the same to
'its true value"
None of these laws Is either en-
forced or observed. Under the system
existing now in the state of Missouri,
real estate, outside of the large cities,
Is usually assessed at from Is to 80 1-3
per cent of its actual value. In the
cities, it. is generally assessed at from
| 40 to Co per cent of it's actual value.
While personal property throughout
the state, such as live stock, is usu-
| ally assessed at about the same per-
centage of its actual value as real
estate, such personal property as mon
eys, credits, notes and bonds, together
with bank stock, is assessed at from
so to 100 per cent Of its actual value
One of the resulting evils of this un-
equal assessment is that persons own
ing intangible personal property, such
as moneys, notes and bonds, do not
make a correct return Of the same for
the purpose of taxation, and the JUS
LITIGATION that they offer in so doing
Is that the property of their neighbor,
which consists of real estate, is re-
turned or assessed at a far less per
| cent of it's actual value than would
! be their moneys or their bonds, in
case they returned them to the tax
assessor for the purpose Of taxation.
One OF the objections urged to the
enforcement Of our present laws is
that it would increase the tax upon
the real and tangible personal prop.
erty of the state. This is not neces-
sarily true. The constitution provides
that the tax rate for state purposes
shall not exceed Is cents on the hun
dred dollars valuation; and the limit
for local purposes is the maximum,
and not the minimum. If the as
sessment of the real and personal
property of he state was doubled and
the tax rate reduced one half, the
taxes Of any property owner whose
property Is now assessed would re-
main unchanged. But If all property
was returned for the purposes CT tax.
alton and assessed at the same per,
centage of its value. The tax rate for
state and local purposes could not only
be reduced, but the taxes of those
who o pay taxes would be reduced
In greater proportion in view Of the
increased amount of property which
would thereby become subject to as
sessment. 1t is evident, therefore,
that the first step in bringing about
a reform in our present system oil
taxation is to secure the return of all
property for the PURPOSE OF assess
ment, and in order to secure this re
suit, there must be given the assur
ance that all property will be as
sessed at the same percentage of its
true value. This could be accom-
plished in one of two ways: The re
turn Of all property at its full value
could be required under effective pen
allies, and the state board of equal
cation authorized to fix the per cen
Of such valuation which should b'
subject to the constitutional tax rate