The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1912-01-17

at thelr 'fatr market value" Ths "faIr
market value" can only be reasonably
construed as the price properl, Will
oring under normal conditions OF sale
on normal market This Is the nbso-
lutte requirement of law. It should
either be obcycd or the law should be
changed. Tho Tax Commission. proceed
ing on the principle that the Consti-
tuition should be obeycd has worked
Out plan by which the fair market
value can be nsccrtaincd This plan.
II FULLY understood, removes all
grounds of objection on this score.
How Value ks Determined
The plan of the commission. as in
corporated in the bill introduced Sat
urdaY by MIR. SPEAKER Byrd is OK
tremely simple. The clerks OF the
courts OF record require every person
entering transfer of property to state
tho actual value consideration involv-
Cd. These records are kept fer the
TWO years Immediately preceding the
assessment year, and, Just before the
assessment of lands begins. arc er
amincd by tho Tax Commissioners His
purpose is to ascertain tho real market
value not the inflated value OF few
pieces of real estate that are the yeri-
est shuttlecockS OF spccm.ation but tho
true value OF the great body of land II,
the county. Tho proposed law REQUIRES
that he make dilgcnt Inquiry regard
ing the land sold, and II he f!is that
values are inflated or thnt Ianos nre
being falsely boosted" by real es-
tate agents. no has to note these facts
He is required to discuss values with
residents of the county. to take testi-
mony under oath and TO keep :, record
OF ell that he learns while determin-
ing values.
Tho Tentative Base.
When this is done. the commissioner
lays his findings before the commits
sion and states that on the evidence
of the transfers ana on other evil
dcnce secured, he thinks the fair aver
age market value of lands In given
county is. say, s15 the acre. He goes
not and cannot, under the proposed
law, merely list tho number of acres
sold, add the valuable consldc-at lions
involved and. dividing the latter BY
the former, strike an average per acre
Such calculation no will doubtless
make, but 1t will only BIO for q tenta-
tive, working basis. Every local con-
dition affecting values must be con-
sidered.
The C0m1nission's HEARINGS.
with this information before it, the
Tax Commission proceeds to tx an
average In this connection, the mem
bcrship OF the commission must be
kept In mind. 1t is not a body of
iuVSSS' hiHoNuDic from ONCE except
for grave cause. 1t Is not Il body of
men unfamiliar with actual conditions
1t is composed of the men whose pub
lie function makes them the bcs. Judges
of actua! conditions. Three members
of tho General Assembly are on the
commission; the Governor. the Auditor.
the resident of the Senate, the Attor-
ney-General, the chairman of the Cor
poration Commission. the Treasurer
these arc the judges. Certainty every
county can expect fair treatment at
their hands and every possible regard
for local conditions.
This commission, then, hears the re-
port of the commissioner and decides
on the average valuation. But before
they can reach any conclusions or fix
an average, the county authorities, or
any twelve citizens, have the right to
appear. and be heard. and, If they think
the tentative average fixed by tho COM
missioner Is false, can have q hearing
and submit evidence for an entirely
different valuation.
Appeal to the Courts.
With all Information possible before
the members, the commission fixes Its
final valuation. 1t decrces, let na say,
that the valuation OF bare land in
Chesterfield county should be Sill the
acre. If the Chesterfield delegation or
the supervisors, or any citizens of the
county, regard this as unfair. they
have the right of appeal to the court
where the valuation is fixed up-n owl
dcncc properly submitted. The COM
MISSIONS original plan was TO have all
these hearings before the Circuit Court
OF the city OF Richmond. but as this Is
obviously hardship, the bill will be
amended 10 provide for appeals 10 the
Circuit Court of the county whose aver
ago is at issue
Only the most earning critic can hnd
in this plan any attemI to put a false
valuation on lands. Everything that
can he done to protect the interests of
the locality, Is done. Indeed If the
plan errs In any Essential respect. 1t is
in that 1t gives too much room for
litigation and protests the interests
of the. county at the expense OF til,
State,