Elmore County Republican. [volume] (Mountain Home, Idaho) 1910-1915, 1912-03-16
RESUME OF
NEW TAX LAW
A Synopsis of the Revenue Laws
Passed by the Special Legislature,
Jan. 31st, 1912.

ment have been changed, almost In
their entirety, and believing it the
duty of every public official to keep
the public posted and informed rel
ative to the workings Of his respec-
tive office, l have tried to set forth
in the following some Of the most i'm
portant changes that have been made
operative by this new law.
Assessment
1t will again be necessary to as
.sess all property at its Full Cash
Value"
1t win also be necessary to use
only forty per cent OF the Full Cash
Value" for assessment purposes.
Thus property, the Full Cash Val
ue' of which amounts to One Thou.
sand dollars ($1,OOO), taking forty
per cent Of this amount, gives Fou
Hundred ($4CO.0O) dollars, or the a.
mount on which the tax will be fig
ured in the year 1912.
Definitions.
1st.-The term Value" Fair Cash
Value" and Full Cash Value" mean
the value of the property in the mar
ket in the ordinary course Of trade.
2nd.-The term Assessed Value"
means the percentage of the Full
Cash Value" at which the property
is to be assessed as provided by law.
3rd.-The term Real Estate in
cludes:- 1st.-The possession of,
claim to, ownership of, or right to
the possession OF land or separate es,
tates. easements, or interest therein.
2nd.-All mines, minerals and quarts
in and under the lands and all rights
and privileges appertaining thereto.
4th.-The term improvements"
Includes 1st.- All buildings, struc-
lures, fixtures, fences, and improve
ments erected upon or fixed to the
land. 2nd.- All fruit, nut bearing,
or ornamental trees, or vines not Of
natural growth.
5th.-the term Personal Prop
erty" includes everything which is
subject of ownership not included
within the meaning of the term real
estate.
Exemptions
1st.- The property of resident wild
ows, orphan children and honorably
discharged soldiers and sailors, who
served in the army or navy of the
United States during the war of the
rebellion, not to exceed the amount
of One Thousand ($1,OOO), in as.
sessed valuation to any one fam
lily when the Actual Cash Value
of their property is less than Five
Thousand ($5,O00) dollars.
All parties claiming exemption un.
der the above paragraph, shall OH
or before the 1st day Of July, Of
each year, file with the assessor, on
blanks to be furnished by him, a
sworn claim Of such exemption, stat
Ing the grounds thereof and the prop.
erty to which the same 10 applica.
BILE, and the tax levy shall not be
extended against that property 20
exempted.
2nd.-Growing crops, fruit and
nut bearing trees, under the age of
tour years, and grape vines under
the age of three years.
3rd.-- Tools Of mechanics, farmers,
miners and the household goods of
the heads OF families, not to exceed
the assessed value of Four Hundred
($4O0.0O) dollars.
4th.- Mining Claims not patented.
9Th improvements on land not te
exceed the amount of Two Hundred
($200.00) dollars, in assessed valu-
alton to any one family, when the
assessed value OF their improve
ments does not exceed One Thou.
sand ($1,000.00) dollars.
Equalization
The Board of County Commission.
ers OF each county within the State
shall meet on the first Monday of Ju
ly, of each year. as a Board Of Equa.
ization and 1t shall be their duty to
examine the assessment roll, name
by name, tract by tract, together wi |
the valuation therein placed and 1t
shall be their duty as such Board OF
Equalization, to raise or cause to be
raised, and lower or cause to be low
cred such valuations, which in the
judgment Of the Board does not com.
ply with forty per cent Of the "Actu.
al Cash Valuation" thereof.
When an application Is made to IL,
Beard for a reduction, before the
same is granted. the Board
must first examine, on oath,
Continued on page three)