Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1913-05-30
TAXING THE BANKS


.. TAXING THE BANKS
Auditor B. M. Love has received from
the comptroller general an interest
ing letter setting forth in detail the
comptroller's idea Of the reference TO
the taxation of bank shares. The let
ter is as follows: ..a
81 am in receipt Of your letter OF
the 18th inst, inclosing me your cor
respondence with T. L. Johnson,
chairman of the county board OF
equalization. I also have q state
ment Of the proposed assessments on
the banks, under the resolution OF the
county board of equalization, adopted
ON the 22d day Of April, 1913, as con-
tained in your letter Of May B. The
resolution of the county board OF
EQUALIZATION directs what exemptions
should be allowed In the assessments
of the banks for taxation Whicn was
clearly beyond their power and lilegai,
The county board Of equalization ls
authorized by law to equalize values
for the purposes Of assessment Oh
taxes, but not to pass upon what prop
tion. You will therefore ignore their
directions to exempt the amount OF
the banks investments in school ana
other municipal bonds. Proceed 10
tax the bank shares in each bank, py
taking the aggregate amount or cap
tai. surplus and undivided pronts,
and deduct therefrom the amount OF
the banks investments In South caro-
lima 4 1-2 per cent brown redemption
bonds, issued under the act OF 1897,
and then taking so per cent OF the
balance as the taxable value OF the
shares in the bank, less the assessed
value of the real estate as 1t appears
upon your tax duplicate. The panK
is to be charged and taxed with the
value of the real estate, as ALREADY
assessed on your duplicate. and eacn
Is to be charged and taxed with the
value Of his shares arrived at, as ABOVE
directed. This Is taxing the share
holders in the bank really upon only
so per cent Of the actual value OF
their shares. The so per cent Is to
be taken by you, because that is the
basis of assessment adopted by the
county board for the purpose OF
equalization. Charge on your dupli-
cate against each shareholder the
value Of his shares, made up and ar
rived at in this way, as directed py
law.
"The county board by their action
on April %, did not undertake to re-
duce the valuation placed upon the
shares, but to exempt from taxation
the amount Of the banks investments
in certain non-taxable securities. This
was something with which the county
board Of equalization had nothing to
do, and such action on its part should
be ignored by you. Your duty In as
sessing these bank shares Is pre-
scribed by section 345 Of the code OF
laws, 1912, as follows: ..,
"'How taxed, assessed and appor-
toned among shareholders: The au-
ditor Of the county in which any such
located, upon receiving the return
provided for in the preceding section,
shall deduct from the actual total
value Of the shares in any such bank
or banking association the appraised
value Of the real estate owned by
such bank or banking association, as
the same stands assessed on the du-
plicate, and the remainder OF the
total value of such shares shall be
entered on the duplicate Of the coun-
ty in the names of the owners there
Of in amounts proportioned to the
number Of shares owned by each, as
returned on said sworn statement,
and be charged with taxes at the
same rate as charged upon the value
Of other personal property at the
place where such bank or banking as
sociation Is located
1.-THE duties Of the county board Of
equalization are defined in section
APT, as follows:
"Duties of county board Of
equalization, rules governing: The
county auditor shall thereupon lay
before them the returns Of property
made to him and all property listed
by him and by the board to township
assessors and special boards Of as
SCISSORS. Each member. having taken
an oath before some officer duly quail
fed to administer same, fairly and
impartially to equalize the value Of
real and personal property Of their
county according to the provisions Of
law, the board shall Immediately
proceed to equalize the valuations fix
ed by the board Of township assessors
and special board Of assessors, so
that each piece Of property shall be
entered on the tax list at its true
value They shall hear all grievances
and appeals from the valuations and
assessments fixed by the township
of assessors and act upon the same.
For the purpose Of performing their
duties, said board shall observe the
following rules:
First. They shall raise the valua-
tion Of such tracts and lots or ar
ticles Of personal property, as In their
opinion have been returned or as
sessed below their true value to such
price or sum as they may believe to
be the true value thereof, and due
notice shall be given to the owner or
agent of such property.
Second. They shall reduce the
valuation Of such tracts and lots of
real property and articles of personal
property, as in their opinion have
been returned or assessed above their
value, as compared with the average
valuation Of the property of such
county, having due regard to the rela-
tive station. quality Of the I'M
provements and natural and artificial
advantages possessed by each tract
or lot of real property.
Third. They shall not reduce the
value Of real and personal
property below the aggregate value
thereof as returned by the county au-
ditor. The auditor shall keep an ac-
curate journal or record Of the pro-
ceedings and orders Of said board.
"'Any person whose property has
been or may be assessed above its
true value who cannot secure relief
from said board shall have the right
to appeal to the comptroller general
to whom shall be forwarded all tes-
relative to each alleged griev-
ance, and who shall act thereupon.'