New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-11-02

African war. the aggregate realizat0hS
registered at the Estate EXCHANGE
amounted to f13363,35S At the close OF
1863 when the famous budget and lana
taxes were introduced, the figures were
f6.344.215, a shrinkage Of about seven MILL
ions sterling. From that period the sum
OF the transactions have gradually in
creased. until they reached last year
t9,OS9,j 43
For the first eight months OF the pres
ent year the published statements sho"
that dealings have amounted to t6,2O5'eso'
the figures for the like period Of 1872 beng
f6.96O,9S6.
Now, to the uninitiated perhaps, it may
seem that the market is gradually REGAIN
ing its normal condition. A little rehec-
ton. however. will soon dispel this mis-
apprehension.
Let US glance at the nature of the new
land taxes. What are they and what do
they comprise? They comprise the incre-
ment value duty, the reversion duty and
undeveloped land tax. all duties being a
first charge upon the property ana TecoV-
cradle under penalties.
Increment value is a duty of 81 for
every Is Of increased site value that
may have taken place in the value OF the
bare land. 1t is payable on the transfer
OF the land or any interest therein, or on
the granting of lease for term exceed
ing fourteen years. or on the death OF an
owner. or periodically every fifteen
years i'm the case of body corporate or
unincorporate. Purely agricultural land is
exempted, and small houses in the occu-
patton of owners of a rental value not
exceeding $40, agricultural land not ex-
ceeding fifty acres and f75 in capital
value, separate leasehold tenements and
fats, Crown lands and land occupied by
rating authorities. charitable and statu-
tory companies.
Reversion duty is levied on the value
Of the benefit accruing TO the lessor on
determination of a lease, and Is fixed at
81 for every flo in value Of benefit Re
versions purchased before the act and
leases determining within forty years
from the time of purchase. Agricultu-
raj land is again free and leases not be-
yond twenty-one years in duration.
Undeveloped land duty is fixed at the
jngs of the site value of undeveloped
land. All land where the site value does
not exceed $50 an acre. public parks and
gardens, woodlands and other places
where the public are allowed access are
exempted under the act. while land kept
free from buildings in pursuance OF
some scheme of development. and other
minor instances. escape taxation, as also
does agricultural land held under agree
ment before the act, and similar land oc-
cupied and cultivated by an owner where
the total land owned does not exceed
1900.
The mineral rights duty Of one shill-
ing in the pound Is not a land tax. but
rather an income tax. and the amount
collected. fl.243.4s3, should DE deieted
from a general analysis.
To secure these taxes q valuation de-
partment has been established which at
the outset sent out about eleven million
forms demanding information to enable
1t to value properties.
II will be apparent that an enormous
cost Immediately devolved upon prop
erty owners, who we're already paying
an income tax. generously maintained
for the last ten years by a paternal gov
eminent at war rate OF shilling
pence in the pound. The valuation de-
partment has cost up to March of this
year fi.3s3,oo0 In return for this ex-
penditure the land taxes have realized
f2s3.430. The cost to owners in supply
ing information under professional ad-
vice has been estimated at over half a
million. and the decrease in sales of Lon