Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1913-12-09

4
| fled this year.
Boards Recommendations.
It is made the duty of the board by
| the act under which it was established
to submit to the Legislature recon-
inendation5 Of measures to prevent
the evasion Of Just and equal taxa
| ton, ana Of such changes in the laws
| as may be necessary to produce equal
ity of taxation. In the performance
OF this duty we have repeatedly in
previous reports called attention TO
the defective operation Of our taxation
scheme as applied to personal prop
erty, and particularly to one kind OF
personal property, namely, bank
stock. We here emphaticaliy reiter-
ate all We have formerly said upon
that subject.
The personal property OF the State
does not bear its fair share Of the tax
burden, and the share that it does
bear Is not equitably distributed
among all the kinds Of personal prop
erty subject to taxation. Under the
general tax act all property. real or
personal not expressly exempted, IL
made subject to annual taxation at
its true value. In actual practise a
great deal of personal property es-
capes taxation that Is not expressly
exempted by the statute. Bank stock
is the most conspicuous illustration
or 5uch property, In consequence of
the operation OF the so-called Buck
act, which permits the mont taxable
securities held by the banks to be de-
Quoted from thezmarket value of the
STOCK owned by their shareholders.
The result Is that the value of bank
shares for taxation purposes Is In
many cases entirely wiped out and
In all cases substantially decreased.
Whatever technical arguments may
be advanced to justify this condition,
tne plain fact remains that bank
shares enjoy a practical exemption
from taxation that Is wholly at va
rance with the spirit of our taxing
scheme, Perhaps the fairest method
yet devised for dealing with this class
OF property Is that which provides for
tne assessment Of bank shares at their
book value, without any reductions
except for real estate separately
taxed, and the application thereto Of
q nat rate uniform throughout the
State.
Household floods.
Household goods furnish another
example of the inequitable working
of the personal property tax. Where
an attempt Is made to reach this class
OF property the burden falls unfairly
upon the small householder. The as
sessment Is usually made at an ar
bttrary value which Is more likely to
approximate true worth in the case
OF the average taxpayer Of small
property than IN that of the tax
payer Of more pretentious possessions.
Household goods should, IN our judy
ment. either be relieved entirely from
taxation or else allowed substantial
exemption.
We have men tioned only two of the
phases of the, problem presented by
the taxation of personal property.
There are others no less insistently
calling for legislative attention. The
more the subject Is considered the
more manifest the need becomes. for
radical readjustment OF this irnpor-
tant branch OF our taxing system.
More important In our Judgment,
however than the modification of our
taxing scheme as applied to personal
property is the need for Improvement
In the method of assessing both real
ana personal property. So long as we
ontinue under the general property
AK, the listing of all property not ex-
pressly exempted at its true value Is
tne most important step in the taxing
process. To do this work thoroughly
and accurately In every taxing dis
trlct would eliminate ninety per cent.
of the complaints and grievances with
which reviewing boards have to deal
To ascertain the true value of prop.
erty, particularly real property
not task of extraordinary
difficulty The many indicia and cri-
terions of value are just as available
to assessing officers as they are to
those who are called upon to appraise
values for other purposes than that
OF taxation. All that is needed Is
that the work shall be done by those
qualified to do 1t. subject only to the
direction of supervisory body
clothed with adequate powers to Sc
cure equalization of taxation and
held strictly accountable for the
achievement of that end.
Handicaps to Equal Assessment.
The election of assessors by popu-
lar vote and the inadequate compen-
alton paid them are the chief handi-
caps to the equitable assessment Of
property under the present system.
| There is no position in the public
service that ought to be filled with
stricter regard for the special fitness
of the incumbent than that of asses
sor The method of selecting asses
sors should undoubtedly be Devised
in full recognition of that fact. Little
would be accomplished, however. by
such change In the manner of selec-
ton unless 1t should be accompanied
bv provision for a salary common
srrate with the service to be per-
formed. 1t speaks well for the public
| spirit of some assessors that they are
| doing skilful and efficient work for
| their taxing districts in spite of the
wholly inadequate salaries they re-
ceive. But as a rule the taxing dis
| trict receives from its assessor SER
vice which bears a perfectly apparent
| relation to the salary paid.
| 1t is questionable whether the
smaller taxing districts would feel
| themselves financially able to pay to
| their assessors remuneration large
enough to compensate them for the
| time and attention required for a
| PROPER performance OF the duties of
| the office. This fact has led to the
suggestion that districts for assess
| ment be made sufficiently large In
area or ratables to warrant the en-
pIoyment. at adequate salaries, OF