Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1914-10-06

039.35. ffer best inforIned real es-
tate men say that. there is in the
city at least s7O8OO5000. OF sucf
secured bonds, and notes, in addi-
ton to the large but unknown a
mount of such securities which are
unsecured. Still Richmond is prob
ably more fairly assessed than the
average locality.
In 1913 the total State assessment
of merchants and manufacturers
was $27, ,695,43G. yet the 1910 cen
sus, carefully taken on this item.
shows Virginia manufacturers capi-
tai of s216,392,3SS; ratio of asses
sed to true value of 12.7SG. This
ratio varies as follows: Alexandria
5.43%; Danville 1G.94fc; Lynch
burg 19.45R; Norfolk 2S.6oR;
Petersburg, 1S.0sI: Portsmouth B.
G9G; Richmond 4o.45Gt; Roanoke
7.45%; staunton 2o.9o&t; balance
of State 5.O4%. The census figures
do not deduct assessed value OF real
estate. An allowance should be made
for this.
In 1914 operating under the new
total zoe rate on money, there was
assessed in the whole State as of
February 1st. $25.69O,911. of mon
ey, yet the bank statements show
that on March 4th there was on de-
post in the Virginia banks SlaO,-
527,99S.15.
In Virginia the average tax rate
for all purposes, State and local, is
s1.495 on the $4,000 of assessed
valuation. Based on estimated true
values, the real rate for all purpos-
es paid is on real estate as whole
class sic; on tangible personal
property as a whole class roc; and
on intangible personal property as a
whole class less than .l5c. But most
of those who do pay OH this last
class pay on its true valuation at
their combined State and local rate,
that is. nearly three times as much
as is paid on real estate of equal
value.
Remedies.
The Committee has struggled to
find q true solution Of the problem
of securing the assessment OF all or
this class of property and fixirs a
fair rate t:,erso,E. without entire sue
cess. 1t seriously considers making
the following recommendations
knowing that they are not absolutely
logical but hoping that if they are
followed much more Of this class
of property will be assessed and at
fairer rates than those now existing:
Total rate on money. 20c on
the 100000 for State purposes only.
Total rate on notes and bonds Sc
cured by deeds Of trust, mortgage,
or vendors lien. the due date of
which is five years or less, .35c per
year on the $4,000 for State pur-
poses only, and payable when re-
corded, Same rate on bonds Of Vir-
ginia municipalities.
Total rate on share Of stock Of
Virginia banks, $1.35 on the $4,000
35c for State purposes, and $l.00 to
be apportioned among the various
assessments of the localities in
cludirg the town assessments wi h
the county.
Total rate of $1.00 on the $4,000
on all other classes of intangible
property; CSC for State purposes
and .7lc apportioned among the var
ious assessments Of. the localities,
including the town assessments with
the county.
Each of these rates TO apply only
on property voluntarily disclosed to
the Commissioner of the Revenue
for assessment. On all other like
property when discovered the full
State, city. county. district and town
rates to be assessed. and all past
due taxes to be collected.
\ law requiring the Examiners Of
Record to review all intangible pro-
perty and income tax returns, and
extending to the Examiners of Re-
cords or agents employed by the
Auditor, the same powers to examine
and correct such returns as they now
have with reference to the estates
of deceased persons. carefully guard
ing their operations to prevent i'm
proper annoyance and publicity.
No deductions for debts due ag-
ainst any intangible assessment.