The Washington times., 1914-05-12

,dav. indicating the unwllinSness OF
he House to change the present tax
ion system:
The johnson substitute reads:
There is hereby levied al:L IMPOSED
gpon all taxable real estate in the Dls.
JliCt of Columbia an annual tax equai
n rate to that which is NOW "r when
Hereafter may be levied or imposed by
Congress upon tangible personal prop
crty il the District OF Columbia aud
Iha same rate of taxation Is herepS
l,Nied and imposed upon all Intangible
rt.rsonaI property in the District Of Co
tumbia which would be taxable under
1AiSGinS law were it tangible personal
property, including moneys, credits, &C
Cunts. shares of stocks. bonds. an
lGities. and all other evidences OF in
uvUuednrss.
An laws which arc now in force or
which may hereafter be put in force In
the District Of Columbia governing or
tffcctinS the listing. return. or assess
cent of tangible personal property and
Re collection of tax thereon, and the
lenalties for failure relative to the
listing. return. assessment. or collec-
ION of-taNeS relative thereto are here
by made applicable TO intangible prop
,rty. Hereafter all real estate in the
.isIriCt Of Columbia snail be assessed
annually at its real and true value.
however. nothing herein shall bc con-
strUcd as TO change the present man
'.aI Cf Ia King hanks. trust companies,
lEhtinc. heating. and street railway
urmpanies. except that all real estate
owned by any of said compe nies shall
De assessed annually and taxed as Of
It's real and true value.
As To Construction.
Neither shall anything herein be SO
construed as to levy and impose any
tax upon shares of the capital stock
of sny corporation which pays to the
District of Columbia the required tax
upon all of the property represented by
its capital stock. or which corporation
pays taxes to the District of Columbia
as provided by law upon its earnings
or receipts In addition to the real
estate which is now exempted BY Law
from taxation in the District OF Co.
lumbia there shall also lie exempted
from taxation every PARSONAGE and
rcctory owned by religious congre-
CATION or CrgdniIation while il is used
b. its pastor. prea:hs-, minister or
rabbi as a residence: and. ~ addition
thereto there shall oe eYemnt fro-,, tax
alton in said District $500 of the yaIua
of each dwelling house occupied NV the
owner tHtreof as residencs; anj in
lieu of the existing exenntjon .S 20
personal property, there shall he er
eInpt from taxation $500 worth of snv
Kind of personal property CangfbJe ar
intangiblel which any person NAV own
The word person as used in tba
next preceding sentence shall NOT an
plv 10 any f1rm, corpartnerShip. or cor
poration. All bonds issued either h., tba
United States or by the District or
Columbia are hereby exempted from the
payment of tax to the District of CO.
lumbia- The assessment of real estate
shall be commenced not later than the
first Monday in November and con-
cluded by the last day of February in
each year.
The words real estate as herein
used in addition to their ordinary mean
ing shall include any right of way over
or right OF occupancy of the land of
another. The words real and true
value as herein used shall be Construed
TO mean the fair cash value of the prop-
erty. or the equivalent thereof, esti-
mated at the price 1t would bring at a
fair, voluntary sale without regard to
conflicting claims of title. Personal
property of every description shall be
assessed as Of the first day of July in
each year
''All real estate in the District of CO.
lumbia subject to taxation shall be
assessed, and its taxable value and
status determined as of the first day of
January of each year for purposes of
taxation for the fiscal year beginning
the first day of July following. This
act shall become effective on July !,
next, after it's final passage: and all
laws or parts of laws inconsistent CT
in any wise in conflict herewith are
hereby repealed to the extent to which
they may be inconsistent or in conflict
herewith"