The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1915-10-23
STATE TAX COMMISSION.
MAKES REPORT OF WORK DUR
S ING PAST YEAR IN EQUAL
HING TAXES.
Tells What Action Was Taken and
Reasons for Making Changes I'm Va
rious Banks, When Effort was TO
Assess Institutions at Fifty Per Cent
OF Values.


property for taxation" the South Car
ohna Tax Commission was created by
the Act of February Goth. 1915. The
Act abolished the State Board of As
sessors and the state Board OF Equal
ization and devolved their duties upon
the Tax Commission. and gave the
Tax Commission general supervision
over the assessment and tax laws OF
the State, over all boards of assessors
and equalization. over all assessing Of
aeeHs In the performance OF their du-
ties. TO the end. that all assessments
OF property he mado relatively just
and equal in compliance with the laws
OF the state. The Act empowers and
directs the South Carolina Tax Com
mission TO assess and equalize the
taxable value upon the property and
franchises OF railroads. street railway
companies, electric railways, water.
heat, light and power companies, cor
porations engaged I'm textile Industries.
cotton seed oil and fertilizer compa-
nies. Pullman Palace car companies,
express companies. telegraph and tele-
phone companies, private car lines
snd canals furnishing power for rent,
hire or sale, and public service cor
porations. banks and banking corpora
tions. insurance and trust companies"
- The Tax Commission. i'm pursuance
OF the statute, at once entered upon
the assessment and equalization of
ths taxable values of properties of cor
porations required to be assessed by
them under subdivision 16, of Sec. 8,
of the Act above quoted.
I'm making these assessments, the
Tax Commission undertook TO act up
on the same basis heretofore observ-
ed by the State Board of Assessors
snd State Board OF Equalization with
respect to the classes of property
heretofore assessed by them.
=. In assessing the banks and banking
corporations which have heretofore
been assessed by the County Auditors
and County Boards OF Equalization on
N basis varying in each county, the
State Tux Commission sought for a
funiform percentage OF value which
WOULD place the banking properties on
the same relative. basis on which they
were assessed In 1914. The aggregate
amount OF assessments of such proper
~ for the year 1914. was $13,O7S,-
6s1.OO. but n great difference existed
I'm the percentage OF the true value
tnken for tho purpose OF assessment,
In the completeness of the returns for
purposes Of taxation, and I'm the allow
ance OF alleged eXemptions banks i'm
some counties being assessed at 20
per cent. of the real value OF their
stock, while others i'm the same coun-
ties were assessed at 60 per cent. The
Tax Commission ascertained that the
average percentage taken for assess
ment and taxation. OF the actual value
of all bank stock throughout the State
for the year 1914 was As lilo per cent
and therefore adopted this basis OF
percentage OF the true value of the
banks I'm 1914 as the basis to assess
and equalize all banks stocks OF the
State in 1915.
The incidental effect was to reduce
the amount OF taxes to be paid by
some banks and increase the amount
to be paid by others. In making the
assessment and equalization. OF tho
banks. the Tax Commission discov-
cred and added some items of taxable
property held by the banks escaping
taxation which will more fully appear
In the tabulated statements i'm another
part OF this report. No radical
changes were made; the object of the
Tax Commission being To equalize the
amount of taxes paid by the banks
throughout the entire State; TO assess
and equalizo them upon common
basis. so as TO place them upon an
equal footing for taxation. until such
time as there would be now assess.
ment OF all classes of property in the
state, including real estate, when n
common percentage OF the true yaluo
Tor purposes of taxation will be mp
piled to all property. The increase of
Sl'4SI'9O4. In the assessment OF bank
stocks for 1915 over the assessment Of
tl9l4. In accounted for. not by the
change In the percentage Of true value
taken for the purpose OF taxation. but
the Increase of new capital. surplus
and undivided profits. together with
property heretofore escaping taxaticn
and Ivy tho dis-allowancc of cxcm,
tlons crrnncously nllnwcd I'm tho NJ