Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1915-04-25

| state and local. upon real estate, tangi-
bic personal property and intangible
personal property, and that, that com
bined rate, Will he a reduced rate.
Tho employment Of business meth
DDS both By the State and localities
In the administration OF their affairs
, is most essential and these admins
trations need not be parsimonious, but
should be conservative, economical and
SO progressive as necessity demands.
NATURAL REDUCTION
HAS ALREADY BEEN MADE
From TIE standpoint Of the State.
there has already been a very material
reduction in the rate of taxation re-
spccting real estate and tangible per-
sonal property. Formerly the state
taxed this property at 35 cents on the
800 assessed valuation.
Under the new law the State taxes
Intangible personal property at SIS
cents on tho 500 assessed valuation.
and permits localities, If they see fit
TO do so, to tax such property at a
rate not 10 exceed 80 cents on the 500
assessed valuation, total combined
State and local rate s5 cents on the
800 assessed valuation, and this com
hincG rate, under tho new law, is
about 40 per cent less than the COM
bined rate under the former law. Sure
Is. it must be admitted. legislation so
far enacted. provides a reduction in
the tax rate.
In order that all taxpavers NAV
equally share the benefits arising from
the recent changes in the tax laws of
Virginia IL might be we'll for the coun-
ties. cities and towns to exercise in
full the privilege of taxing intangible
personal property at 80 cents on the
500, and only using so much. if any.
OF the 20 cents released by the State
property as is actually needed 10 pro-
vide the necessary revenue for local
purposes.
CLASSIFICATION OF Personal
TANGIBLE PROPERTY
To adopt this suggestion the tax
payer would be required to pay, State
and local, Is cents on each 500 as
sessed valuation of intangible personal
property. instead OF approximately
$3.50, which he is now paying: and If
the locality does not use any part OF
the % cents State tax released on each
500 assessed valuation of real estate
and tangible personal property to that
extent the owner OF real estate and
tangible property will aso share in the
! benefit arising from the reduction in
taxation. State and local combined
The law OF this State classihes the
following property Is tangible persona
property:
Horses, mules. cattle. sheep goats.
hogs. carriages, wagons buggies, auto
mobiles. bicycles tools of mechanics.
books and pitcures, farming imple-
ments. felled timber. watches and
clocks. household and kitchen furniture
and sewing machines. gold and silver
plate, plated ware. diamonds. canoes
and other precious stones and metals
! used as an ornament and jewelrY. grain,
! tobacco and other agricultural lrvduc-
I lions. ships. tuSboats and other boats,
shotguns. rifles muskets, seines, pound
nets. bridge, turnpike and ferries
Upon the tangible personal property
defined above and upon real estate the
! state formerly imposed a tax of 80
cents on the 800 assessed valuation.
REDUCES REAL ESTATE TAX
FROM 30 CENTS TO 10 CENTS
Under the new law it will tax these
properties ut only 10 cents on the 800
assessed valuation. and that tax is to
be used for the support OF the public
free schools: to the amount realized
from this source the State Will add
from her treasury, by appropriation.
almost double the amount realized from
the 10 cent tax, and all OF this money
will be returned to tho counties and
cities. according to the school census,
to provide primary and grammar
schools.
The Board of Supervisors can. on
real estate and intangible personal
property. impose levies for county pur-
poses, for county and district school
purposes, for county and district road
purposes, and to pay interest upon and
10 provide a sinking fund to retire
bonds Issued for county and district
road purposes.
Cities and towns can, on real estate
and tangible personal property, impose
such rate OF levy within the Limitation.
IL any, prescribed by their charters or
by the general law Of the State, as NAV
be deemed necessary for efficient adj
ministration of their affairs.
CLASSIFICATION OF
INTANGIBLE PROPERTY
The law OF this State CLASHES tho
following property as intangible per-
sonal property:
l. Bonds notes and other evidences
Of debt.
2. Capital OF individuals used or en-
ployed in business out of this State.
3. Capital of corporations or incor-
| porated Joint stock companies.
| 4. Observation-Disclosures used or en-
| ployed In any trade or business in this
, State.
5. Principal OF personal estates,
credits, etc. under control Of court
receiver. commissioner, personal rep
! resentattve. guardian. trustee. etc. (The
values of this Droncrfy will n ronnrtad