Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1915-03-27
LEVY 1O-CENT TAX
FOR STREET FUND
Committees Ordinance Would
Make Aggregate City Rate
in 1915, $l.85
MEANS TOTAL RATE OF $1.95
State Will Levy Additional 10
Cents on the $lOO for School
Purposes.
MEANS TOTAL RATE OF s1.9s

Finance Committee to the Board of
Aldermen, is adopted. tho aggregate
tax rate for thnt year on all real
estate not exempted from taxation will
h" Sl.9S on the 800. an increase OF 20
cents over preceding years
This was disclosed from a reading
OF the ordinance. which was last night
tabled by the Board under the rules
The measure imposes on the tax sub
jcct i,amed a city rate of Sl15 plus an
extra 10 cents Oh the 500 for street
improvements The proceeds from this
extra tax, which. il is understood. will
be levied only in 1915. will be applied
to the general street fund. which was
this year sharply scaled in the budget.
The extra lo-ccnt levy. it is estimated.
viii give 10 streets about 100000.
STATE WILL COLLECT
10 CENTS FOR SCHOOLS
In addition TO the slS5 which. under
the Finance Committees ordinance
will be collected by the city. an extra
10 cents on the 500 will be levied by
the State for school purposes. This
would bring the aggregate rate for
city real estate and improvements dur
ing the year 1915 to sl.35--an increase
OF 20 cents on the slC0 of value over
the combined rate paid to the State
and city under the old system.
Chairman Grundy. of the Finance
Committee. said last night that. while
the committee did not look further
ahead than 1915. II was assumed that
the extra 10 cents for street improve
Incnt will not be necessary after next
year. The increased tax income that
will follow the new assessment, he
thought, Will obviate the necessity for
repeating the street Improvement tax
in 1917.
The ordinance, under the rules, must
lie on the table until the next meet
ing. At least one member Of the upper
branch last night expressed his deter
mination to vote against any increase
| in the aggregate tax rate. 1t is be-
! lieved that the ordinance will be the
! subject OF sharp debate when 1T i.
taken from the table.
TEXT OF ORDINANCE
PRESENTED TO HOARD
The ordinance carries a provision
putting it into effect from its passage.
II fixes the tax levy for 1915 ms fol-
lows:
ON all real estate. tangible per-
sonal property and rolling stock OF
railways other than steam roads. not
exempted from taxation, one and three
fourths per cen,um OF value, and for
the year 1915. a further tax on all real
estate and improvements. for street
improvement one-tenth OF one per
centun of value
'On all intangible personal property.
including bonds and stocks, three
tenths per centum OF value; on bank
capital. surplus and undivided profits.
1aec
cluded In said capital and surplus and
undivided profits one and ffteen-
hundredths per ccntum of value. pro-
vided that for the year 1918 the tax on
bank capital surplus and undivided
profits shall be one and four-tenths
per centum OF value; on capital en-
ploycd in business, not otherwise
taxed as intangible personal property,
one and four-tenths per centum OF
value. The taxes upon such shares of
stock in any bank, located and doing
business. shall be assessed and col
lected in accordance with the provi-
sions of the act OF the General AS
sembly OF Virginia approved March IA.
1915"
COFER'S STATEMENT
DOES NOT TELL ALI.
City Accountant Cofer has prepared
a statement showing that the city. as
corporation. levying its own rate of
Sl.io OH real estate and tangible realty.
will under the new tax system ratified
by the recent special session OF the
General Assembly. gain about s2a. 900
i'll revenues during 1915.
The fact however, that the State
will collect n school tax Of 10 cents on
the 500, which will have to be paid
by property-owner in addition TO the
Sl.'0 rate levied Ivy the city. crea tes
a loss due TO the new system, which
Will have to be met by the taxpayers
While the city. as a corpora ton. will
gain $4,000. its taxpayers will have
to meet n burden which will be an
proXimately $4,000 heavier, because
Of the new taxing system. This. OF
course, is independent Of the proposed
lo-ccnt extra tax for street improve
ments.
SENATOR JAMES r. CANNON
ANALYZES SITUATION
Senator James r. Cannon, OF Rich.
mond, an ardent advocate OF tax
equalization as opposed to segrega-
tion, in statement to The Time:-
Dispatch last night, analysed the tax
situation As follows:
Under our previous system, the com
bincd city and state tax rate upon
realty and tangible personality was
sl.1', OF which the city levied $40 and
the State 80 cents. or this latter
amount. the state, under the seerega
tion system. releases 25 cents TO the
city and retains 10 cents for school
purposes.
"In your news columns you make
II appear that the State levy for
schools will be for the year 1915 only.
This is n mistake. The language Of
the segregation act is as follows: pro
vided, however. there shall be continued
for the year 1915. and until otherwise
changed by law. tho present state
school tax OF - cents OH, every 800.
of the assessed value Of said real
estate and tangible personal property.
etc. Whether or not this school tax
Will ever he released by tho State is
matter OF speculation pure and sim
Pile, can only be determined In the
future. after taking into account tho