Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1915-03-26
CITY WILL GAIN $4,000
UNDER NEW TAX SYSTEM
Accountant Cofer Submits Report
Showing Estimated Gains
and Losses
ORDINANCE TO FIN NEW LEVY
Measure VIII Be Reported by III
nance Committee to Special Meet
ing OF Board To-Night-Committe
Rejects Free School Site Offer.

According to tho report OF City Audi
tor Crenshaw. upon which Is based the
ordinance fixing the city's tax levy for
the year 1916. submitted yesterday to
the Council Finance Committee. the ap-
plication OF the new tax system rat-
fed by the recent special session OF the
General Assembly, will increase the
city's revenue for 1915 to the extent OF
about $4,000.
The new rates of taxation. AZ far as
they affect the subjects whose taxes
are segregated to the city, will be put
into effect by an ordinance which will
be submitted by the Finance Committee
to the Board of Aldermen tonight at
n special meeting called for this pur-
pose. Under the rules, tho measure
will have to lie on the table for action
at the next meeting.
AUTHORIZE SCHOOL BOARD
TO ACCEPT SITE OPTIONS
The Board Will act tonight. also.
upon resolution authorizing the
School Board TO accept options on GER
tain property on Fulton Hill which is
being considered In connection with
the selection OF n site for the proposed
new Fulton School. The committee
rejected the offer Of a free site nado
by Alderman Nelson. Tho site offered
by him was declared by tho school
authorities to be unsuited
highly interesting statement was
submitted to tho committee by City
Accountant Cofer, showing the amount
Of revenue received by the city under
the present tax rate, and tho amount
that Will be derived under the now tax
system enacted by the recent General
Assembly. The estimates arc based on
tho 1914 assessment
Mr.. Cofer's statement shows that un-
der the new law the city will gain
sS27.778.20 from the tax on real estate.
This arises from the fact that the new
law scgregates tho taxes from real
estate to the cities and local communi-
ties. Under the old system the city
levied a local tax OF $40 on this class
OF property. receiving In 1914, S1.3l1,-
1881. Under the new law the city will
collect it's own rate plus the old 35
cent State rate. levying a new rate of
S1.75 on all real estate.
STATE WILL LEVY
EXTRA 10-CENT TAX
In addition to the combined rate Of
s1.I0 which the city will levy. the State.
during the year 1915 only. will mako
an additional 10-cent levy, the pro-
ceeds of which are to be applied to the
support Of the public schools. Author
ity to levy this special tax was pro-
vided In a bill passed by the special
session for tho purpose Of wipinE out
an estimated deficit that was expected
to follow tho first years operation of
the new system
1t Is expected that after 1916 the in
crease from the tax on intangibles will
more than offset any deficit in the State
funds that may bd caused by tho
shrinkage In the receipts from other
sources. The low rate fixed for in
| tangibles. II is hoped, will draw from
its hiding place much OF this class of
property that, under the old system.
was not reported for taxation.
EXTRA TAX WILL. TAKE
100000 FROM RICHMOND
The extra levy by the State OF 10
cents on the 500 for school purposes
Will make the Richmond tax rate for
the year 1915 Sl.S5. 1t Is estimated that
the lO-cent increase will bring to the
state from Richmond alone 100000
This sum will represent the actual In
crease that Will be paid by Richmond
property owners. during 1915, over and
above the usual S1.75 rate at which
their property has been taxed in the
past.
The city's total income in 1915 from
taxes on real estate Is estimated by
MIR. Cofer at $1.63S,s9lOl, or $327,-
1880 more than the city received from
tho tax on real estate at the old rate
y gain OF $27,759.3O is noted In the
case OF tangible personal property
which Is segregated to the city. The
new rate OF $l.75 for city purposes ex-
cluslvely Will apDly also tn thiS clo {,