The public ledger. [volume] (Maysville, Ky.) 1913-1968, 1916-12-28
constitutional
Amendment.


ment to Section Ill Of the
Constitution authorizing the General As
sembly to-
Classify property for taxation.
Fix the rate Of taxation on each class.
Designate which classes shall be sub
Jeet to local taxation.
Permanent The new law provides for
state Tax permanent State Tax
Commission. Commission to carry into
eneot the provisions and
exercise supervision over the entire ques-
ton Of State Taxation. To devote its en-
tire time to the question and assume the
duties OF the various Boards and Commits
sions now having authority to assess and
tax property for State purposes at Frank
fort.
Rate OF The new law fixes the rate
Taxation. OF taxation on all taxable
property for State purposes at
forty cents on each 500 Of assessed value.
instead OF fifty-flve cents, as at present.
on all classes Of property excepting de-
posits In bank. which are to be taxed at
ten cents on each 800 for the purpose
Of encouraging thrift and savings and the
circulation of money now sequestered be-
cause OF excessive taxation. In other
respects taxation for State purposes Will
be absolutely uniform on all classes Of
property, whether owned by the residents
Of towns or the country.
ApportIon- The apportionment for each
ment OF item OF expense remains un-
Revenue. disturbed, and the General
Expense Fund. the School
Fund, the Sinking Fund, the Kentucky
University and Road Tax will receive the
same exact proportion Of the revenue as
heretofore.
Real Estate. Real estate will be taxed
as at present and according
A. a. l. a. $50
and cities for State purposes at the uni
form forty-cent rate, and for county.
town or taxing districts at the local rates
fixed by the local authorities. The value
Of real estate depends on its location and
surrounding Improvements and should
naturally contribute towards the mainte-
nance Of such improvements.
Personal Personal property is ssgre-
Property. gated into classes and each
class will be taxed uniformly,
whether owned by the resident of town
or the country. for the purposes for which
It Is taxed.
Money and Money In hand, notes.
Credits. bonds, accounts and shares
of stock In foreign corpora
lions having less than twenty-five per
cent. Of their taxable property in Ken
lucky will be taxed for State purposes
only, at the uniform forty-cent rate In
in Kentucky corporations and foreign cor
porations having more than twenty-five
per cent. OF their taxable property In
are exempt from taxation. as
the taxes are paid by the corporations.
Farm implements and ma
chinery. the machinery Of
esta bllshments. including
raw material and product in course Of
will be taxed for State pur-
poses only at the uniform rate of forty
cents in lieu OF all other taxation.
Mortgages will be taxed for
State purposes only at the
uniform rate OF forty cents, and II for a
period exceeding three years, a registra-
ton fee Of twenty-five cents on each 500
will be required in order TO secure rev.
enue from foreign money lenders on long,
time loans. as this is the only Kentucky
tax they would have to pay.
3 tanks and Banks and trust COM
Trust Com panies will be subject TO the
panles. same taxation as at present,
but the State tax will be
only forty cents instead Of flfty-hve. as
at present, and the assessment will be
made by the permanent Tax Commission
Instead Of the state Board OF Valuation.
Banks have heretofore been assessed on
4 different basis Of valuation from other
and 1T Is not proposed to dis
Iurb this arrangement
Bank Bank deposits are placed in
Deposits. a separate class and depositors
will be taxed at the rate Of
ZEN cents on each 500 on money on de-
oosit September l. which tax may. how
sver. be paid by the banks for their de-
Dositors or by the depositors themselves,
Ind this nominal tax is calculated to
argely increase the deposits in banks, as
money not SO deposited win be subject to
he State tax rate Of forty cents.
and Railroads and public
Corporations. be assessed by the per-
manent Tax Commission
Ind the taxes on the various classes OF
property they may own win be the same
Is for individuals-forty cents for State
purposes on property taxed for State pur-
,oses only and such local taxes as the
ocal authorities fx on property subject
o same. The value OF franchises will
Ilso be nxed by the State Tax Commits
lion and the new law dispenses with all
'ther State Taxing Boards and taxing
privileges Of other Commissions at Frank
ort.
Merchants. Merchants win be taxed on
their real estate and tangible
as heretofore, but at the lower
State tax rate OF forty cents. and such
ocal rates as may be fixed by the local
authorities. Notes. accounts and cash In
and will be taxed for State purposes
My at the uniform forty-cent rate In
leu OF other taxes and bank deposits
It ten cents on each 800.
Manufacturers. Manufacturers will be
subjected TO the pay
nent OF State taxes only on their ma
hinery and raw material and product
n course Of manufacture. notes. accounts,
ash in hand and cth-r Intangible person
Neura - h - 90 a.. a.. -.
deposits at ten cent? III tl0e Their
cal estate viii be sub.sct 20 State and
ocal taxes as at present
farmers. Farmers win be subjected TO
the present taxation on their
and and improvements. but the tax rate
or State purposes will be forty cents
instead OF nfty-flve. Agricultural imple-
nents and machinery will be taxed for
tate purposes only at the uniform forty
ant rate. Crops grown within the year
re exempt from all taxation. Bank de-
'osits win be taxed at ten cents on the
hundred dollars, and this tax may be
'aid by banks. Cash on hand. notes AND
accounts. taxable bonds and stocks will
u taxed for State purposes only az the
inform forty-cent rate.
livestock. Livestock win be taxed as
at present. but the State tax
ate will be forty instead OF nfty-ave
ents.
fousshold Household effects, inolua-
md once Ing pictures. musical instru-
furniture. ments and jewelry. will be
taxed as az present. but the
tate tau rate Wall be forty instead Of
Ifty-hvs cents. and there will be the
,rsssnt exemption Of s26o for heads Of
a. rAxpAyEss IN pAvos o. A
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