The citizen. [volume] (Berea, Ky.) 1899-1958, 1916-12-28
A SYNOPSIS
OF The Proposed
new KENTUCKY REVENUE
AND TAXATION LAW

ment TO Section Ill OF the
Constitution authorizing the General As
sembly to-
Classify property for taxation.
FlS the rate OF taxation on each class
Designate which classes shall be SUD-
Ieet to local taxation.
Permanent The new law provides for
State Tax permanent Sthte Tax
Commission. Commission to carry into
effect 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
razatisA Of taxation on all taxable
property for State purposes at
forty cents on each 800 OF assessed value.
instead Of fifty-fve cents. as at present,
on all classes Of property excepting de-
posits In bank, which are TO be taxed at
ten cents on each 500 for the purpose
OF encouraging thrift and savings and the
circulation OF money now seauestered 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.
Apportlop- The apportionment for each
nent 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
70 Its locality In the country or towns
and cities for State purposes at the uni
fort nd
town or taxing districts at the local rates
fred 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 IN segre-
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
II is taxed.
Money and Money In hand. n ties,
Credits. bonds, accounts and shares
of stock in foreign corpora
tions 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
lieu OF all other taxation. Shares OF stock
in Kentucky corporations and foreign cor
porations having more than twenty-fv
per cent. OF tutlF thNhDlt pIppfIly III
Kentucky are exempt from taxation, as
the taxes are paid by the corporations.
Machinery. Farm implements and ma
chinery. the machinery OF
manufacturing establishments, including
raw material and product In course OF
manufacture. will be taxed for State pur-
poses only at the uniform rate Of forty
cents In lieu OF all other taxation.
MORTGAGES. Mortgages will be taxed for
Gfat Mt thu
uniform rate OF forty cents. and II for
period exceeding three years. registra-
ton fee OF twenty-five cents on each 800
will be required In order to secure rev.
enue from foreign money lenders on long
time loans az this Is the only Kentucky
tax they would have to pay.
Banks and Banks and trust COM
Trust Com panies will be subject TO the
panies. same taxation as at present,
but the State tax will be
only forty cents instead OF fifty-ive, 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
a different basis OF valuation from other
property. and II is not proposed to dis
turb this arrangement.
Bank Bank deposits are placed In
Deposits. a separate class and depositors
will be taxed at the rate Of
ten cents on tdtn slVV On tuoHfN ob W.
posit September l. which tax may. how
/ ever, be paid by the banks for their de-
positors or by the depositors themselves,
and this nominal tax Is calculated to
largely increase the deposits In banks. as
money not so deposited viii be subject to
the State tax rate Of forty cents.
| Railroads and Railroads and public
/ Public Service service corporations will
| Corporations. be assessed by the per-
manent Tax Commission
and the taxes on the various classes Of
/ property they may own will be the same
| as for individuals-forty cents for State
/ purposes on property taxed for State pur-
poses only and such local taxes as the
/ local authorities Ak on property subject
/ 20 same. The value OF franchises will
also be nxed by the State Tax Commits
| sion and the new law dispenses with all
/ other State Taxing Boards and taxing
/ privileges OF other Commissions at Frank
fort
| Ms~ehants. Merchants will be taxed on
| their real estate and tangible
/ personally as heretofore. but at the lower
| State tax rate OF forty cents. and such
local rates as may be nxed by the local
authorities. Notes. accounts and cash In
hand will be taxed for State purposes
/ only at the uniform forty-cent rate In
lieu Of other taxes and bank deposits
/ at ten cents on each tloo.
Manufacturers. Manufacturers will be
subjected to the pay.
ment OF State taxes only on their ma
chinery and raw material and product
On course OF manufacture. notes. accounts
! cash In hand and other intangible person.
atty at the rate OF forty cents. and bank
deposits at ten cents on each 500 Their
real estate win he subject to state and
local taxes as at present
Farmers. Farmers will be subjected 10
the present taxation on their
land and improvements. but the tax rate
for State purposes viii he forty cents
instead % nifty Ave. Agricultural nipple.
ments and machinery will be taxed foi
State purposes only at the uniform forty
cent rate. Crops grown within the year
are exempt from all taxation. Bank de-
posits win be taxed at ten cents on the
hundred dollars. and this tar may be
paid by banks. Cash on hand. notes and
accounts. taxable bonds and stocks will
be taxed for State purposes only at the
uniform forty cent rate.
livestock. Livestock will be taxed az
at present but the State taN