Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1916-01-12
BURDEN OF TAXATION
MORE EVENLY PLACED
Auditor Moore Makes Interesting
Report on Working of
New System.
WRINKLES TO BE IRoNED OUT
Increased Assessment Shown in In
tnngibleS, Though Immense Sums
in Notes Secured on Real Estate
Mortgages Still Escape Taxation.

Under the system of partial s.gre-
cation now In force, taxable values
have materially increa scd. and the bur
den of taxation is more uniformly dis
tributed than heretofore" reports Audi
tor OF Public Accounts &. Lee Moore. in
the annual statement of the Common
wcalth'S fiscal situation for the year
ending September 30. 1915, TO be sub
mitted to-day to the General Assem-
bly,.
Having thus given general approval
TO the new tax system put in force by.
last years special session, Mr.. Moore
addresses himself to the shortcomings.
pointing TO the millions in untaXed m
tanGibles which should be reachea by
supplementary legislation. in order to
repair for the State the loss il suffered
in releasing to The counties. cities ana
towns the tax on real estate
Under the new tax system" Mr.
Moore reports, the increased assessed
value OF intangible property approxi-
mates $4,000, 400. nearly one-half of
which is derived from the increase in
, the assessment upon capital OF cor
pora tions. the other half of the increase
being about equally divided between
bonds, notes. etc. and shares of stock
NOTES SECURED BY DEED or
TRUST NOT REACHED BY OFFICERS
The net increase in the assessed
value Of intangibles. comparing the as
sessments for 1915 with those for 1914
is a little over s5i.o00,0o0. due to the
fact that in the assessments for 1914
/ Tor hduciary property were included
over Slo.Ooo.ooo Of values which were
assessments for years prior to 1914
The Increase In the assessed value
OF bonds. notes etc. clearly indicates
that tho taxing officers have not dis
covered and subjected to taxation mil
lions OF dollars OF notes secured hy
deeds Of trust on real estate. The rea-
son for this is apparent Such notes
are almost invariably drawn PAYABLE TO
bearer; therefore. are negotiable and
pass from hand to hand, large amounts
going into the possession Of the banks
for collection for the owners.
Under these conditions. 1t is very
difficult for taxing officers to discover
such notes aud subject them 10 taxa
ton. IL is confidcntly believed if an
such notes could he taxed the state
will realize several hundred thousand
dollars of revenue from this source
and the General Assembly can well
4
law which viii provide for the taxation
of such notes ut the time the deeds
securing them are placed on record
PROGRESS MADE ~
ASSESSING iNTANGiRI.t,S
The assessments of intangible nrop
ertr for 1915 now. whilst progress has
been made, the dcsidcratun has uot
been reached: but SO wholesome has
been that progress tho result can be
ultimately obtained hy amending cx-
listing laws and by the enactment Of
new statutes To make more effective
thorough and uniform assessments
throughout the Commonwealth"
The AUDITORS report is Il bulky
volume OF i50 pages, packed from cover
7" cover with interesting tables and
summaries showing the initial effects
OF the new taxing system and The cx-
pcnditnrc of the public funds during
the fiscal year ending September 80.
1919. Officially. the report was sub
mittcd To Governor Stuart on December
- The contents will he made public
for the first time to-day. when the
printed volume will be distributed 10
the members OF tho General Assembly
The Constitutional rcasscssmcut Of
1918. Auditor Moore estimates. will
SHOW that the aggregate increase in
the value Of real estate owned IN the
state. as compared with the values re
ported by the commissioners of rhe
revenue tor 1915. will lie 10000, ,0oo
In this estimate is not Included the
real estate OF public service corpora
tions or mineral lands and improve
mcnts.
INCREASE IN REAL ESTATE.
AVERAGES 17 PER CENT
Mr.. Moore bases his estimate OF the
real estate increase upon complete and
partial reports of the 1917. reassess-
ment submitted 10 his office by the sew
eral commissioners OF the revenue The
Continued on Third rage0