Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1916-04-12

A meeting Of the Waterville Cnam-
Der of Commerce was held at the city
council rooms in the City building at
$50 Tuesday morning, and it was one
of the largest attended and enthusiast
tic meetings that has been held Tor
long time. The report Of the secretary
on the last meeting was held aad 1t
was that hereafter all meetings Will
be open to all members, also that
couple of purses Of 800 each for boys
and girls has been arranged for the
Central Maine fair.
Committee Report
The report of a committee to study
taxation matters in the city which was
appointed several weeks ago was read
by President Patterson. 1t was as fol-
lows:
The committee, in accord with in
structions and suggestions of Presi-
dent Ralph J. Patterson, has investi-
gated tax conditions in Waterville and
now submits the following report:
AS basis for the investigation, the
committee selected what appeared to
be fairly representative sections OF
different classes Of property, and then
compared the assessors valuation with
the fair market value. as disclosed by
our investigation. AS is generally
known, the board Of assessors Is max
ing their valuation, assess all property
at about two-thirds Of it's market
value, a custom which prevails in 9TH
err parts Of the State. The committee
formed its view Of fair market value
after consulting with real estate men,
and other citizens familiar with prop
erty values. The fair market value of
a piece Of property means its probable
selling value in view of its location,
area, buildings and improvements up
on it and depreciation.
The committee has compared sep
arately the value of land and Of build
ings, as a recent State law requires
assessors to list property in this man
ner. Thus business property inveti-
gated. having a value Of over a mil
lion dollars. is assessed on the land at
IS per cent. and on the buildings at
80 per cent, or at an average for land
and buildings together Of 6S per cent
Of it's market value. This combined
valuation is remarkably close to the
two-thirds valuation aimed at by the
assessors. even though the assessors
estimate on the land seems small and
on the buildings large.
Residence property is assessed on
the land at 70 per cent. and on the
buildings at so per cent, or at an aver
age for land and buildings Of 81 per
cent. In this case the assessors valu-
alton on the land seems large and on
the buildings small. Here, again, the
combined valuation of land and Of
buildings conforms very closely to the
rule Of a two-thirds valuation.
Complete and satisfactory data con-
corning farm property and manufac-
turing plants were not obtainable, so
definite statements concerning varia-
tons In the valuations of these classes
Of property are not warranted. The
assessors valuation of this property
and all other available information
however, reveal that no unfair dis
examination in the assessment Of taxes
is made either against farm owners in
respect to farm improvements. ma
chinery, or land, or against the owners
or manufacturing plants in respect to
their land, buildings. stock in process
or machinery. The same things may
be said concerning the data and the
assessment of merchants stock in
trade. Only a very small proportion
of the property Of manufacturing
plants is now exempt from city taxes.
Intangible personal property here re-
peats the same story that every COM
munity in the United States records
When attempting to enforce the gen.
eral property tax, namely, Of utter fail
ure to locate stocks and bonds. or
money at interest, for purposes Of tax
alton. Ahe assessors books disclose
out Few instances where property Of
this form is taxed. This condition is
IN no wise due to a lack of vigilance of
the assessors, but rather to inherent
oefects OF the system under which thew
are required to assess the taxes.
The best method for reaching in
tangible personal property, such as
STOCKS, bonds and notes, seems to be
provided In an amendment added to the
STATE constitution a few years ago
tu0 Legislature To All.
tnorize by law a lower rate of tax
on intangible than on other forms Of
property. 1t is hoped that the Legisla-
ture will soon do this. Similar leg.
islat1on has been made in other states
with satisfactory results and large
amounts Of this heretofore untaxed
property have been reported for taxa
ton at the lowered rate.
HARRY E. GREEN.
F. e. WOLFE,
The question OF observing Post Card
day on April 10 was considered and It
was voted that the Chamber Of Com
merce endorse the idea and ask everyone
to take part in 1t. The question of
having some Official cards for the cham
Der was taken up and it was discussed
as to whether 1t would not be a GOOD
idea for all to have cards alike and en-.
dorsed by the chamber. and a committee
consisting Of l. L. Cadawallder. L. p.
Loud and e. c. wardwell was appointed
to consider and take action on the mat.
ter.
President Patterson announced that h>