The Hartford herald. [volume] (Hartford, Ky.) 1875-1926, 1916-12-20
Features Are Emphasized
BY State League.
PROPERTIES ARE CLASSIFIED
And the Rates Are Named On
the Different Classes
OF Property,
PERMANENT COMMISSION

The State Tax League of Kentucky
has summarized the proposed new
tax laws as follows:
Constitutional Amendment-Tke
new law is in conformity with the
Amendment to Section III of the
Constitution authorizing the General
Assembly to
Classify property for taxation.
Fix the rate of taxation on each
class.
Designate which class shall be
subject to local taxation.
: : 49,. :. IsSFJ,aaeut.S State Tax GomuDissign
The new law provides for a per-
manent State Tax Commission to
carry. into effect the provisions and
exercise supervision over the entire
question of State taxation. To de-
vote it's entire time to the question
and assume the duties of the various
boards and commissions now having
authority to assess and tax property
for State purposes at Frankfort.
Rate Of TaXatiOn-The new law
fixes the rate of taxation on all tax
able property for State purposes at
40 cents on each 500 of assessed
value, instead of So cents, as at
present, on all classes of property
excepting deposits in bank, which
are to be taxed at 10 cents on each
500 for the purpose of encouraging
thrift and savings and the circula-
ton of money now sequestered be-
cause of excessive taxation. In 9TH
er respects taxation for State pur-
poses will be absolutely uniform on
all classes of property, whether own
ed by the residents of towns or the
country.
ApportiOnment of Revenue-The
apportionment for each item of eX-
pense remains undisturbed, and the
General Expense Fund, the School
Fine, the Sinking Fund, the Ken
lucky University and Road Tax will
receive the same exact proportiop OF
the revenue as heretofore.
Zeal Isstate-Real estate will be
taxed as at present and according to
its locality in the country or towns
and cities for State purposes at the
uniform Accent rate, and for cOun-
ty, town or taxing districts at the
local authorities. The value of real
estate depends on its location and
surroundings improvements and
should naturally contribute toward
the maintenance of such improve
ments.
Personal Property--Personalp prop
erty is segregated into classes and
each class will be taxed uniformly,
whether owned by the resident of a
town or the country for the pur-
poses for which it is taxed.
Money and Credits--Money in
hand, notes, bonds. accounts and
shares of stock in foreign corpora
tions having less than 25 per cent
of their taxable property in Ken
lucky will be taxed for State pur-
poses only, at the uniform accent
rate in lieu of all other taxation.
Shares of stock in Kentucky corpo-
ratons and foreign corporations
having more than 20 per cent. of
their taxable property in Kentucky
are exempt from taxation, as the
taxes are paid by the corporations.
Machinery - Farm implements
and machinery. the machinery OF
manufacturing establishments, in
GLIDING raw material and product In
course of manufacture, will be tax
ed for State purposes only at the
uniform rate of 40 cents in lieu Of
all other taxation.
Observation-Disclosures will be
taxed for State purposes only at the
uniform rate of 40 cents, and IL for
a period exceeding three years a.
- stGtion fee of 25 cents on each
"A win be required in order to
revenue from foreign money
on longtime loans, as this
80 only Kentucky tax they would
have 10 pay.
Bank and Trust Companies
Banks and trust companies will be
, subject TO the same taxation as at
present, but the State tax will be