The weekly times-record. (Valley City, N.D.) 1912-1922, 1917-03-22
New Laws Alter the
Methods Of Taxation

Bismarck, March 16-Much Of the
more important legislation enacted by
the Fifteenth assembly affects the tax
commission and the taxation system In
force in North Dakota.
Assessment Bank Stock.
Senate Bill 40 provides for the as
sessment of bank stock, amending the
compiled laws of 1913 so as to bring
trust companies under the operation
of the law. The bill repeats the pro-
vision allowing deduction of per
cent of the, loans and discounts and
provides that the assessed value OF
the stock shall be ascertained by add
ing together the capital stock, surplus
and undivided profits, and deducting
therefrom the net investment in real
estate; provided, however, that such
net investment in real estate shall
not exceed a sum equal to 60 per cent
of the capital stock, surplus and undi-
vided profits of the bank.
The bill further provided that any
solvent bank by making written re-
quest may have the assessment here
tofore levied against the bank in it's
corporate name, and such taxes paid
by the bank as other expenses of the
bank are met. BY this provision banks
will be permitted to have deduction
of the amount of their taxes from their
net income, whereas, heretofore, when
the tax was paid by the individual
shareholder, no such deduction accru-
ed. The statement heretofore furnish
ed by the bank must now be made in
duplicate, one copy to be delivered to
the county auditor, and the other to
the tax commission.
Classification Of Property.
Senate Bill 40 provides for the class
i6cation of property for assessment
and fixes a percentage of the full and
true value at which property shall be
assessed Lands, railroad property
and bank stock constitutes Glass l.,
to be assessed at 80 per cent of its
actual value; livestock, machinery, au-
tomobiles, stocks Of merchandise, -four
mills, elevators, gas and electric light
plants constitute Class 2, to be valued
and assessed at 20 per cent Of its act
ual value; household goods, wearing
apparel, improvements upon farm
lands and money and credits not 9TH
erwise assessed constitute Class B.,
and are to be assessed at 5 per cent
of their full value.
Abatement Taxes
Senate Bill 81. provides for the
abatement of taxes. Under the pres
ent law Of the state and decisions Of
the supreme court, there is no way
Of securing abatement of taxes after
the assessment has passed the local
board of review. This bill provides
that application may be made to the
board of county commissioners for an
abatement whereupon, if 1t is favor
ably acted upon, it is ultimately GER
titled to the North Dakota tax COM
mission, when, if the commission ap-
proves, the abatement can be made.
This law will do away with many &C.
lions continually brought by taxpay-
ers where they have been unjustly as
sessed. The bill provides that the
tax may be abated in full or in part
as equity may justify it.
Moneys and Credits
The assessment of moneys and cred
it's at three mills on the dollar is pro-
vided for in Senate Bill SIS, which
Classics moneys and credits and Tx
es a fat rate thereon. The same law
is in effect in Minnesota, where it is
giving satisfaction. Statistics show
that a larger amount of revenue is Sc
cured from this class of property by
a, three-mill levy than where it is as
sessed under the general property tax,
and in addition, the revenue comes
from a larger number of persons, and
is more uniformly administered.
Duties Of Commission
Additional powers and duties for
the tax commission are provided by
Senate Bill g. It is combination of
the present North Dakota law with
many sections interviewer from the
Minnesota statutes. Some of the
leading features give the tax commits
sion power to appoint special asses
sors in districts where, in the opinion
of the tax commission, assessments
have not been properly made, and pro-
vide for a sreassessment of the dis
tricts in whole or in part