Mount Vernon signal. (Mt. Vernon, Ky.) 18??-current, 1917-02-02
A SYNOPSIS
of The Proposed
k[W KENTUCKY REVENUE
AND TAXATION LAW

Fix the rate OF taxation on each CLASS
Designate which classes shall be sub
ject to local taxation.
Permanent The new law provides for
State Tax permanent State 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 Cornlnls-
sions now having authority to assess and
tax property for State purposes at Frank
fort.
Rate Of The new law fixes the rate
Taxation. of taxation on all taxable
property for State purposes at
forty cents on each 500 of assessed value,
instead Of fifty-five 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 sequestered 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.
Apportlon- The apportionment for each
ment 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
to it's locality in the country or towns
and cities for State purposes at the uni
form forty-cent rate, and for county,
town or taxing districts at the local rates
fixed 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 is 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. notes.
Credits. bonds. accounts and shares
of stock in foreign corpora
lions 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-five
per cent. of their taxable property In
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
ma nufacture 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
State purposes only at the
uniform rate Of forty cents, and IL for a
period exceeding three years, a registra-
tion 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, as 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
panles. same taxation as at present,
but the State tax will be
only forty cents instead of ffty-fve, 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 it is not proposed to dis
turb this arrangement.
Bank Bank deposits are placed ir
Deposits. a separate class and depOsiters
will be taxed at the rate Of
ten cents on each s18e on money on de-
posit September 1, 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 will 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 fix on property subject
to same. The value of franchises will
also be fixed 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.
Merchants. Merchants will be taxed OH
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 fixed 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 3lee
Manufacturers. Manufacturers will be
subjected to the pay
ment Of State taxes only on their ma
CHlUcTy anu raw material ana prOducf
IN 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 800 Their
/ real estate will be subject TO State and
local taxes as at present.
Farmers. Farmers will be subjected to
the present taxation on their
land and improvements, but the tax rate
for State purposes will be forty cents
instead Of ffty-five Agricultural implA-
ments and machinery will be taxed for
State purposes only at the uniform forty
cent rate. Crops grown within the year
are exempt from all taxation. Bank de-
posits will be taxed at ten cents on the.
hundred dollars. and this tax 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 rate.
Livestock. Livestock will be taxed as
at present. but the State tax
rate will be forty instead Of ffty-fve
cents.
HeusehsId Household effects includ-
and ONCE ing pictures, musical instru-