The Big Sandy news. [volume] (Louisa, Ky.) 1885-1929, 1917-01-12
A SYNOPSIS
OF The Proposed
new KENTUCKY REVENUE
AHO TAXATION LAW

constitution authorizing tho General As
Classify property FOR taxation.
Pix the rate Of taxation on each class.
Designate which elasses shall bo SUBJ
lect TO local taxation.
Permanent The now law provides for
state Tax q 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 Commits
hiona now having authority TO assess and
tax property for State purposes at Frank
fort
Rate OF The new law Axes the rate
Taxation. OF taxation on all taxable
property for State purposes at
forty cents on each 800 Of assessed value.
Instead Of hfty-hve cents, as at present,
on all classes OF property excepting de,
pOsitB In bank. which are 20 be taxed at
ten cents on each 500 for the purpose
Of encouraging thrift and savings and the
circulation OF money now aequestered be-
cause Of excessive taxation. In other
respects taxation for State purposes will
be absolutely uniform on ali classes OF
property, whether owned by the residents
OF towns or the country.
Apportion- The Rpportionment Tor each
ment o. item Of expense remains un-
Revenue. disturbed. and the General
Expense Fund. this School
Fund. the Sinking Fund. the Kentucky
University and Road Tax will tecsiye the
same exact proportion Of the revenue IS
heretofore
Real Estato. Real estate will be taxed
as AT present and according
20 lis locality IN the country or towns
ana cities for State purposes at the unis
form forty-cent rate. and for county.
town or taxing districts az the local rates
hxed by the local authorities The value
OF real estate depends on its location and
surrounding improvements and should
naturally contribute towards the mainte-
nance o. such improvements.
Personal Personal property ia segre-
Property. gated into classes and each
class will be taxed uniformly,
whether owned BY tho resident OF n town
or the country. for the purposes for which
II "a taxed.
Money and Money in hand, notes,
Credlta. bonds accounts and shares
Of stock in foreign corporn-
lions having less than twenty-five per
cent. OF their taxable property iH@Ren
lucky win be tax.d for State purposes
only. AZ the uniform forty rate In
lieu Of all other taxation Shares o. stock
IN Kentucky corporations and foreign cor.
porntfonn having more than twenty avs
Kentucky are exempt from taxation. Us
the tnxes are paid BY the corporations.
Machinery, Farm implements and ma
chInery. the machinery OF
manufacturing establishments. including
raw material and product In course OF
manufacture will be taxed for State pur
poses only AZ the uniform rate Of forty
cents In lieu Of all other taxation
; Morta aaos. Mortgages will be tAxed for
State nurt,OaRa only the
uniform rate OF forty cents. and II for a
period exceeding three years. reRistra-
ton fee OF twenty-five cents on each 800
will be required In order 20 secure rev.
enue from foreign money lenders on long
time loane al this Is the only Kentucky
tar they would have 70 pay.
Banks and Banks and trust COM
Trust Com panies win be subject 10 the
paniea. same taxation as At present.
but the State tar will ~be
only forty> cents instead Of hfty-ive. as
AZ present. and the assessment will be
made By the permanent Tax Commission
instead Of the State Board Of Valuation.
s Banks have heretofore been assessed on
different basis Of valuation from other
property. and II II not proposed 70 dis
turb this arrangement
Bank Bank deposits are placed In
Deposits. separate class and depositors
viii be taxed nj the rate OF
ten cents on each 800 on money on de-
poait September !. which tax may. how
ever. be paid by the banks Tor their de-
positors or by the depositors themselves,
and this nominal tax II calculated 10
largely increase the deposits In banks, as
money not 10 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 sam-
as for iudividuala--forty cents for State
purposes on property taxed for State pur-
poses only and such local taxes as the
local authorities Ak on property subject
10 same. The value OF franchises will
also be fxed by the State Tax Commits
sion and the new law dspenses with all
other State Taxing Boards and taxing
privileges OF other Commissions at Frank
fort
Merchants. Merchants viii be taxed on
their real estate and tangible
personally as heretofore. but at the lower
state tax rate OF forty cents and such
local rates ca may be ixed by the local
4 authorities. Notes. accounts and cash IN
z 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 500,
y Manufacturers. Manufacturers viii be
subjected to the pay
ment OF State taxes only on their ma
chfnery and raw material and product
! In course OF manufacture notes, accounts.
cash In hand and other Intangible person
atty at the rate Of forty cents, and bank
deposits at ton cents on each 500 Their
real estate will be subject TO State and
local taxes as at present
Farmers. Farmers will he subjected to
the present taxation on their
land and improvements. but the tax rate
for state purposes will be forty cents
Instead OF tfty-fve. Agricultural imple-
fnents 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
pnid by banks Cash on hand. notes and
accounts. taxable bonds and stocks will
be taxed for State purposes only at the
,niform forty-oent rate.
livestock. Livestock will be taxed as
at present. but the State tax
rate will be forty instead OF hfty-fve
cents
Household Household effects, includ-
and ONCE ing pictures, musical instru-