The Clay City times. [volume] (Clay City, Ky.) 1901-current, 1917-01-18
A SYNOPSIS
OF The Proposed
new KENTUCKY REVENUE
AND TAXATl0A LAW

Designate which classes shall be sub
Jeet to local taxation.
Permanent The new law provides Tor
State Tax permanent state Tax
Commission. Commission to carry into
effect the provisions ana
exercise supervision over the entire ques-
ton OF State Taxation. To devote It's en-
tire time TO the question and assume the
duties OF the various Boards and Commis-
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 taXaole
property for State purposes az
forty cents on each 500 OF assessed value,
instead OF hfty-hve cents, as at present
on all classes OF property excepting de-
posits I'm 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.
ApportIon- The apportionmsnt for each
rent Of item OF expense remains nn-
Revenue. disturbed. and the General
Expense Fund. the School
Fund, the Sinking Fund, the ksst9cky
University and Road Tar will receive the
sams exact proportion OF the revenue ~
heretofore
Real Estate. Real estate win be taxed
Is at present and according
20 fts 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
axsd by the local authorities. The value
Of real estate depends on It's 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
n Is taxed.
Money and Money In hand, ties,
Credits. bonds. accounts and shares
Of stock I'm foreign corpora
lions having less than twenty 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 ar 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
| manufacture, will be taxed for State pur-
| poses only at the uniform rate OF forty
cents in lieu Of all other taxation.
Mortgages. Mortgages win be taxed for
State purposes only at the
uniform rate OF forty cents. and II for a
period exceeding three years. q registra-
ton fee OF twenty-five cents on each 500
| 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
| pan.es. same taxation as at present,
but the State tax will be
only forty cents instead Of ffty-fvs. as
! at present and the assessment will he
| made by the permanent Tax Commission
instead OF the State Board of Valuation.
Banks have heretofore been assessed on
q different basis Of valuation from other
property. and II IL not proposed to dis
turb this arrangement.
Bank Bank deposits are placed in
Deposits. a separate class and depositors
/ will be taxed at the rate Of
ten cents on each 500 on money on de-
posit September !. 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, a.
money not so deposited viii be subject to
the State tax rate ~ forty cents.
Railroads and Railroads and public
Public Service service corporations viii
Corporations. be assessed by IN. per-
manent Tax Commission
and the taxes on the various classes Of
property they may own win 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 ok on property subject
10 same The value OF franchises will
also be ixed nv 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 viii be taxed on
their real estate and tangible
personality as heretofore. but AZ the lower
| state tax rate % forty cents and such
/ local rates as may he fixed bv the local
Authorities Notes accounts and cash In
HIND win be taved for State purposes
6nl, ~ the uniform foriy-Cent rate IN
/ neu - other taxes and bank deposits
a. ffo cents on each SIM
! Man lecturers. Manufacturers viii be
Subjected 10 the pay.
! rner ~ state taves only On their ma.
/ 81 and raw material and produce
/ a. s- of manufacture, notes. accounts
SAND ana Other 'ntrr t'H person
! RffL ff he rate ~ forty cents. and bs nix
! drn..iIe ~ tor cents on each Sit0 Tn Ell
I..l estate viii be SUI iect to state IND
tf.f zoe ar 80 sfasent
f s arniers Farmers VIII he subjected 10
the present taxation 0n their
iauh ana Improvements but the tax rate
fof state purposes viii be forty cents
instead ~ hfty Agricultural imple
menfs and machinery will he taxed fof
! State purposes only Al the uniform forty
cent rate. Crops grown within the year
are 90 er-at- from al taXaiion. Bank de-