Crittenden record-press. [volume] (Marion, Ky.) 1909-191?, 1917-01-18
The New Tax Law
+: Of Kentucky Il:

SUPERFICIAL TcducT.
The proposed changes in the tax
laws, denuded Of legal phraseology,:
may be explained as follows: a
Property will be classified and the
taxation Of each class so levied as to
secure a fair assessment and put a
stop TO hiding and evasion, 1
Assessments will be eQualized; not
by counties, but according to iudi.
vidual ownership, and put an end TO
the practice OF forcing the honest tax.
payer to pay the taxes Of his less
scrupulous neighbor.
The state tax rate will be forty cents
on each 500, instead OF ffty.sve cents
as at present.
Each class OF property will be taxed
uniformly, whether for state, county
town or school purposes, according to
location,
State taxes, which all taxpayers are
liable for, will be uniform on all classes
Of property except bank deposits
which may be paid either by the bank
for, or the depositors themselves, the
rate being ten cents on each 500,
County, town and school taxes viii
be fixed as az present by the local
taxing authorities and will he uniform
In each locality.
Intangible personal property inclut
4 " hnnl. tp
mortgages, viii be eliminated from 70.
cal taxation OF counties, towns and
school districts, but the new law con
templates the collection Of so much
more revenue from sources no. nov
: contributing a fair share the def.
IN local revenues will not ONLY To- GO.
pcrsated for, but justify reduction
in local tax rates Mortgage rUnuir"
over three years viii pay q rcei.'rl
ton taA in addition 10 catch The LONG
time loans Of foreign corporations
who would otherwise escape taxation
Farming implements and manuldc
turing machinery, raw material and
products In course Of manufacture
VIII BE- taxed Tor state purpo~ only
Farm products raised within he y'sr
and mdispo>ed Of are exempt ron
81 taxation
Mer, haudise In stores and ware
hOuse- including distilled and matte
spirits. will continue 20 he taxed Tor
both state and local purposes a, r.
present
Corporations will be tsIeda he sam.
a. individuals on the same classes %
property owned and. in addition %
'heir franchises based on their puh
!l,hed statements whereas the prop
.r'y 4 individuals is merely 'es'
mated by assessors
Banks will continue TO be asscsse.
rs At present IN tho value o. 'hci'
shares ~ capital stock surplu. an
undivided profit. Tor both state ar
local purposes and The proposed 'a'
nu bank deposits will douhtles, b.
i r.il hy tn banks ~ preference 10 dis
ID dosing heir customers IDENTITY N.
r'qr' o' which vii BE- an increase 90
the present bsuE 'a,r- tui H- N
will got more mouor boo circulation
'h' hahF- anu p'OW' N.. '".h ~
i"noft'od
g.. Local as.e sors AVID supervisors viii 90
continued "- 10 u.. .rr' NH' ''. -."n
Board ~ Tnua'iy'ulr ra.H - VALUATION
rr. t......r... ... lao a.t,f....
|.' u.. u.H,..g .....r..s... SOL. h. al.
r.r..d uff. .Tr 10 ,....... ~ stat
',,,flor n. t,..rs,aI 81. lI.rlr,f..
r.r,,.r.rt r,.t. .r,, U...u.f....r ,..
ruv.r 200 enforce ,N. sv rrgr OBJ
present system. state 80. on, elected 9.
-four wears. aud win o'rrr uu'rugs IutI.
20 perform can htidl hs expected ID
acquire the knovledra and pu' ir practice
during Their brief terms 'N' intrigarls
81 taxation. hence me roc" NJ r'fn'
neh' experienced central "N'h"f"'. h'
, rt"u l"''I ln'uer,'s ana l' h'irnil" 500
sI"h u" S"c't' ,n' "'N' i'NN'f Iuf w
'"Np'N'. rs We" ~ 'h' s'"'' the ~
p'hs' W Nu,n 'o''.ll,',,n' lu''r'I'
cam VI ,"Wptr'.h WIN NC adN'' '.,f'
Ing the revenue. which nov COSTS o..
IA per cent. obviously eA,,,.t,.
. "a. .,..,... .....,
Nj ',ss...,,,,,, "a, an 49,. :, ,,.,l,,'
Ga h, .c,,st o.,,.,u. .,.... $500. 81,
.'' ''".'
80, ,,,,,I,i'.', ,,.., lIu
taxable proi"r', and 'uio,inr N" ptu'',
'ion and pd il"res NJ D.iy"r.hip iu Ken
lucky 10 share ,he expense ~ the go'
ernrent IN eNac, proportion 80 ih'I
holdings an ! When 'l classes ~ pior
.r'' coh'ilbne according Z" TAR az