The Adair County news., 1917-08-29
The new KENTUCKY
800 TAX LAWS 800

There will be many changes in the
Kentucky Tax Laws, which go into
effect September 1st, and taxpayers
should be deeply interested.
Farmers will be benefited by the
lower State tax rate on Lands and
improvements from IS to 40 cents
on each 500 valuation and on Live
Stock from 55 to 10 cents for State
purposes. Bonds, Stocks, Mortgages
and Accounts will be exempt from 10,
cal taxation; as will also Agricultural
implements; and Products grown
within the year are exempt from all
taxation. Money deposited in Bank
will be taxed at only 10 cents on
the $500, instead of 55 as heretofore.
This will result in large saving to
taxpayers, who have been listing their
property at a fair valuation.
Merchants will have only State
taxes to pay on their Notes and Ac-
counts at the rate of 40 cents on
each 500 and 10 cents on Bank De-
posits. Other property, such as Real
Estate, Merchandise, etc., is subject
to State tax rate of only 40 instead
of So cents.
Manufacturers are exempted from
local taxes on their Machinery, Raw
Material and Product, Notes and Ac-
counts and will be taxed for State
purposes only on such property at 40
cents on the 500 and 10 cents on
Bank Deposits. On all other prop.
erty the State tax is only 40 cents
on each 500 and the local taxes as
fixed in the localities where their
business is conducted.
Bonds, Stocks, Mortgages, Notes
and Accounts are taxable for State
purposes only at 40 cents on the
800 and exempt from local taxation.
The State tax on Real Estate,
Household Goods, Merchandise, Veht.
Giles and other property owned by
individuals has been reduced from
IS to 40 cents; a reduction of 37k
per cent.
Additional Revenue to Justify the
reduction and increase the State rev.
enue is to come from Bonds, Stocks,
Notes and Accounts; Mineral and
Timber Rights and Royalties and by
equalization of VIGOROUSLY under
valued assessments, and as each class
of property, no matter by whom
owned. will be assessed and taxed
uniformly, the advantage to taxpayers
generally and the State at large will
be very great
The State needs more revenue to
meet the present deficit, and the idea
is to get more property to tax rather
than to impose more taxes on prop
erty now paying more than its share,
and under the new and more equitable
laws this can be accomplished.
The State Tax Commission is 60.
ing about the work in the right way
to subject every kind Of property to
fits fair share of taxation and correct
the evils heretofore existing whereby
many property owners paid more than
their Just due and others escaped
entirely. The Commission Is endowed
with power to enforce the laws and
bring the delinquents to a sense Of
their responsibility and obligation to
the State, and every Taxpayer, AS.
SCISSOR and Supervisor should aid in
securing for the State the successful
operation Of the new laws, which are
fair and just to all.
Where accurate returns are made
as Of September 1st, the property
owners will be immune from past
omissions and delinquents may be
proceeded against for ten years back,
so there is every inducement to com.
ply with such just and equable laws,
and as the principles involved are
worked out there will be further re.
auctions in the tax rates, and in time
the entire exemption Of land for, State
purposes, as in other States where
the same laws are in practice.