The Breckenridge news. (Cloverport, Ky.) 1876-1955, 1917-08-15
The new KENTUCKY
80 TAX LAWS 80

kentucky lax IaWs' WHICH 80 ihto
effect September LIST, and taxpayers
ehould be deeply interested
Farmers will be benefited by the
lower State tax rate on Lands and
Improvements from 55 to 40 cents
on each 800 valuation and on Live
Stock from 55 to 10 cents for State
purposes. Bonds, Stocks, Mortgages
and Accounts will be exempt from To-
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 IS as heretofore.
This will result in a 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 800 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 800 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
500 and exempt from local taxation.
The State tax on Real Estate.
| Household Goods. Merchandise, Vehi-
Giles and other property owned by
individuals has been reduced from
IS to 40 cents; a reduction of 371a
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 AMI taxed
uniformly. the advantage 20 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 go
ing about the work in the right way
to subject every kind Of property tc
its fair share of taxation and correct
the evils heretofore existing whereby
many property owners paid more thar
their just due and others escaped
entirely. The Commission is endowed
with power to enforce the laws ant
bring the delinquents to a sense o
their responsibility and obligation tt
the State. and every Taxpayer. AS
SCISSOR and Supervisor should aid II
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 LIST. the propert!
owners will be immune from pas
omissions and delinquents may b,
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 ar,
worked out there will be further re
auctions in the tax rates, and in tim,
the entire exemption of land for STATE
purposes. as in other States wher,
the same laws are in practice.