The herald and news. [volume] (Newberry S.C.) 1903-1937, 1917-01-09

PAGE SEVEN
Sig mills 49,. 2.oo1.SS@ 3
/ Total revenue testimat-
ed 1916 -. =. 1886, l6S es
Deficit -. -. -. IS Z94,Jbf.t3
A. includes $10,020.15 State dispen-
funds.
:" 22.1s000 department o.
agriculture. &C
Total sS2,l4o.75 cumulations
from past collec-
tons
B. Includes taxes uncollected estiV-
mated in 1914, $7,657.T1; 1915, $780,
1850
C. Does not include $4,000 due GER
tain banks, authorized to be borrowed
by the commission OF sinking fund
The above $4,000 is an obligation OF
the State, but no provision has been
made to Pay it when due in Decen-
Der, 1916 There is. also, an addi-
tional outstanding liability Of $4,000
due the sinking fund commission,
which with the above $4,000 makes up
the $4,000 borrowed by the State
to purchase State Park d improve
ments in 1918. This debt of $175,a00
due by the State was incurred Ia
1918, and its payment has never been
provided for.
D. The license fees for 1916 were re-
duced $1,000 by withdrawal OF fire in
surance companies from the State. 1t
is less than the income for 1915, $3a.-
140.75, because the above mentioned
dispensary funds and accumulatio1s
in the department Of agriculture were
included in that year. The above state
ment Of license fees does not include
the portions of such fees as are be-
80 >~-'- >@'>I - cn-tain corporationS
IN TIE court. The increases, if sua
ta;""A Will amount to about $40,0a4
per annum, or $50 eco for the last two
years
The tax levy fnr 49, was
1-2 mills. one-half mill
AOoS Iudn 4S1O, VI d lC-
duction in ad valoren
taxes Oh -. -: '....... Sloo,6So.W'
2crenue from other sources
shows a reduction of 80. 3S,140.75
A total loss in revenue of S194,325.75.
The amount authorized to be bor-
rowed in 1916 was 100000 for current
expenses; should have been S1,000,G 900.
In 1917 with the same revenue and ap-
preparations, it will be necessary to
borrow s1,4OO,O00 to meet the current
expenses and disbursement as they
come due
The assessed valuations of
all taxable property in
the State in 1914 was .$307,178,S82
The tax commission in 1915
increased this by adding
for increase in valuation
and additional property
then escaping taxation. s,411,sss
The tax commission in 1916
added additional property ..
then escaping taxation 234.324
In 1916 the county boards
reduced the average as
sessment on banks fri
4S lilo per cent as in
1915, to AZ per cent, max
ing a difference of -. 1,S33.1as
So that according to the
estimates of the tav COM
mission, the assessments
of 1916, if made on the
same basis as in 1914,
should have been =. .ss1s, ,7o7,s72
While the assessments as
fixed by the county
boards and tax commits
sion for 1916 was only. 311,37O,29s
A decrease from what the
commission thought they
should have been Of. 1875
The board of review made
further reductions to the
extent of .. =. s1s,4ss
Making a total reduction
from the commissions
estimate of -. -. -. 7,657,1ss
And leaving the assessed
valuation for 1916 at. s311,059,8i6
There is tendency to decrease, the
assessed value of property notwith-
standing an increase in the actual
value.
Forty-two per cent of actual value
is the basis of equalization and re-,
assessment of shares and bank prop
erty of banks and banking corpora
tions, in view of the returns and the
reports of county boards. -,
The assessment of textile indus
tries, public service companies and
holding companies is reviewed by the
commission at length.
The litigation which has been han
died by the commission has already
been reviewed in The Charleston
American.