Hopkinsville Kentuckian. [volume] (Hopkinsville, Ky.) 1889-1918, 1917-01-09
A SYNOPSIS
OF The Proposed
NEW KENTUCKY REVENUE
AND TAXATION LAW

CONSTITUTION aulhOfi1iuB tue tehttai rs
sembly to-
Classify property for taxation.
FS the rate OF taxation on each class.
Designate which classes shall be sub
Iect to local taxation.
Permanent The new law provides for
State Tax permanent State Tax
Commission. Commission to carry into
effect the provisions and
exercise supervision over the entire ques-
ton OF State Taxation. To devote its en-
tire time to the question and assume the
duties OF the various Boards and Commits
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 taxable
property for State purposes at
forty cents on each 500 Of assessed value.
INSTEAD Of nfty-hve cents. as at present,
on all classes OF property excepting de-
posits In bank. which are to be taxed at
ten cents on each 800 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 apportionment for each
nent Of item of expense remains un-
Revenue. disturbed. and the General
Expense Fund. the School
Fund. the Sinking Fund, the Kentucky
University and Road Tax will receive the
same exact proportion Of the revenue as
heretofore
Real Estate. Real estate will be taxed
as at present and according
10 its 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
fixed by the local authorities. The value
OF real estate depends on its location and
surrounding improvements and should
naturally contribute towards the mainte-
nance ~ such Improvements.
Ferconal Personal property is segre
Property gated into classes and each
class will be taxed uniformly.
whether owned by the resident Of a town
OF the country for the purposes for which
n is taxed.
Money and Money in hand. notes,
Credits. bonds. accounts and shares
Of stock in foreign corpora
lions having less than twenty-five 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 ara 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 will be taxed for
State purposes only at the
uniform rate OF forty cents. and II for
period exceeding three years. a registra
ton fee OF twenty-five cents on each 500
will be required In order 10 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
aanies. same taxation as at present.
but the State tax will be
only forty cents instead Of ifty-hve, as
at present, and the assessment will be
made by the permanent Tax Commission
instead OF the state Board OF Valuation.
Banks have heretofore been assessed on
a different basis OF valuation from other
property. and II Is 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
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. as
money not so deposited will be subject to |
the State tax rate Of forty cents
railroads and Railroads and public !
Public Service service corporations will I
Corporations. be assessed by th4 per- |
Trrw -.
and the taxes on the various classes OF |
property they may own will be the same |
as for indivduals-f0rty cents for State !
purposes on property taxed for State pur- |
poses only and such local taxes as the |
local authorities nx on property subject |
10 same. The value OF franchises will |
also be hxed by the State Tax Commits
sion and the new law dispenses with all /
other State Taxing Boards and taxing |
privileges 81 other Commissions at Frank |
for
Merchants Merchants viii be taxed on
their real estate and tangible |
personally ns heretofore, but at the lower
State tax rate Ut forty cents and such |
local rates as may be hxed by the local /
authorities. Notes. accounts and cash In
hand will be taxed for State purposes
only at the uniform forty-cent rata In
lieu OF other taxes and hank deposits
ht ten cents on each 400.
Manufacturers. Manufacturers will be
ru subjected to tina pay |
ment OF State taxes only on their ma
chlnery and raw material and produce
In course Of manufacture. notes accounts
cash IN hand and other Intangible person.
ATTY the rate OF forty cents and bank
deposits al ten cents on each 800 Their
real estate will be subject TO state and
local taxes as at present.
Farmers. Farmers will be subjected 70
the present taxation on their
land and improvements. but the tax rate
for State purposes will be forty cents
instead ~ hfty-dve. Agricultural imple-
ments and machinery will he taxed for
State purposes only AT the uniform forty.
cent rate. Cr0ps grown within the year
are eNewDf grown an taxation Rank de.
posits VIII 20 'aNed at ten cents on the
hundred dollars and his tax may he
paid hy banks Cash on hand. notes and
accounts taxable bonds and stocks viii
be taxed Tor state purposes only at the
uniform fortv-ceu' rate.
livestock. Livestock viii be taxed as
al present but the State tar
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