The Lambertville record. [volume] (Lambertville, N.J.) 1872-1968, 1919-08-15
JERSEYS HUGE
TAXATION BILL
State Board Report Shows
S17,856,119, Heaviest
Ever Assessed.
RAILROADS PAY THE MOST
New Highway System Gets s3,o9s,S56
From Years Special Levy-Many
Corporations Are Taxed
Heavily.

/
Trenton. - The largest amount Of
money ever raised by taxation in the
state is accounted for by the State
Board of Taxes and Assessment, which
| fled tssfourth annual report with Gov
! ernor Runyon 1t shows that the
board assessed taxes totaling $1T.S56,-
| 119, which will go TO the state treasury
and to the municipalities.
This enormous sum was divided as
| follows: Tax on main stem, tangible
personality and franchises of railroad
companies s7036,107 on second class
railroad property, So 500. 1850; franchise
taxes on capital stock of miscellaneous
corporations, $2,021, SS5; state tax on
life insurance companies Incorporated
in New Jersey, $575,205; franchise
| taxes ON gross receipts of public utili-
ties occupying public highways, S2,991,-
! GIL; taxes ON gross receipts of utili-
| ties in lieu of the personal property
tax, S1,721,7S9.
1t Is further shown in the report that
the total taxes raised by the municipal
| tiles at local rates, which is In addi-
| ton to the taxes raised by the state
| board, amounted to $50, 134, 092, divided
as follows: Road tax, $3,093,356 state
school tax, SS,237,532; county taxes,
ST., $3.50, 93I; tax for local purposes,
57.472. 265. In addition the local dis
trscts raised S5O7, 325 in poll taxes and
SIC, SG2 in dog taxes The total amount
levied against bank stocks by the coun-
ty boards of taxation was S6S5,9S0
The net valuation of the total prop
erty in New Jersey subject to taxation
at local rates, according to the report,
is So, O32, 164, 104 OF course the largest
item is that of real estate, which
amounts to 2,463, 203, 446. The deduc-
lions allowed by the exemption of SOL
diers and sailors amounted to $1,215,-
434
An interesting item as shown by the
report is the large amount of property
specifically exempted from taxation
under the laws of the state. The valu-
alton of this property totals $500, 539,-
279 and is divided as follows: Public
school, 500 1902, 691; other school prop
erty, SIS, 194,925; public property,
S11S,673,715; church and charitable
property, SS3. T67, 147; cemeteries and
graveyards. s7,513.720; other exemp-
tions, S2,sS1 ,0s1
The increase for 1919 over 1918 in
the net valuation taxable was .$1,23S,-
O93 This would undoubtedly have
reached a much higher figure had it
i not been for the operation of chapter
IS, laws of 1919, which provides for
/ the levying of a tax on the gross re-
ceipts of certain utility corporations
at the average tax rate instead of the
taxation of the personal property of
these utilities
Electric Rates Cut.
Finding the present rates charged
by the Public Service Electric Com
pany for electric current yielding too
great an income, the Public Utility
Commission issued an order that will
have the effect of reducing the income
of this corporation, which controls the
major portion of the electric current
business in New Jersey, by several
hundred thousand dollars. The saving
will be principally felt by those Gus
toners paying the uniform retail pow
err rate, in other words, the small con-
sumers and those paying the elevator
rates. There will be no relief for what
is known as the wholesale power Gus
toners and those paying the refrigera-
ator rates and the kilowatt year rate.
In February, 1918, the state board
dismissed the petition of the public
service to be allowed to enforce its
new schedule and allowed instead an
order providing for war surcharge
of % per cent increase on the tariffs
for wholesale power customers, as well
as surcharge of 20 per cent on each
bill of the retail power customers and
the same surcharge on the elevator
rate. The surcharges on the tariffs of
the retail customers and those get
ting the elevator rates are ordered
abolished by the decision of the Utility
!. Board, while the company is allowed
to continue the war surcharge of %
per cent on the wholesale rate While
upward of 10000 users of electric cur
rent will obtain relief under the
boards order, 200 wholesalers will fail
J to get any
In a memorandum handed down
with decision the board states that 1t
, has made a careful analysis of the
finances of the company from Febru-
{ airy, 1918, to July, 1919 1t shows that
the actual business done In that period
was far in excess of all estimates.
The memorandum also points out
that if the surcharge had not been al
lowed the company would have sus-
tanned deficit of between 100000
and 100000 even taking into account
the unanticipated increase in business.
The net result to the company as a re-
suit of the increase allowed for the
year 1918 over and above the amount
, needed to maintain its usual dividend
rate and to lay aside for depreciation
an amount deemed necessary by the
, company was net gain of $504,00o
If the present rates should, be con-
ftinuedit is estimated that there would
HE, a surplus for 1919 of over three
, EqmFters of million dollars.
If.5tBsge i-
II III State Summer School Closes.
n 1.-The state summer school at Ocae n