Carthage courier. (Carthage, Tenn.) 1913-current, 1920-02-26
Side Lights Of The
New Assessment Laws

The registered automobiles in the
four large cities of Tennessee are
worth more money than the total as
sessment of all personal property in
these cities. This personally is now be-
ing placed on the assessment books
and the efforts of the tax assessors
who are assisted by the statistical de-
partment of the State Board of Equa-
ization have been very gratifying so
far. 1t is now apparent that the in
crease in personally assessments in
the State will be as great or greater
than that of the realty. Since real
estate has been assessed at cash value
the personal property taxpayer is will
ling to give in his personally at its
full value. The new law is growing
popular in every section of the State
where its provisions are fully under
stood.
Gross Irregularities
Investigations made by the State
Tax Statistician show that there are
some corporations in this State whose
property has been assessed at only 3
per cent of it's real value. One corpora
tons statement to the Federal Gov
eminent shows that It had mere cash
On hand L1an the total assessment of
all its property IN the State. One COM
pany whose assessment shows that
it owned $4,000 acres of land IN the
State has sworn to the ownership Of
128, GOO acres. One corporation assess
ed at 100000 has agreed to an as
sessment of $4,000, 000-another Com
pany assessed with $4,000 worth of
property sold its holdings during the
past year fer $640,0 00-stil another
whose assessment was 1000 sold
during the past year for $275,0 1t
does not require technical expert to
see that our old system OF assessments
was rotten throughout, unequal and
unjust. No one who understands the
operation Of the new law desires to
return to the old and inequitabie sys-
tenn which has been burden on the
State for many years.
Helps Sale of Bonds
i Various Companies who are engag-
ed in buying Municipal and County
bonds have written Chief Tax Stats
! tician-Louthasl- commencing the
work Of the State Board of Equali-
cation and pointing out to him that
the cash value system of assessment
will enable counties and cities to sell
their bonds to a much greater advan-
tage than heretofore. This was proven
IN one Middle Tennessee County few
/ weeks ago. When Mr.. Louthan gave
out the assessments of each county,
bond buyers in this particular county
asked to be allowed to change their
bids which was done and the success
full bidder paid $4,000 more for the
bonds than had been previously offer
ed by any bidder-so the new tax law
has already been worth $4,000 to this
county.
Will Bring Enterprises
Practically every commercial body
in the large cities of the State knows
that our high tax rate has acted as
detriment in bringing new indus,
tries into the State. Not many months
ago a Company investigated condi
tions in a certain city in this State
with view to locating large indus.
try there, but when they learned what
our tax rate was, they stopped short
They were told that the assessment
made up for the difference and that
our assessment was only about pei
cent of actual value. They replied
that our Constitution called for cash
value and the State had the right tt
make it full value and they could not
pay such a high rate on the full value
of their enterprise so they dismissed
the idea of locating in Tennessee
and stepped across the line into
Georgia. The new assessment which
will reduce the tax rate to about one.
third Of the former rate will do away
with this situation and many big en-
terpriZes may be expected to come this
way.