Carthage courier. (Carthage, Tenn.) 1913-current, 1921-03-10
DEFENDS HIS
PROPERTY BILL

Senator H. B. McG1nness Of Smith
! County issued the following state
ment yesterday morning relative to
Senate bill 5S1, of which he is the
author:
Il think perhaps some misappre-
hension exists in certain quarters with
reference to the scope and import of
Senate bill No. 581, known as the per-
sonal property bill. 1t is not intended
that this measure should render as
sessable for taxation any species of
property not already assessable under
existing laws. The sole purpose and
intent of the bill is to insure the as
sessment for taxation of notes and
other species of personality provided
for IN the bill now subject to assess
ment under the law. In order to re-
move all doubt as to this phase of the
matter, will offer an amendment to
the bill which will expressly limit the
operation of the act to property all
ready subject to assessment
Under existing conditions. there
can be no justification for a failure
upon the part of the Legislature to sac
to 1T that hereafter all that character
of personality provided for in Senate
Dill 581, including notes, etc, shall be
listed for taxation. Formerly when
real estate was assessed in Tennessee
at an average of 33 per cent of its
value, the owners of personally NAV
have justified, morally at least, in list
ing only portion of their property
for taxation, upon the idea that when
they had disclosed one-third, say, of
their property they were then assum-
ing the same proportionate burden as
the owner of realty.
But this situation no longer exists.
Real estate is now assessed, and prop
erly SO, at its full value. The consti
tuition, of course, requires that all
property, real, personal, or mixed,
shall be taxed according to its value.
The owner of real estate cannot CON
ceal his property in safety deposit
box. For him there is no escape. The
pending measure merely seeks to reach
concealable and concealed personally
and tax it according to its value. Not
all of this property is now withheld
from the tax assessor, but the very
large majority of it is. This is not
only unfair and unjust to the owners
of real estate, but is likewise obvious
ly unfair and unjust to the owners of
personality who voluntarily list their
property.
THE total assessment for property
in Tennessee in 1920 was in round
numbers two billions of dollars. OF
this total, real estate constituted rs
per cent, property of public utilities
16 per cent and personally 8 per cent.
(S1S1, 000,000). 1t is believed by those
IN position to judge that the gross
amount of personally in Tennessee is
not less than one billion dollars Max
ing most liberal allowance for ex-
emptlons of 81 200 to each individual
taxpayers, it is thought that the as
sessment of personally in Tennessee
should be at least six hundred million
dollars. As evidence of the fact that
the $181 100000 of personally assess
ed IN 1920 was but small per cent
OF the aggregate of this character. of
there was on deposit in the
banks of the state in February, 1920.
actual cash to the extent of over
$500, 200, O0O
Now if $4,000, OOo, 600 of personality
had been assessed for taxation in
1920 instead of the $IS1 ,O0OO, 900
which was assessed, the aggregate
taxes of those assessed would have
been reduced by more than one-sixth.
IN other words, striking the average,
The man who paid 500 of taxes for
he year 1920 would have paid only
S83 had the personally been assessed.
is above suggested.
The disproportion between the real
estate and personality assessed for
axation is perhaps greater in Tennes
zee than in any other state, though /
10 not undertake to state this as a
act. | have had opportunity to ex
anime the tax reports of but four
states, from which / find that in Ken
lucky (1918) 5000, 100000 of realty
vas assessed for taxation and S497.-
100000 of personality in West Virgin
a (1919), $769 ,00O,0G0 of realty and
s371 100000, of pers69alty; in Missis-
Iipi (1919E, 1859 900, 600 of realty and
S152, 100000 of personally and in Hi
lois (1919), $2,800,000,000 Of realty
md $906, 100000 of personality In
Tennessee. we have 81 ,525, 600. 900 of
realty assessed, and, as stated, $751;
100000 of personally.
"The present Legislature cannot
escape the obligation to remedy this
patent defect and glazing inequality
in cur taxing systems. 1t must find
the means of securing the assessment
Of this vast amount Of property which
has not up to this time had a speak
ing acquaintance" with the tax asses
sor and much of which is yielding to
the owner 8 and 10 per cent interest
annually. The great body of the tax
payers will be satisfied with nothing
less. Nashville Tennessean.