The Hartford herald. [volume] (Hartford, Ky.) 1875-1926, 1921-10-26
FARMERS PROTEST AGAINST
TS HIGH ASSESSMENTS

ing against the present assessment
Of farm lands. Land values have
dropped In the last year or two, but
the state tax commission will not
allow the farmers to lower their as
sessment. Two years ago the tax
payers of the state were led to elect
Edwin P. Morrow governor of Ken
lucky on the promises he made of a
lower rate of taxa tion of Kentucky.
The letter from James A. Scott.
chairman of the Kentucky State Tax
commission. to Clarence Westerfield.
tax commissioner for Daviess coun-
ty, is an illustration of how Gov.
Morrow's promises to the taxpayer.
At recent meeting of the Union
County Farm bureau the following
resolution was adopted:
Realizing that farm lands through
out Union county have deprecated
in value from so to so per cent, and
that the sale price of all farm prod
ucts are below cost of production,
and believing that the farmers are
bearing an unjust proportion of
taxes:
Be it Resolved, That it is the
sense of this bureau that the vaiua-
tion of all farm properties should
be listed for taxation for the assess
ment as of July 1st, at value at
least SO 1-3 per cent below the list
Of July, 1920, and that it be sug
gested and recommended to the
membership of this bureau that each
member make out his list of farm
lands for the current tax year in
accordance.
In this connection A. r. Long.
president of the Union County Farm
bureau, issued the following state
ment:7
/ 'On July 1st. all property in your
possession is subject to taxation and
when making out your schedule you
should give an account Of all prop
erty you have on hand on that date.
The value of your property should
be based upon its net earning pow
er. If you have a note bearing 6
per cent interest, it is subject to a
state tax of Acc and leaves you a
net income of $3.50 for each 800
of value you have. If you have
stock in some corporation that is
able to earn a large dividend the
stock is valued in proportion to the
dividend earned and should be tax
ed on that basis. II one share of
stock for 800 should earn S12, it is
subject to soc state tax, leaving
$11.2O net, its value would be dou-
BILE and should be turned in for tax
alton for $500. II 1t earned only
SO its ace value would be worth
but the half of the one earning $6,
therefore should be turned in for
$50.
''You will see in the daily papers
the quotation each day of the value
of stock of various corporatins. For
instance, on June 25, 1921, each
800 share of the B. & o. r. r. was
worth only $34, and II you owned
ten shares you would give it in for
$340. the present value of the stock
while a year ago 1t might have
been worth $3.50. twice as much,
and you would have given 1t in for
that amount. On June 25, 1921, l..
& N. stock was worth $107 for
each $100 share, then this stock
would be turned in for $107.
Therefore, IL money invested in
stocks and bonds should be turned
in for taxation, valued upon the net
earnings. then the money you have
invested in other property should be
taxed likewise. II you have land
producing corn, wheat. oats, hay.
ETC., and last year these products
brought you-for corn SO. wheat
s2,5o. hay $40, etc.. while on July
lst. of this year the same land pro-
ducing the same number of bushels
per acre and wheat is worth only
s1.15. corn 60c, hay $40 to SIS.
then the selling value of that land
has ben reduced the same as the
stock Of corporation that failed to
make its regular dividend. A man
who has his money invested in
farm has just as much right to re-
ceive $500 for each 800 value as
the man who has $500 in stock in
a corporation.
Farm taxes have been increased
since 1919. based upon the increase
in value Of farm products. Now
many of the products are selling be-