The independent. [volume] (Elizabeth City, N.C.) 1908-1936, 1922-03-03
Here in Pasquotank

tached.
Here in Pasquotank
In Pasquotank total sales were $751;
6S1.1j on an assessed value of S126,-
77S.00. or under 6S per cent of what
was realized by the sellers. In Camden
County. just across the river from Pas
uuotauk, hand put on the tax books at
an assessed value of S47 024.00 was
sold by the owners for s10f. 10000 or
SO per cent more than It was assessed
for. Only one other Northeastern
North Carolina county made a worse
showing for the Revaluation system
that was Martin where the percentage
of assessed value to deed values was
less than 80 per cent. Perqulmans and
Chowan counties make the best show
ings, property in those counties bring
ing only little more than assessed
values, A table giving the tax values
and sales values for eleven Northeast
err counties is published elsewhere in
this newspaper.
SO much for this immediate section.
In the western section. Cherokee lands
were assessed at $3.50 per cent of the
sale price; Clay, 71.51; Henderson,
SIP: Macon, G1.26: Polk, Il; Swain,
72.S3: Surry. 54.S0; Transylvania,
G2.25: Yancey. 5000; Buncombe sold
property for S3.361 900 that was as
$cssed $2.256O0O, or something over GO
per cent.
In Guilford total sales were S2.33I.
co on an assessed value for the same
property of S1.621 900. or under 20 per
cent of what was realized by the sell
crs. Property sold between January l
and June 80 in Davidson county was
assessed at $25S. .6j3 and brought S4IS,-
go: assessment being j4.02 per cent
of sale value. Forsyth sold property
to the amount of SO, 1884, 900, assessed
at I134 per cent of that.
OF larger counties not included in
these groups. Durham land was taxed
mt GS.4O per cent of what it sold for.
Mecklenburg sold property aggregatinS
81. 100 900 assessed at S1,S1J,WO, or
JI.2S per cent. Pitt was assessed at
So per cent of sale value; Vance. CLIO;
Wayne. 35.91: Lenoir. 90.06; Craven,
S1.77: Wilson, 6344; Wake, SS.45. on
volume, of sales amounting to SS10,1I5,
On this showing Carteret's assess
ment was highest, being 0S.GG and that
of Wayne. 3591. lowest. Only few
of the counties had property valued at
50 per cent or more of the price at
which it sold.
Have Land Values Fallen?
Commenting upon the facts given
here the Greensboro Daily News says:
Assuming that the intrinsic value of
land was declining during the period
covered and that it has since continued
to decline. there is safe margin for
the assumption that tax values are still
far below the mark that was set for
them by the trainers of the so-called
revauation law, namely 100 per cent.
The great effort to make the tax books
tell the truth. in the words of Governor
Beckett. did not accomplish that, actu-
ally, at the time did not make them
speak the ruth as to value during the
year 1921, nor during the present year;
the effort failed, not by going beyond
the correct figure, but by falling short
of it. except as to a mere handful of
counties.
Land values have not declined 30
per cent, nor any considerable part of
80 per cent. Moreover, whatever con-
sderation ought to be given, in con-
sidering the revenue structure, to tenn
porary excecsses of valuation, followed
by recessions, land values do not, in the
long run. decline; they advance"