The fiscal problem in Missouri

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Monograph

Identifikator:: 1833271335

URN:: urn:nbn:de:zbw-retromon-230042

Document type:: Monograph

Title:: The fiscal problem in Missouri

Place of publication:: New York

Publisher:: National Industrial Conference Board, Inc.

Year of publication:: 1930

Scope:: xvi, 359 S.

Digitisation:: 2022

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter V. Tax administration

Collection:: Economics Books

TAX ADMINISTRATION ject to approval of, or revision by, the State Board of Equalization. The State Board of Equalization is an ex-officio board, consisting of the Governor, State Auditor, State Treasurer, Secretary of State, and Attorney General. The existence of this board rests on constitutional authority.! The constitu- tion of 1865 contained no provision for such a board, but the constitution of 1875 definitely provided for the estab- lishment of the State Board of Equalization at the head of the tax system. It is the duty of the board to equalize the value of real and personal property among the several counties, and it has the power to equalize the value of each class of property separately. 127 Valuation of Property for Purpose of Taxation Value for taxation purposes has been defined as that sum which a willing buyer would agree to give a willing seller, the buyer not being obliged to buy or the seller obliged to sell. The assessors in theory are supposed to consider all factors that influence the value of a given property, and the assessment as made presumably represents the true value in money of that property, which is the legal standard for taxation purposes. Lo appraise carefully all the factors that influence the value of the several forms of property owned by a single farmer would represent a tremendous task. It is clearly an impossibility for the local assessors to consider all of the factors, for some of them are world-wide in their ramifications. Considering the many aspects of the problem, it would seem that value for taxation purposes in Missouri must depend largely on the judgment of the local assessors. It is inevitable that the efforts of local assessors, however intelligent and experienced, to value the numerous forms of property subject to taxation should result in many inequali- ties. The failure to achieve uniformity in assessments must be regarded as excusable under the present conditions. The most that can be hoped for is to keep the variations in the valuations of the same form of property at a minimum and the valuations of the several forms of property on bases so 1 Constitution, Article X, Section 18.

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