The fiscal problem in Missouri

Bibliographic data

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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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter V. Tax administration

Collection:: Economics Books

156 THE FISCAL PROBLEM IN MISSOURI information that he desires, even with the utmost effort. Property cannot be readily assessed unless it is visible, and intangibles, with the exception of bank stock, which can be readily valued because of the publicity given to bank state- ments, do not fall within this category. The taxpayers in Missouri who do not report all of their intangibles are in the great majority, and it is highly probable that a large propor- tion of those owning taxable intangibles do not report any part of such property. Another important factor is the confiscatory aspect of general property tax rates when applied to income from in- tangibles. Joplin, for example, has a total tax rate on city property of approximately $4.00 per $100 of valuation. Assume that a resident of this city owns a taxable security yielding a return of 6%. If this security is returned for taxation, the taxes will amount to two thirds of the income, provided that it is assessed at full value. It is true that other forms of property are not assessed at full value, but nevertheless there is the legal right to assess the security at full value if it is returned. Under the circumstances it is not surprising that such a security is not returned for taxation. Considering the confiscatory aspect of the rates, it is remark- able that the volume of intangibles returned for taxation is so large as it is. Another element of the problem involves the question of fractional assessments. Missouri assessors probably would be the first to admit that real estate assessments are not on a 1009, basis. It requires, however, considerable imagination on the part of the assessor to value a dollar at less than a dollar. It is perhaps natural that intangibles reached for taxation should be assessed at a higher percentage of true value than is tangible property. A large amount of livestock in Missouri escapes taxation. In many cases it is doubtful if the assessor is able to make an accurate count. For example, if, when the assessor calls at a farm, cattle are at pasture a considerable distance from the farm buildings and cannot be seen without considerable delay, the easiest way is to accept the owner’s statement concerning the number and value of the cattle. The assessor receives a relatively small stipend per name on the assess-

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