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 XIII. General summary

Collection:: Economics Books

GENERAL SUMMARY 335 tions in respect to equalization, the former body having only recommendatory powers, and the latter possessing final authority. This delegation of equalization functions to two bodies inevitably results in some overlapping and duplication of work. It appears, furthermore, that the ex-officio character of the membership of the State Board of Equalization hardly qualifies this body to perform satisfactorily the difficult and highly expert work of equalization. The situation thus dis- closed raises the important question whether it might not be advisable to abolish the State Board of Equalization and to delegate the functions of equalization with final authority to the State Tax Commission, and to confer upon the latter certain additional powers in respect to the supervision and control of assessments. The amount of property escaping assessment under the present system is very. large. The State Tax Commission in 1924 estimated that $2 billion of taxable intangible personal property was escaping assessment. It is evident that, although the volume of taxable intangibles is increasing, the proportion reached for taxation is declining. The confis- catory aspect of general property tax rates in proportion to the income from intangibles, together with the fact that property, to be readily assessed, should be visible, probably constitute the most important reasons for the failure to reach intangible property in an effective manner. It appears further that a large amount of livestock no doubt escapes assessment and that motor vehicles frequently escape taxa- tion under the general property tax. The inequalities resulting from the assessment procedure are principally in the assessment of bank stock, the assess- ment of motor vehicles, and the variations in real estate assessments. Bank stock is assessed at practically 100%, as the ownership of this stock and other information concerning it are matters of public record. Motor vehicles are frequently undervalued. The average valuation in some counties for taxes of 1928 was found to be less than $100 per car. Real estate is assessed on the average at about 55%, of sales value, as shown by records of real estate transfers from which the ratio of assessed value to sales value was computed. There are great differences among the ratios for the individual

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