THE SINGLE TAX AND THE FARMER 125 
inequalities of assessment deserve separate and 
particular treatment. 
1 The Overvaluation of Agricultural Land 
Mr. Thomas G. Shearman in his “ Natural 
Taxation”* has made a careful estimate, with which 
the farmers themselves would no doubt agree, that 
improvements in the land itself constitute 60 per cent 
of the assessed valuatiofi of farm land. His language is: 
Upon the whole, it is safe to say that, under a system of 
valuation excluding all improvements, cultivated farms would 
be assessed at less than 40 per cent of their whole value, 
improvements included. 
2. The Undervaluation of Urban or Village Land 
As already stated the dimensions, as well as the 
continuous character, of the contribution made by the 
people to the growth and volume of ground rent, are 
seldom realised — by many persons hardly suspected, 
even in cities, where they are more acutely discernible. 
But especially is this the case in village communities 
and factory towns, where it has not been the habit to 
note closely the value of land apart from buildings, 
and the rise and operation of ground rent. 
A few illustrations will show how this potential 
agency, ground rent, escapes observation both in small 
and large towns, and in small cities as well. 
In the following illustrative examples, the ratio 
between assessed valuation and actual net value of 
land, as indicated by actual rentals, is calculated by 
deducting from the net income of the entire estate 
(i. e., total income less taxes) an amount equal to 10 
* Chapter XII., Section u, p. 188.