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