TAX ADMINISTRATION 
137 
Tax Commission and as equalized by the State Board of 
Equalization need be considered. For the purpose of analysis 
of the equalization process the most recent tax year, 1928, 
for which complete data are available in published form was 
chosen. 
The summary data in Table 44 indicate the relatively 
slight effect of the equalization by the State Tax Commission 
and the State Board of Equalization on the real and personal 
property valuations for the state. The recommendations of 
the State Tax Commission represented an increase of 1.29 
in the total valuation of real and personal property for taxes 
of 1928. As finally equalized by the State Board of Equaliza- 
tion, the total valuation was only approximately 0.019, 
less than that recommended by the Commission. The 
net changes made by the Commission amounted to an 
increase of 1.19% in the value of real estate and 1.5%, in the 
value of personal property. The State Board of Equaliza- 
tion increased the personal property valuation by 0.1%, but 
reduced the real estate valuation by approximately 0.03%. 
The principal changes recommended by the State Tax 
Commission in valuations for taxes of 1928 represented an 
increase of 1.99, in the valuation of lands, of 0.6% in the 
valuation of town lots, of 1.19, in the valuation of mules, 
and of 7.49, in the valuation of bank stock. The other 
changes recommended were relatively small on a percentage 
basis, and, as is evident from Table 44, the valuations for a 
number of classifications were accepted without change. 
The principal changes made by the State Board of Equali- 
zation were in the valuations of town lots, bank stock, and 
all other personal property. The valuation of town lots was 
reduced by about $1.7 million from the State Tax Commis- 
sion’s recommendation, or a decrease of 0.1%. The bank 
stock valuation was reduced from the Commission’s recom- 
mendation by an amount equal to 4.3%. All other personal 
property, for which the Commission recommended no change, 
was increased from $92 million to almost $98.7 million, or 
7.2%. 
The data in Table 44 indicate the relatively slight effect 
on total property valuations of the changes made during the 
i Computed on Tax Commission recommendations as a base.