TAX ADMINISTRATION 
135 
years 1917 to 1920, inclusive. For taxes of 1921 lands 
represented almost 53% of the total real estate valuation. 
After 1921 there was a gradual decline in the proportion of 
the total attributable to lands, with the result that there 
was a 609, and 40%, distribution of total real estate between 
town lots and lands for taxes of 1929. 
The question might be raised whether the increase in the 
valuation of lands that was made in the assessments for 
taxes of 1921 was not excessive. In that year the valuation 
of lands was increased from about $734 million to slightly 
more than $1,767 million, or more than 1409, while the 
valuation of town lots was raised from approximately $1,138 
million to $1,581 million, or about 40%. Real estate assess- 
ments for taxes of 1921 were made as of June 1, 1920, when 
farm values were at a peak. Even after making allowance 
for this fact, it still appears questionable whether the much 
larger increase in the valuation of lands, as compared with 
other real estate and with property in general, was entirely 
justified. 
The total valuation of personal property reached a peak 
of $920 million for taxes of 1921, and, unlike real estate, the 
level of 1921 has not since been attained. For taxes of 1929 
personal property valuations amounted to only $632 million, 
the smallest for any year since 1921. Of the total, approxi- 
mately $88.5 million, or 14%, represented the value of live- 
stock as assessed for tax purposes. The most important 
personal property classification, judged on the basis of 
valuation, is that of money, notes, bonds, etc., which showed 
a total valuation of $149 million for taxes of 1929, or 23.6% 
of all personal property. Bank stock, the other important 
form of intangible property, was assessed at about $108 
million, or 13.89, of the total personal property valuation. 
The two groups, money, notes, bonds, etc., and bank stock 
accounted for 40.7%, of the total valuation of personal prop- 
erty, but for only 5.2% of the total valuation of all property 
as shown in Table 41. 
1 “Intangible property” or “intangibles” as used in this study refers to those 
forms of property which are representative in nature. The two important classi- 
fications included under this heading are bank stock and money, notes, bonds, etc. 
Tangible property, on the other hand, includes real estate, livestock, motor vehicles, 
farm machinery, etc.