This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1922 Excerpt: ...a real estate tax assessed on a selling-value basis and usually operates to discriminate in favor of concerns holding large reserves. Recently it has been demonstrated that, in states where the mineral lands have certain characteristics, it is possible by the aid of skilled engineers to secure appraisals which are satisfactory for tax purposes. Michigan, Wisconsin and Minnesota are the states which have used this method most successfully. Recently New Mexico has completed an engineering appraisal of its mines and mineral lands. Arizona, by a system of capitalization of earnings has approximated the same result. A dependable appraisal of such property involves the utilization of engineering assistance of a high order but there appears to be no other method of securing data which will give a satisfactory assessment as compared with real estate generally. A committee of the National Tax Association, appointed to consider this problem submitted a strong report in 1920 in favor Manual for Instruction of Attestors, New York State Tax Bulletin, vol. 1, no. 3. of the taxation of mining property in the same manner as other real estate, the values to be determined on the basis of professional engineering appraisals. Conclusion.---It is clear that the Legislature must soon give serious consideration to the problem of the taxation of mines and mineral lands. The present system is not working as intended, due to the shortcomings of the local assessors. The practical result is that mineral lands are favorably treated as compared with other real estate. If the Legislature desires to eliminate this difference of treatment a reform of assessment methods is necessary. The adoption of the Committee's recommendation-jwith regard to the centralization of assessment would aid in...
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