THE PROPERTY ASSESSMENT BILL.

Globe, Volume XXI, Issue 1799, 26 November 1879, Page 4

THE PROPERTY ASSESSMENT BILL.

[By TKiEQBAPir.] ■WELLINGTON, November 24. The Property Assessment Bill was circulated this afternoon. PHOPHBTY IB XIABEB TO TAXATION. All property within the colony to which any person is entitled shall be liable to taxation in respect of of the value thereof as shall exceed three hundred pounds sterling. Every company shall be liable to taxation on its capitals which shall be taken to be the balance of assets over the liabilities of the company. Every banking company is liable to taxation in the manner following—(l.) A company, the principal office whereof is within the colony, or principally carrying on business therein, shall bo assessed on amount of its capital actually paid up, added to amount of the accumulated and divided .profits thereof. (2.) A company, the principal office of which is not within the colony, hall be assessed on a sum equal to one-eighth of the total amount of their assets and liabilities in Now Zealand. The holder or owner of shares or stock in any company liable to taxation shall not be taxed as an individual for such shares or stock.

Every agent for any person permanently or temporarily absent from the colony, and every trustee, shall be assessed separately, in respect of every property or trust which he represents, and shall be chargeable with the tax payable in respect thereof in the same manner as if such property were his own. The mortgagor of any land shall, in respect of such land, be liable to taxation only on the difference between the whole value of the land mortgaged and the amount of the money advanced on mortgage of the land, provided that in every sush case the mortgagor shall append to the statement of the property belonging to him a certificate from the Registrar of Deeds or District Registrar of Lands of the district where the lands are situated, stating the amount of the several mortgages on such land, and the names and addresses of the respective mortgagees. In respect of the amount of the money advanced on mortgage of the land, he shall pay the tax payable in

respect of such money, which shall ba deemed to be a payment made by the mortgagor to the mortgagee on account of interest, and all moneys so paid by a mortgagor shall bo allowed for in the accounts between the mortgagor and tho mortgagee. The interest of every person in any property shall bo separately "assessed, and every such person shall be liable to taxation in respect of the value of his interest in such property. Notwithstanding tho sale or transfer, or conveyance of any real property, such property shall continue to be liable for the payment of any tax owing in respect thereof so long as it shall remain unpaid. EXEMPTION. 1. All property of tho Crown, or of any local body, of any company or society, of persons not formed wholly or mainly for tho purpose of gain or profit divisible amongst the shareholders. 2. All churches and other places used exclusively for public worship. 3. All property of or vested in any body or persons for public, charitable, or public educational purposes. 4. All of or vested in any public body or society of persons, and used only for tho purposes of public health or recreation, 5. All public reserves, of whatever nature, made under any law granted to or vested in any body or persons. 6. All property _ of Maoris. 7. All property owned in reversion, remainder, or expectancy of any kind, the owner thereof not having any present beneficial interest therein at the time an assessment is made thereof. Except as hereinafter mentioned, the interest of every person as tenant or occupier of any real property that is exempt from taxation shall be assessed at its full value, and every such person shall be liable to taxation in respect of such value. The interest of every person other than a Maori as tenant or occupier of any real property belonging to Maoris shall be assessed at its full value, and every such person shall be liable to taxation in respect of such value. No contract, covenant, or agreement touching the payment of taxes to; bo charged on their respective premises heretofore made or hereafter to bo made between any persons which is contrary to the intent and meaning of this Act shall be binding on the parties.

ASSESSMENTS. As Boon as conveniently may be in the year one thousand eight hundred and eighty, and thereafter before tho thirty-first day of March every third year, the assessments of property shall bo made in every district. COLLECTION OF TAXES. No less than fourteen days public notice shall be given that the tax will be payable on a day to be stated in such notice. There shall also bo stated a place or places in each district where the tax shall be paid. Where a person is assessed for property in different parts of the colony, the Commissioners may appoint one place in which tho total amount of tax payable by such person in respect of his property shall be paid. If the person liable to pay the tar fails to pay tho amount thereof for the space of fourteen days after demand by a notice in writing by the Deputy-Commissioner, ten per cent, on the amount unpaid shall be added thereon ; and such tax, together with such addition, shall be recoverable in any Court of competent jurisdiction by tho Deputy-Com-missioner as a debt due to him. When no sufficient distress can bo levied the land may bo sold in default of payment of taxes after six mon.hs’ notice. If the owner of land liable to taxation fails, or neglects, within the time limited in that behalf to pay the tax imposed on such land, and such land is in the occupation of any tenant mediate or intermediate of such owner, the Deputy-Commis-sioner shall have such and the like remedies against such tenant as he would have against the owner in as full and ample a manner. Every person who, under the provisions of this Act, has been compelled to pay any tax in respect of property of which he has ceased to be owner, shall i«? entitled to recover from the actual owner of such property tho amount of any such tax so paid by him, toget her with all costs of proceedings attending the recovery thereof. There are ninety clauses in tho Bill, but no schedule attached.