THE PROPERTY ASSESSMENT BILL.

Kumara Times, Issue 994, 6 December 1879, Page 3

THE PROPERTY ASSESSMENT BILL.

The Property Assessment Bill, which passed its second reading early yester- 1 day morning, is one of more than ordi- £ nary interest, as it provides that a pro- „ perty within the colony to which any person is entitled shall be liable to taxation in respect of so much the [ value thereof as shall exceed .£3OO ster- *■ ling, subject to the exemptions and to ' the deductions named in the Bill. 1 There is to be a commissioner for the * colony, and a deputy-commissioner for ] every 'district constituted by the Go- [ vernor. These may hold other Civil x Service appointments. They and all ' officers are to be sworn to secrecy, any L violation involving 12 month*' impri- ' sonment, with or without hard labour. l The following are a few of the chief x clauses of the Bill in question : c • t 13. Every conipanj' shall bo liable to taxation on its capital, which, for the pur- r pose of this Act, shall bo taken in the < balance of the assets over the liabilities of ' its property required by this Act. c 14. Every banking company shall be < liable to taxation in manner following—• that is to say : —l. A company, the principal office whereof is within the colony, ' or is carrying on business herein, shall be ' assessed on the amount of its capital actu- 1 ally paid up, added to tho amount of the < accumulated dividends and profits thereof, i 2. A company, the principal oQice whereof j is not within tho colony, and is not principally carrying cm business therein, shall be assessed on a sum equal to one-eighth of the total amount of their assets and labilities in New Zealand, taking the ave- - rage of such assets and liabilities for the 12 months last, previous to the making of > assessment, as shown in the periodical returns of the bank published in the Gazette. Shareholders are not to be taxed individually on their shares when the Company is taxed. Every agent for any person permanently or temporarily absent from the colony, and every trustee shall be assessed separately in respect of every property in trust which he represents, and shall be charged with the tax payable ill respect thereof respectively in his name as representative of the property or trust which he represents, and each such assessment shall be kept separate and distinct from his individual assessment. Every such agent or trustee shall be answerable for the doings of all such acts, matters, or things, as are required to be done by virtue of this Act, in order to assess the property or trust which he represents, and paying the tax in respect thereof, and shall be under and subject to the like penalty or liability for any neglect, refusal, or fault, as any other person, and is thereby authorised to recover from any person in whoso behalf ho is compelled to pay any tax, the amount paid by him and to retain out of any money which shall come to him in his representative character, so much from time to time as shall be suflicient to pay such tax, and thei'eby indemnified for all payments which he shall make in pursuance of this Act. 18. The mortgagor of any lands shall, in respect of such land bo 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 such case the mortgagor shall append to the statement of the property belonging to him a certificate from the Registrar of Deeds or the District Registrar of Lands of the district where the lands are situated, stating the amount of the several mortgages on such lands, and tho names and addresses on the respective mortgagees in respect of the amount of the money, advanced on mortgage on the land, shall pay tho tax payable in respect of such money which shall be deemed to be a payment made by the mortgager. No mortgagor to the mortgage on account of interest, and all monies as paid by a Mortgagor shall be allowed for in the accounts between the mortgagor and mortgagee. 19. The interest of every person to any property shall be separately assessed, avid e such person shall be liable to taxation in respect of the half of this interest in such property, provided that in respect of land held in any tenancy exceeding a yearly tenancy, the interest of owners of such land shall be estimated at a sum equal to an amount of the per cent, on the capitalised value of the annual rental received by the owner in respect of such land.

20. Notwithstanding the sale or transfer to 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. 21. The following property shall be exempt from taxation :—l. All property of the Crown, or of any local body, or of any company, or society of persons not formed wholly or mainly for the purpose of gain or profit divisablc amongst the shareholders. 2. All churches and other places used exclusively for pnbiic worship. 3. All property of or invested in any body or persons for public, charitable, or public educational purposes. 4. All property of or vested in any public body, or society of persons, and used only for the purposes of public health or recreation. 5. All public reserves of what nature made under an}' laws granted to or vested in any body or person. 0. All property of Maoris. 7. All property owned in reversion, remainder, or expectancy of any kind, tho owner thereof not having any present beneficial interest therein at tli3 time an assessment is made thereon except as mentioned in the Bill.