THE PROPERTY ASSESSMENT BILL.

Manawatu Standard, Volume X, Issue 25, 27 June 1885, Page 2

THE PROPERTY ASSESSMENT BILL.

Thk Property Assessment Bill : introduced by the Piemier consolidates the existing law relating to the assessment of property for the prov perty tax, and amends it m some few particulars. Districts, for the.purposes of the Act are abolished, the various boroughs, counties, and other existing local districts being created districts under this Act, so, as far as possible, to dispense with the cost to local bodies of making separate assessments. The definition of " property" is enlarged so as to manifest clearly that goodwill is to be included m property liable to taxation. A new clause provides that a company . trading on its own account with money advanced or deposited at interest with the company on the security of its guarantee or debentures, is not entitled to claim the £500 exemption m respect of each separate depositor. Agricultural improvements and machinery; are added to the exemptions. Reversionary estates, are no longer exempt from taxation, the trustees thereof becoming chargeable for the tax. Qne clause provides for the taxation of life assurance companies m the same manner as persons, other insurance companies being assessed m a special manner. The Court of Reviewers is declared an open Court, except when personality 'is de#lt with. There ts no secrecy considered necessary about real property since the assessments are published,' and no reason why Reviewers shoud sit within closed doors. A treble duty is imposed upon all property of a deceased person who had evaded duty thereon during his life by false statements m relation thereto.