PROPERTY TAX ASSESSMENT.

Nelson Evening Mail, 27 January 1881, Page 2

PROPERTY TAX ASSESSMENT.

The Board of Reviewers continued tbeir sittings yesterday afternoon, wbich were chiefly devoted to tbe case of the Permanent Boilding Societt. Mr Pitt contended that this was not a company within the meaning of the Act, that it was not a company formed with the principal object of gain to be divisible amongst its shareholders. The object of the Society was not gain but that certain benefits should accrue to members such as enabling them, to build houses and he hoped that such companies would be expunged from the roll. Mr Rout the Secretary of the Society had sent in a return showing the assets amounted to £222 2s Id, He further submitted that the intention of the Act was that the Assessment Roll should be made up from the statements sent in. by those taxable, and that it was for the Commissioner to object if he thought the valuation incorrect, and that consequently the Society should not be put in the position of objector. The objection on the part of the Society was that their assets had been over stated, and that their liabilities had not been estimated, but he was not prepared to advise them that they: had. The Society urged that if their assets! were put down at £21,984 then their liabilities to shareholders amounted to £21,984 and 1 these shareholders could withdraw their, money at any time on notice. If it was held; that they were a company within the meaning; of the Act then they were entitled to a reduc-i tion in the assessment, for their return was* made up at the end of June whereas thei D«puty Commissioner had taken their balance! sheet on the 21st March. Between the 31st March and the end of June £3779 had been refunded to members and a liability of £1650 i had been incurred, being money borrowed,, but on the other hand £169 4s had been: received so that £5160 15s Id should at any rate be taken off the assessment. Evidence having been taken, Mr Fell, who appeared for the Deputy Commissioner, argued that the Society was one formed for 1 the purpose of making a profit, and therefore was liable to the tax. Some discussion then took place on tbe manner in wbich the assessment roll was made up, Mr Pitt arguing that tbe real roll was that containing the owners' own assessment of the value of their properties, and tbat it was for tho Deputy-Commissioner to make objections to such assessments if he deemed it necessary. After hearing further argument tha Board reserved their decision. Re T. Milner's Propertt. Mr Pitt appeared to object to the assessment of the building leased by the Nelson Club, wbich, he urged, should be reduced from £2730 to £1500. Mr VV. Milner, the agent for the owner, Btated that the property was purchased for £1400 five years ago, when property was more valuable than at present. It was leased to the Nelson Cub for seven years, the rent being £165 for the first four years and £197; 10s for tho remainder of the term. ! Mr G, Harper vslued the property st from '

£1100 to £1300. The late Mr Edwards had offered the adjoining building occupied by the Bank of New South Wales for £1000. The Deputy Commissioner said that uuder the Act the property might be valued at fourteen times the amount of rent. The Board then adjourned until TO-DAY. In Mr Milner's case, Mr I. Johns deposed that he had sold toe property now occupied by the Kelson Club to Mr Milner five years ago for £1400, and did not consider that it was worth any more now. Mr Rout valued it at £1600. The Board reserved their decision.