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collated and arranged in as plain and simple a form as it was possible to be devised, and as will be seen by reference to the tables, the sworn returns as to cash value of real and personal estate (exclusive of patents), are combined, and in the event of the amount of debts exceeding the amount of credits, the latter amount is deducted from the former, and in case the reverse of these conditions is found to be true, the amount of the debts is deducted from the amount of the credits, thus by combining the sworn cash value of real and personal estate, deducting the amount of debts when in excess of the credits, and adding the amount of credits in excess of indebtedness, the actual amount taxable is reached.

IDENTITY OF CORPORATION CONCEALED.

It is not the purpose of this Bureau to disclose the identity of the corporations, the condition of, or the assessment against which this chapter of the report has to do, and with a view to this concealment of identity the numerical arrangement of the tables was adopted, the matter of location was also considered and the tabulation by counties was devised for the purpose of ascertaining the relation which the Assessor's estimated per cent. of valuation in the several counties of the State bears to the actual per cent. of sworn taxable value assessed against the corporations situated in the same localities.

GENERAL COMPARISON.

The table on Page 59 of this report gives the Assessors' estimate of the per cent. of true value at which property in the several counties of the State is assessed.

The purpose of this

comparison of percentages is to show the relative per cent. of assessment of property of corporations as compared to the estimates given by Assessors of all property in the same localities. It must be remembered in making comparisons, that the percentages obtained concerning corporations are reached by comparing the assessment against them with the sworn returns made by them to the Secretary of State, thus, carrying this method to its conclusion, it is found that in Hartford County sixty corporations show net taxable property to the amount of $4,622,973.00. These corporations were assessed for purposes of taxation at *$1,828, 284.00,

*There were instances discovered of Corporations in this and other Counties of the State, which were assessed for taxes in more than one town, in which case the amount of assessment in all the towns is included in amount assessed.

or 39.5 per cent. of amount taxable, assuming that the return made to the Secretary of State was a true statement of the amount of taxable property actually possessed by them. The Assessors' estimate of the per cent. of true value at which property in this county was assessed is 69.8 per cent., the accurate manner in which these results have been reached precludes the possibility of error, and the facts indisputably prove that corporations err in permitting assessments to be laid against them at a sum so much below the amount they are really possessed of and to the value of which their officers make oath.

Following the same rule as regards the other counties in the State, the result is reached that in New Haven County the ninetynine corporations, with which comparisons are made, having a net taxable property of $8,495, 140.00, were assessed at $3,437,514.00, or 40.5 per cent. of amount taxable, while the Assessors' estimate of true value at which property in the county was assessed is 60.8 per cent.

The twenty corporations located in New London County, having a net taxable property of $2,419,354.00, were assessed at $1,046,635.00, or 43.3 per cent of amount taxable, the Assessors' estimate being 74.1 per cent.

In Fairfield County, forty-eight corporations show a net taxable property of $2,788,398.00, which was assessed at $1,351,900.00, or 48.5 per cent. of amount taxable, 80.8 per cent. being the estimate made by the Asssssors of the per cent. of true value at which all property in the county was assessed.

The eight corporations located in Windham County, having a net taxable property of $469,808.00, were assessed at $356,948.00, or 76 per cent. of amount taxable, the Assessors' estimate that property in this county is assessed at 58.6 per cent. of true value.

In Litchfield County there are thirty-six corporations with which comparisons were made, the net taxable property of which amounted to $2,363, 100.00, the assessment being $1,382,313.00, or 58.5 per cent. of amount taxable. The Assessors' estimate of ratio of true value at which property is assessed in the county being 81 per cent.

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The nine corporations located in Middlesex County, having net taxable property of $1,362,930.00, were assessed at $765,889.00, or 56.2 per cent. of amount taxable, 80.4 per cent. being the Assessors' estimate of the proportion of true value at which property in the county is assessed.

In Tolland County, the eleven corporations located there have a net taxable property of $1,163,502.00, and was assessed for 338,844.00, or 29.1 per cent. of amount taxable, the Assessors' estimate of true value at which property is assessed in the county being 47.6 per cent.

The two hundred and ninety-one corporations in the entire State with which comparisons are made, show a net taxable property of $23,685,205.00, and were assessed at $10,508,327.00, or 44.4 per cent. of amount taxable, while the Assessors estimate that all property in the State is assessed at 69.6 per cent. of true value.

The comparisons and figures given in the foregoing are conclusive evidence that legislative treatment is required to secure equality in the assessment of the property of corporations as well as that of individuals, and steps should be taken at the incoming session of the General Assembly, toward the enactment of such laws as will require all corporations to render a statement in detail to the Boards of Assessors of the respective towns in which they are located, of all taxable property owned by them. This statement to be made under oath, and the law should also provide for the infliction of some penalty for neglecting to comply with such requirement.

MORTGAGED CORPORATIONS.

It was found upon examination of the records in the various towns wherein the several corporations were assessed for purposes of taxation, that there were mortgages recorded against many of them. It was also ascertained that an element of uncertainty existed as to whether the amounts of such mortgages were included in the statements of indebtedness as returned by the corporations to the Secretary of State; it being obviously true in many cases, as will be explained further on in this analysis, that the sum given as being "amount of debts" had no reference to incumbrances in form of real estate mortgages, this portion of the chapter, therefore, is devoted to those corporations against which mortgages were recorded, the number only, taken from the numerically arranged table, indicating to which corporation reference is made, and in order that the actual condition may be more clearly shown and understood, the amount of debts (not deducting credits) as returned to the Secretary of State, is given, and also the amount assessed against the mortgaged corporation, together with the amount of the before mentioned mortgages.

Thus it will be seen that in some instances, the amount of mortgage exceeds the amount returned as "debts," and in others the mortgage incumbrance exceeds the amount assessed against the corporation, thereby furnishing a foundation in fact for the contention that corporations are in some cases, taxed for a less amount than their just proportion, and proceeding upon the theory that taxes upon a mortgage debt are paid by the mortgagor, it will be seen that the amount taxable as given in the table would be increased by an amount equal to the mortgage, were the amount of such mortgage included in the statement to the Secretary of State as "debts." Comment on the peculiarities, as they are found to exist, would be out of place, and the bare statement of facts are given, and whatever inference may be drawn from them must be taken without instigation by this Bureau.

Corporation No. 12 is mortgaged to the amount of $48.000.00; is assessed at $42,060.00 and returns as amount of debts $109,643.00. In the compilation as shown in the table, the amount of credits was deducted from the stated indebtedness, thereby reaching the amount taxable. If the mortgage debt, however, was included in the return to the Secretary of State of "amo unt of debts," it is obvious that the amount taxable should be increased by the amount of the mortgage, unless such mortgage should be non-taxable against the mortgagor, which is a very remote contingency, but the facts concerning which it is impossible for this Bureau to state.

Corporation No. 16 is mortgaged to the amount of $12,000.00; is assessed at $10,500.00 and returns to the Secretary of State as debts, $20,800.00. Very evidently the latter amount includes the mortgage debt, and equally as obvious is the fact that it is taxed for an amount less than full value.

Corporation No. 20 is mortgaged to the amount of $1,600.00; is assessed at $5,500.00, and returns to the Secretary of State as debts $57.00, showing that the amount of mortgage was not included in the statement of debts, and the amount given in the table as taxable, is evidently correct.

Corporation No. 24 is mortgaged to the amount of $7,500.00; is assessed at $2,500.00, and returns to the Secretary of State as debts, $7,824.00, being taxed for one-third of the amount of its mortgage debt, is certainly proof positive that this corporation is not bearing its just proportion of the burden of taxation.

Corporation No. 31, is mortgaged to the amount of $4,766.00; is assessed at $15,000.00, and returns to the Secretary of State as debts $54,719.00.

Corporation No. 32 is mortgaged to the amount of $10,000.00; is assessed at $7,500.00, and returns to the Secretary of State as debts, $29,967.00, being one of the many other corporations. which acquiesce in an assessment for taxes on an amount less than its mortgage debt.

Corporation No. 36 is mortgaged to the amount of $12,500.00, is assessed at $10,050.00 and returns to the Secretary of State as debts $22,511.00.

Corporation No. 49 is mortgaged to the amount of $60,000.00; is assessed at $125,025.00 and returns to the Secretary of State as debts $94,544.00.

Corporation No. 81 is bonded for $25,000.00; is assessed at $12,000.00, and returns to the Secretary of State as debts $35,763.00.

Corporation No. 107 is mortgaged to the amount of $29,200.00; is assessed at $18,500.00 and returns to the Secretary of State as debts $100.049.00.

Corporation No. 108 is mortgaged to the amount of $50,000.00; is assessed at $33,000.00 and returns to the Secretary of State as debts $99,000.00.

Corporation No. 112 is mortgaged to the amount of $32,000.00; is assessed at $75,000.00 and returns to the Secretary of State as debts $60,355.00.

Corporation No. 121 is mortgaged to the amount of $18,000.00; is assessed at $20,000.00 and returns to the Secretary of State as debts $20,000.00.

Corporation No. 123 is mortgaged to the amount of $30,000.00; is assessed at $30,000.00 and returns to the Secretary of State as debts $46,708.00.

Corporation No. 130 is mortgaged to the amount of $9,677.90; is assessed at $6,500.00 and returns to the Secretary of State as

debts $12,800.

Corporation No. 150 is bonded for $137,863.19; is assessed at $211,860.00, and returns to the Secretary of State as debts, $184,463.00.

Corporation No. 151 is mortgaged to the amount of $12,000.00; is assessed at $30,000.00, and returns to the Secretary of State as debts, $48,000.00.

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