The Property Tax.

Gisborne Standard and Cook County Gazette, Volume III, Issue 317, 27 June 1889, Page 2

The Property Tax.

Wellington, Yesterday. In the Financial Statement the Premier made the following reference to the Property Tax :—I have aaid that under the new valuation it is estimated at the rate of one penny in the pound the tax will yield about Llfi.OOO a year less than under the old valuations. Thia arises from the falling off in the'reputed value of real property more or lees throughout the colony. There has been a fair increase in the value of personal property, but there has been a considerable fall in the reputed value of real property. Speaking generally this fall, although in one sense to be regretted, is, I venture to think, on the whole nothing but advantageous to the colony at large ; for we all know that the price of land ruling throughout most parte of tho colony was for a time, and to a considerable extent is, speculation value rather than its value for use—its value to the speculator often nothing more than a mere gambler in land, not to tho class of men whose we'l being means the proaperlty of the colony, the bona fide occupiers ot tha soil. We may well put up with a temporary loss of revenue caused by a return to a more wholesome state of things. I promised last session to consider carefully this question of the Property Tax during the recess, and to give the House an early opportunity this session to discuss the question. The result of the consideration of tbe matter by the Government Is that I shall propose certain modifications which will require legislation to give them effect, This will enable tho House to debate fully the whole question at an early date, as I propose to introduce the necessary measure to give effect to the proposed alterations in the course of a few days, and to ask for its early consideration. I may here state, without going into unnecessary particulars, that we propose amongst other things to exempt from the tax all machinery, which, however, will, be strictly defined, and to allow any owner, or the Property Tax Commissioner, to have properties revalued under reasonable restrictions, without awaiting the triennial period. These remissions, and the fall in tha new valuation, will cause an estimated loss te the revenue of about £20,000 as compared with tha amount received from Property Taxlast year, but the Government do not propose to ask for any new tax te meet this falling oft, hoping that there will prove to be sufficient elaetioity in the General Revenue to make it good. Ido not now propose to enter into any arguments in favor cf the Property Tax, or the remissions proposed, as they will come more appropriately when the Bill to which I have referred is before the House for consideration.