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Hamilton
Herkimer.
Jefferson.
Lewis....
Livingston
Madison.
Monroe.
Montgomery
Nassau
Niagara
Oneida..
Onondaga
Ontario
Orange.
Orleans.
Oswego.
Otsego.
Putnam.
Rensselaer.
Rockland.
St. Lawrence.
Saratoga.
Schenectady.
Schoharie.
Schuyler.
Seneca..
Steuben.
Suffolk..
Sullivan..
Tioga..
Tompkins.
Ulster,
Warren.
Washington.
Wayne...
Westchester.
Wyoming..
Yates..

$45,097
879,079
516,158

94,471
562,390

308,239 1,505,284

426,739 3,657,465

590,315

946,175 1,553,024

461,618 609, 233 476,846 321,270 300,703 166,346

312,964 1,055,821

515,010 708,101 464, 285 131, 110 174, 694 679,314

553,239 2,551,408

142,327 256,256

113,857 1,107,707

168,365

688,713
1,038,981
6,472,520

405,588
187,734

$6,963 602,956 249,942 132,779 296,915 132,701 844,091 182,176 821,935 230,910 503,710 923,776 213,032 372,767 225,529 116,900 88,622 80,954 240,961 137,279 242, 215 431,549 350,540 51,640 66,531 201,361 242,381 764,592

85,248 138,719

59,143 159,593

55, 235 318,712

394,294 2,170,255 321,002

40,826

$52,060
1,482,035

766,100
227,250
859,305

440,940 2,349,375

608,915 4,479, 400

821, 225 1,449,885 2,476,800

674,650 982,000 702,375 438,170 389,325 247,300

553,925 1,193, 100

757,225 1,139,650 814,825 182,750 241,225 880,675

795,620 3,316,000 227,575 394,975

173,000 1,267,300

223,600 1,007,425 1,433,275 8,642,775 726,590 228,560

Total..

$41,930,738

$17,604,474

$59,535,212

TABLE C RECAPITULATION OF TABLES A AND B

Intangible Final Full Value of Special Special Franchise

Franchises Valuation

Cities ....
Towns and Villages.

Total.....

Value of Tangible Property in Streets

$276,378,935

41,930,738

$313,391,790

17,604,474

$589, 770,725

59,535,212

$318,309,673

$330,996, 264

$649,305,937

The comparison of special franchise valuations of the year 1916 with the year 1915, showing full valuation, equalized valuation, rate of equalization, average tax rate and estimated tax produced by special franchises, together with the increase of 1916 over 1915, is shown in the following table:

TABLE D
COMPARISON OF Special FRANCHISE VALUATIONS YEAR 1916 With 1915

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This table shows that the increase in the equalized valuation of special franchises in 1916 over 1915 was $63,658,154, which gives an estimated increase of the tax produced from this source of $1,153,263. If all local assessors had during the year 1916 assessed real estate at its full value in this state, the average tax rate for the state of twenty dollars a thousand applied to the full value of the tangible property in the streets and to the full intangible value of special franchises, give the results shown in the following table, which represents the full tax measure of the special franchises of the state:

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EQUALIZATION OF SPECIAL FRANCHISES Under the state tax law all special franchise valuations must be equalized by the State Tax Commission to the rate of valuation at which other real estate is assessed locally. The special franchise valuations as determined for the year 1916 are therefore reduced by equalization from the full value of $649,305,937 to the equalized value of $560,731,299. This is a loss in the special franchise valuation of $88,574,638. It is a direct loss in taxes of $1,771,491 to the communities of the state in which the special franchises are located.

In this connection it is appropriate to mention that the aggre gate assessed value of real estate in the state of New York, exclusive of the special franchise for the year 1915 was $10,832,565,661, which on the basis of the average rate of equalization of 86.35% should have been assessed by the local assessors at $12,544,951,894, or a loss in assessed value of $1,712,386,233, and a direct loss in taxes of $34,247,725. Add to this the loss thereby in taxes on the special franchise of $1,771,491 makes a total loss in taxes to the communities of the state of $36,019,216, due alone to the undervaluation by local assessors of property assessed by them locally.

Tables F and G below give in summary the work of the special franchise tax bureau :

TABLE F

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2,068

4,979

8,543 $649,305,937

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In this work the reports of over 2000 franchise owners, as to their physical property and statement of actual operations, have been examined by experts; and appraisals were also made of over 13,500 separate franchise valuations, each of which require from two to one hundred pages of intricate and scientific mathematical computations. There were also examined and considered over 1100 complaints and objections, requiring a review of the computations and determinations of over 1100 valuations affected by these objections. During the year also, over 3900 special investigations by field examination and by correspondence were made by the special agents and appraisers of the several divisions of the bureau.

During the last quarter of the year 1916 the special franchise bureau computed the equalized valuations of special franchises for all the towns and villages of the state; also tentative full, final full and equalized valuations of special franchises were made for the city of Buffalo and tentative full valuations for the city of New York.

Two thousand eight hundred and twenty special franchise valuations for the year 1917 were computed for other cities, towns and villages of the state. Special examination of the books and accounts of the following companies were made by the expert accountant of the bureau :

Binghamton Railway Company
Buffalo Gas Company
Transit Development Company
Postal Telegraph-Cable Company

REVISED FORMS OF REPORTS During the present year the forms of reports required from public service corporations have been completely revised. The new forms are in conformity with the best standards of accounting and in harmony and accord with the orders of the public service commissions. Two gratifying results have followed :

First: Data and information are furnished, the form and character of which enable the experts to apply scientific and modern methods of valuation.

Second: Except as to the period covered by the report, the new forms have been received with general favor by the reporting companies. The period covered by the report has now been made uniform with that of the public service commissions of both the first and second districts. Beginning with January 1, 1917, all reports to public service commissions and also to the State Tax Commission will cover a period of twelve months ending December 31 of each calendar year. This important change among other advantages, conserves the time and expense of the public service corporations, improves the character and uniformity of reports, expedites their preparation and insures better coöperation between the state commissions mentioned by making possible the comparison of reports of the same date.

E. THE MORTGAGE TAX BUREAU The mortgage tax bureau is charged with the administration of article XI of the tax law, commonly known as the mortgage recording tax law. The provisions of this article give to the State Tax Commission a supervisory power over all recording officers who are charged with the duty of recording mortgages and collecting taxes thereon. It is also the duty of the tax commission to make such rules and regulations for the guidance of recording officers as it may deem necessary for the proper collection of all mortgage taxes and accurately accounting for the same.

APPORTIONMENTS Under the provisions of section 260 of the tax law it is the duty of the State Tax Commission to determine the amount taxable of all mortgages covering real property situated partly within and

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