LAND AND INCOME ASSESSMENT.

Press, Volume LII, Issue 9030, 16 February 1895, Page 10

LAND AND INCOME ASSESSMENT.

TO THE EDITOR OP THE PBKSS. Sm,—-You had a leading article yesterday anent the new valuations required by the Department. Did you notice, in the form issued by the Department to taxpayers, that particulars must now be given of all moneys owing as balances on land sold on deferred payments—a new innovation, if sustainable, another hardship. Let mc put a case. A sella to B a property the value mainly in buildings—say land £500, buildings £2000, total £2500. A, being anxious to sell, accepts a small deposit, say £250. Under the new regulation is A to be charged as on a mortgage due to him (£2250), and is 8 to get credit for value of buildings, £2000? If that be so, by the transaction A increases his taxation by £2000, B gains by that amount, and in the end B may never complete. Can yon inform mc if this reading be correct ? B, at present exempt from taxation, being possessed of the £250 only which he pays as a deposit, still remains exempt, though nominal owner of a property valued at £2500. A, by the transaction, loses his right to reduction for improvements, £2000, and has to pay on that increased amount. Suppose B fails to pay balance of purchase money, A has been contributing tax _l ion on £2000 which he would otherwise have saved.— Yours, &_., PCZZXED.