no URUGL'AV - AGRICULTURAL ECONOMY IX GENERAL 



tors of valuation ", runs the text of this article, " will take into account 

 among other things, in fixing the value of rural property, the market price 

 of the lands and the income they probably yield, the latter being taken to 

 represent at least 4 per cent, of the estimated value". Article 23, which 

 refers to appeals, recognizee a right in ever\' proprietor, who believes him- 

 self to be wronged by the quota of the tax incident on his real estate, to 

 demand a new valuation from the competent authorit}'. If he do not ac- 

 cept this second valuation the dispute will be brought before a commission 

 of experts who will comprise, as well as members of the local municipal 

 administration and the administrations of finance and the cadaster, four 

 landowners domiciled in the district and chosen by the executive authority 

 from a list of the principal tax payers. The latter will be drawn up by the 

 departmental financial authority. This commission will, in examining the 

 values estimated by the census, take into account the selling price of neigh- 

 bouring rural properties resembling those under consideration, making 

 deductions for improvements, and also the rent of the real estate in question 

 and of others in the district. Where such rent exists the value as estimated 

 shall be considered as a capital bearing interest at a rate between 3 and 4 

 per cent. : that is to say that if a property, or adjacent lands of approxim- 

 atety the same quaHty, be let at a rent of S 1.50 the hectare the estimated 

 value cannot exceed S 50 nor be less than S 37-50. 



The parties concerned, that is to say the departmental agent of the 

 administration of finance and the landowner, can appeal against these 

 decsions of the local commission of experts to the central commission of 

 experts constituted at IMontevideo and comprising the general director of 

 direct taxation, the president of the rural association of Uruguay, and a 

 rural landowner of the department whence the appeal arises who will be 

 nominated by the executive power. The decision of the central commission 

 will be final. 



Properties of which the value does not exceed 100 pesos are, among 

 other real estate, exempted from pa3'ment of the tax, as are properties be- 

 longing to rural societies and permanent^ assigned to agricultural exhibi- 

 tions and competitions, and 50 per cent, of reforestation areas depending 

 on agricultural and breeding establishments. 



We leave on one side all the provisions as to urban and suburban real 

 estate, to examine which would be outside the scope of this article. 



The law will be in force, in the form \Ahich has been indicated, for two 

 years. 



b) The Basis of the Law and the Census of Property. 



As can be seem from the brief summary \\liich we have giVen of the 

 law's chief provisions, it is inspired by a principle which is already applied 

 in other countries. 



The Uruguayan IMinister of Finances recalled, in the explanatory' 

 note which he addressed on 26 November to the president of the financial 

 commission of the Chamber of Representatives, for the better definition of 



