LOCAL GOVERNMENT AND TAXATION 51 



The total valuation of the inventories reached a peak in 1930 at 

 more than 625 millions. This is 60 percent greater than the 1914 

 figure. In general, since 1930, there has been a gradual decline to ap- 

 proximately the 1921 and 1922 level, or about 40 percent above the 

 1914 total valuation. Much of the increase during the earlier years 

 is due to better assessments. Short- and long-time fluctuations in 

 total valuation are due to one or more of many causes. Business con- 

 ditions, livestock cycles, and the like have less effect than might be 

 expected, because of the tendency among selectmen and assessors to 

 copy the assessment roll from year to year. The amount of new con- 

 struction and the depletion of existing property definitely affect taxa- 

 ble wealth. 



Of greater importance are the changes in the kinds of property 

 subject to local assessment. It must be remembered that the power to 

 determine what classes of property shall appear on the assessment 

 roll and what exemptions shall be granted is vested in the state legis- 

 lature. A few such changes have been made in the public laws during 

 the period in question. Probably the most significant change occurred 

 in 1923, when intangible personal property was removed from the 

 general property list and taxed by a special method administered by 

 the state tax commission. Motor vehicles appeared on the tax list 

 under the heading "other vehicles" until 1919, when the state legisla- 

 ture removed them and substituted the registration permit fee. On 

 the other hand, and of much less significance, gas pumps and tanks 

 were added to the property list in 1923 and specified kinds of portable 

 machinery were added in 1933. Fur-bearing animals kept for com- 

 mercial purposes were added in 1915, and domestic rabbits in 1937. 



Real property has consistently represented more than three- 

 fourths of the total inventory valuation ; since 1921 it has been more 

 than 80 percent of the total and has exceeded 90 percent since 1932. 

 In 1939 land and buildings alone accounted for 74.8 percent of local 

 taxable wealth and 81 percent of taxable real estate. This class of real 

 estate declined somewhat in relative importance in the early thirties, 

 largely owing to a separation of electric utilities into a class by itself, 

 a distinction first made in 1930. The abandonment of submarginal 

 farm lands has lowered the assessed valuation of many rural towns, 

 and floods and the hurricane of 1938 have also had their effects. 



The inventory value of mills, factories, and machinery reached its 

 peak in 1923 at 92 millions, and has since gradually declined to about 

 41 millions in 1939. Much of this decline is due to the fact that many 

 large textile plants have been closed as a result of the depression. 

 Stock in trade has been similarly affected by the depression, having 

 declined from a maximum valuation of 79 millions in 1923 to less than 

 34 millions in 1939. 



The total valuation of livestock has fluctuated from over three 

 percent of the total property valuation in years prior to 1920 to less 

 than one percent in 1934. These variations are due to changes in the 

 number of livestock as well as changes in value pei head. In 1939 

 there were only about one-fourth as many horses as in 1914, but 

 about five times as much poultry. The assessed value per head 



