NEED OF A STATE TAX COMMISSION IN COLORADO 



93 



such counties as Denver and Pueblo, no one was assessed on his 

 money on deposit in banks. In 1908, bank deposits were assessed 

 only in eleven counties as follows: 



COUNTIES ASSESSING BANK DEPOSITS IN COLORADO, 1908 



The evidence of the above tables is sufficient to show clearly that 

 property in Colorado is both underassessed and overlooked by the 

 local assessors, notwithstanding the law directs them to place it on 

 their rolls at its true cash value. The general pjroperty tax system 

 has thus far failed in this state, as elsewhere, in securing a true val- 

 uation of the property which should be taxed. The following is the 

 percentage of assessed to true valuation as determined by the United 

 States Census since 1870: 



One of the serious effects of under valuationis the loss of revenue 

 needed for state institutions. In Colorado, as in a number of other 

 states, It is the practice of the legislature to provide the revenue for 

 various state institutions by the imposition of a certain fractional 

 mill tax on each dollar of assessed valuation. It was the opinion of 

 the legislature that a provision of this kind would guarantee a suit- 

 able revenue for these institutions which would increase as the wealth 

 of the state increased, and thus meet the requirements of their expand- 

 ing needs. In this way there would be no necessity for constant 

 lobbying for appropriations. This plan has, however, failed to 

 produce satisfactory results. By the zeal of the local assessors for 



