1927 The Texas Almanac and State Industrial Guide Page: 215
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THE TEXAS ALMANAC.
nent funds of various State institutions.
In other words, the entire State obliga-
tion in the form of bonded indebtedness
is to its own branches. In fact, it would
have been retired long since were it not
for this fact. (See "State Bonded Indebt-
edness" in statistical tables.)
Permanent Funds.
The public schools and some institu-
tions of higher education and eleemosy-
nary institutions of the State receive an
appreciable amount of support from per-
manent funds which have been built up
through the sale of the public domain.
Many early grants were made for educa-
tional purposes and the Constitution of
1876 set aside half of the remaining do- -
main of the State for the public schools.First and last, about 52,000,000 acres were
reserved for school support. The State
permanent School fund now amounts to
more than $75,000,000. Of the smaller
permanent funds, the University of Texas
has the largest, amounting to some mil-
lions of dollars.
Value of Property.
The total value of property assessed for
taxation is around $3,500,000,000 and is
increasing, according to the last report of
the Board of Control, at an average rate
of $75,559,004 per annum, based on a ten-
year perioa. Property in Texas is ren-
dered at something like 30 per cent of its
actual value. The last census of wealth
in Texas was placed at $9,850,888,000.
This was for 1922, and there has been a
very appreciable increase since that date.CONDITION OF GENERAL REVENUE FUND.
Following statement of general revenue fund as of end of fiscal year, aug. 31, 1926., and estimate for
Aug. 31, 1927, is from the office of the State Comptroller:
General Revenue, Year Ending Aug. 31, 1926,
At the close of the fiscal year ending Aug. 31, 1926, there was a net cash balance in the
State treasury to the credit of general revenue......................................... $5,396,951.42
Less appropriated by the Thirty-Ninth Legislature against general revenue fund for the
year yet unpaid for which warrants have not yet been issued............................ 1,082,407.43
$4,314,543.99
Estimated amount of appropriations unused and which should revert to the general revenue
fund .................................................... . ................... 290,000.00
$4,604,543.99
Charges to General Revenue, Year Ending Aug. 31, 1927.
To appropriations by the Thirty-Ninth Legislature charged against general revenue for the
year ending Aug. 31, 1927 ...........................................................$16,635,146.6f
Less estimated unused appropriations and net cash balance Aug. 31, 1926 ................. 4,04,343.99
$12,030,602.67
To pay approved deficiencies (estimated) ................. .................1,985,995.42
To pay miscellaneous claims (estimated) ..................................... 390,000.00
To pay mileage, per.dlem and contingent expenses of the Fortieth Legislature,
based on ninety-day session.... ............................ 350,000.00-- 2,725,995.42
$14,736,598.09
Cash balance at the close of the fiscal year, Aug. 31, 1927 .................................. 3,339,122.06
$18,313,720.15
Estimated General Revenue Fund, Year Ending Aug. 31. 1927,
By gross taxes arising from the levy of 23c on the $100 assessed valuation, amounting
to $3,627,334 696.00.... ..................... ........................... $8,342,869.80
Less 20 per cent to cover cost of assessing, collecting and delinquents and errors.$1,668,573.96
Approximate total of sums remitted to various counties ...................... 505,774.21- 2,174,348.17
$6,168,521.63
Estimated receipts from all sources other than tax on property, based on the sums received
for the fiscal year ending Aug. 31, 1926........................ ............. .... 12,147,198 52
$18.l31,720 15TEXAS AD VALOREM TAX RATES AND TOTAL
VALUATIONS, 1846-1926,
There has been an ad valorem tax on real and
personal property in Texas each year since the
State was admitted to the Union beginning with
1846. The State Constitutions of 1843, 1861, 1866
and 1869 did not set a lim't, but left the tax rate
to the discretion of the Legislature. The Constitu-
tion of 1876 placed the maximum ad valorem rate
at 50c on each $100 property valuation. In 1883
an amendment was adopted reducing the tax rate to
33c and at the same time providing for an ad
valorem tax rate for the available school fund, hav-
ing a maximum of 20e on $100. In 1918 the
maximum for the school tax rate was raised from
20c to 35c, simultaneously with the' adoption of
the free textbook amendment.Calculating Tax Rate. e
The State ad valorem -tax rate for the general
revenue is set by the State Automatic Tax Board
(or Board to Calculate Tax Rate). consisting of the
Governor, Comptroller and Treasurer. as follows:
Shortly after June 30 of each year the sum of all
receipts to the general revenue other than from ad
valorem tax for the preceding twelve months is
totaled. 0-i the assumption that substantially the
same amount will be collected froii these sources
during the following year. the board then deducts
this amount from the appropriations charged against
the general revenue for the following fiscal year
beginning Sept. 1. This deduction leaves, theoreti-
cally at least. the amount that it will be neces-
sary to raise by ad ralorem tax during the com-
ing year, and the determination of the tax rate
is simply a matter of finding the ratio of this
amount to the total valuation of property in the
State, estimate of which is furnished the board
by the Comptroller. But the board may not, of
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1927 The Texas Almanac and State Industrial Guide, book, 1927~; Dallas, Texas. (https://texashistory.unt.edu/ark:/67531/metapth123785/m1/219/: accessed April 30, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Texas State Historical Association.