VALUATIONS or LAND have been found necessary in order both to regulate lia bility to taxation, and in feudal times to determine the amount of casualties or occa sional profits due by the vassal to the superior. Domesday book (q.v.) contains the earliest valuation of the lands of England. Valuations were made in succeeding times, when the raising of imposts by subsidies became common, these imposts being appor tioned on the people of the realm in respect of their reputed estates. Laud was the chief subject of taxation, and was assessed nominally at the rate of 4s. per pound. But while land was rapidly increasing in value, the practice grew up of adopting an old valuation, by adhering to which the nominal 4s. rate came in course of time to amount to less than 2d. per pound. In 1692 it was resolved that a new valua tion, correspondent to the existing state of the land, should be made, and a tax levied on all land throughout the realm of 1s. per pound, which in time of war was afterward raised to 4s. This impost, called the land tax, was made permanent by 38 Geo. III. c. 60, which act also provided the means of enabling it to be redeemed. Though once the most productive of all the resources of the state, the land tax now furnishes a very small fraction of the revenue, and so far as not redeemed, it is still collected on the basis of the valuation of 1692, which has long ceased to be an approxi mate estimate of the value of land. In the collection of the income tax, the actual value, as annually fixed by commissioners and assessors, is adopted as the criterion.
in Scotland the contributions levied in the 13th c. seem to have been made with reference to the value of the lands as ascertained, either by some general valuation, or by separate valuations in individual returns. The value as at that period was after ward known as the old extent, or old valuation. In the beginning of the 14th c. land diminished greatly in value in those parts of the country that had been subjected to the ravages of the war.; and the Scottish parliament, in granting a subsidy to Robert I. of a
tenth penny of all the rents of the laity, provided that those lands which had been wasted by the war should be revalued, and that the returns should state both the pres ent value and the former value in time of peace. But in the course of time, as retturied to Scotland, the revaluation, or new extent, as it was called,came to be above in stead of below the old value; and it became the practice to estimate the new extent by add ing a certain proportion of the old valuation, to compensate for the advanced improvement. in the country, and the change in the value of money. Under Cromwell, and after the restoration, in Scotland as well as in England, the mode of taxation adopted was first to name the sum to be raised, and then to distribute it among the counties; and an act of conve.utiou of 166; directed that in apportioning the taxation of each county on the individual landholders, it should be in the power of the commissioners to rectify the old valuations when necessary. The rent established by these valuations is known as the valued rent, and continued till 1854 to be adopted for the land tax, and most of the other public and parochial assessments. By a statute of that year (17 and 18 Viet. e 01), the commissioners of supply of every county, and the magistrates of every burgh, are directed to cause a valuation roll to be made up annually, showing the rent or value of the whole lands and heritages within the county or burgh, by which roll all local assessments are in future to be regulated; and provision is made for the appointment of assessors to carry out the act. By 20 and 21 Vict. c. 58, commissioners of supply and burgh magistrates are further empowed to appoint the officers of inland revenue belong ing to the county or burgh as assessors; and failing their doing so, the valuations made arc not to be conclusive against assessments. The new system of valuation established by these acts is perhaps the most perfect in the world; it possesses the merit of giving universal satisfaction, and is noted for its simplicity.