To the editor:
Intangibles tax is not income tax, although it is levied on income from intangibles. It is property tax or, rather, in lieu of property tax, on that kind of property.
The market value of intangibles fluctuates from day to day, so it is not possible to set fair market values for tax purposes. It would seem that taxpayers who invest in that kind of property would prefer their property tax be based on income from it rather than on an attempt to establish market value, especially as the values appreciate. Of course, they prefer no property tax at all.
Betty Jo Charlton,