The best-known tax of all is the general property tax. As the term suggests, this is a tax on wealth irrespective of its nature - that is, a tax on real estate and personal property. This tax is assessed by one township or county official and collected by another. It provides the bulk of local and state revenues; and for that reason, if for no other, it ought to be sound in principle. But usually it is not. First of all, the typical general property tax law provides for the same rate of taxation on personal property as on real estate; and as a result it defeats its own purpose, for only the most scrupulous - 80 few as to form a relatively small class - will disclose their entire personal wealth to a tax assessor. This does not imply that the American people are liars or even tax-dodgers. It does mean, however, that the average taxpayer, knowing that his neighbors do not disclose their personal property, feels justified in self-defense to refrain from disclosing his own. The general property tax glares with inequalities even if nothing except real estate were taxed. Usually a state imposes, for state purposes, one flat rate over all its counties. Each county has its own body of assessors. As a result, widely different valuations are often placed on pieces of property having about the same value. If, to take an extreme example, the state tax rate is 50 cents on each hundred dollars' valuation, and one assessor estimates the average value of farm horses at $30 and another assessor at $50, one group of horse; owners is overtaxed or the other group is undertaxed. Similar inequalities may easily occur in counties having township organizations. Some attempts are made, however, to equalize taxes both within states and within counties. To that end boards of equalization and boards of review have been established. If the general property tax is so unsatisfactory, why do not the voters abolish it and substitute a better kind of taxation? The answer seems to be that an old tax whose exactions are known is better than a new tax which may carry unknown burdens. In other words, the typical taxpayer prefers to let well enough alone.