Take the palace of a nobleman in Bologna, and a small house belonging to a citizen, which adjoins it.

The palace is valued at the trifling sum of L1,100, on the ground that the apartments inhabited by the owner are not included in the income.

The actual rent of which the owner is in the receipt for the part left off is about L280 a year: his taxes are L18 a year.

The small house adjoining is valued at L200.

The rent derived from it is L10 a year, and the taxes paid on it are L3.7s.6d.Thus we find the palace paying something like 5s.6d.per cent.