44 N.Y.S. 810 | N.Y. App. Div. | 1897
The appellants, constituting the board of assessors of the city of Brooklyn, assessed the personal estate of the relator in the year 1896 at a valuation of $410,442. Thereupon, during the time provided for that purpose by law, Henry W. Slocum, one of the directors of the corporation, appeared before the board with a verified statement of the property and assets of the corporation and its liabilities. He was sworn and examined as to the correctness of the statement and the details of the property owned by the corporation. From the statement and the evidence of Mr. Slocum it appeared that the total gross assets of the corporation amounted to $1,046,000, its funded debt $700,000, and the assessed valuation of its real estate $488,321. The aggregate of these last two items exceed the value of the relator’s property by $141,494. Mr. Slocum testified that the company was earning more than enough to pay six per cent dividends, and that he considered the capital stock worth more than par. The assessors took no other evidence than that of Mr. Slocum. They appear to have probed the witness to such extent as they saw fit. They sought for information from no other source than his testimony and statement. Thereupon they assessed the personalty of the relator at $340,442. On the hearing at Special Term, on return to the writ of certiorari, the counsel for the assessors stated that the testimony of Mr. Slocum was sufficient for the disposition of the matter, and that the assessors did not disregard or claim to be justified in disregarding such testimony. The Special Term held that the action of the assessors, in assessing the personalty of the relator at any sum, was against the evidence, and canceled, the assessment.
We think that the action of the Special Term was unquestionably
One argument remains to be noticed. In estimating the value of the assets of the corporation its real estate was taken at its assessed value. It is said to be a well-known fact that real property in this city is not assessed at its full value, but only seventy per cent of such value. Assume this to be the case. If we add to the amount of gross assets returned forty-three per cent of the assessed value of the real property and credit the corporation for $46,568.31, its current debts exclusive of funded obligations, there still remains no excess for which the relator could be taxed.
The order appealed from should be affirmed, with ten dollars costs and disbursements.
All concurred.
Order affirmed, with ten dollars costs and disbursements.