31 A.D. 315 | N.Y. App. Div. | 1898
Order affirmed, with ten dollars costs and disbursements, on opinion of Beekman, J., in court below.
Present—■ Barrett, Rumsey, Ingraham and McLaughlin, JJ.
The following is the opinion of Beekman, J.:
The relator contends that the commissioners of taxes had no right to consider or estimate any other value of its real estate than the assessed value in determining the amount of its capital which was subject to taxation under chapter 456 of the Laws of 1857. By the terms of that statute, “the capital stock of every company, liable to taxation, except such part of it as shall have been excepted in the assessment roll, or as shall have been exempted by law, together with its surplus profits or reserved funds, exceeding ten per cent of its capital, after deducting the assessed value of its real estate and all shares of stock in other corporations actually owned by such company which are taxable upon their capital stock under the laws of this State, shall be assessed at its actual value and taxed in the same manner as the other personal and real estate of the county. The learned counsel for the relator has presented a very able and exhaustive brief in support of his contention, but I think the weight of authority in this State is against him. In the case of People ex rel. Equitable Gas Light Co. v. Barker (144 N. Y. 94) the act above referred to was under construction with respect to the very question which is here raised. In delivering the opinion cf the court, Andrews, Ch. J., says (p. 100): “ But the law governing the taxation of corporations (Laws 1857, ch. 456) requires the valuation of the whole property owned by the corporation, whether real or personal, or both, in order to ascertain the capital which is
Sic.