City of Jersey City v. Liggett & Myers Tobacco Co.

The opinion of the court was delivered by

Jacobs, J.

The issue presented on this appeal is whether the personal property of Liggett & Myers Tobacco Company, located on floor space demised to it under a written agreement of lease dated April 12, 1948 between Lackawanna Warehouse Company, Inc. as lessor, and the Tobacco Company, as lessee, was exempt from taxation under the terms of R. S. 54:4-3.20.

The statute provides that personal property stored in a warehouse of any person, copartnership or corporation engaged in the business of storing goods for hire shall be exempt from taxation under…