In re Assessment of Taxes of Ewa Plantation Co.
Hawaii Supreme Court
Statement of the case: The property of the Ewa Plantation Company, Limited, was returned at $4,000,000, assessed at $5,448,000 and valued by the tax appeal court at $4,400,000, from which valuation the assessor appealed.
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Statement of the case: The property of the Ewa Plantation Company, Limited, was returned at $4,000,000, assessed at $5,448,000 and valued by the tax appeal court at $4,400,000, from which valuation the assessor appealed. The tax appeal court valued the property by taking the selling price of its stock (250,000 shares at $20), and deducting 20 per cent., as was done in the case of the Rapid Transit & Land Go. approved' in 15 Haw. 3, adding outstanding bonds for $400,000. The court in the case cited said: “The evidence fails to show that the valuation of the property by the tax appeal court was…
1Per curiam
It is impossible to lay down definite rules for valuing a sugar plantation. Possibilities of disasters and losses, low prices and increase of cost of production enter into tbe estimate of values of such properties, and when those things occur the values are reduced accordingly. After careful examination of the somewhat diverse methods of valuing the property which are shown by the records in this case, and upon full consideration of the elements of value shown by the amount of sugar produced in the previous four years, its cost and net returns, as well as the manager’s evidence of the…
2Cited by2 opinions
- In re Taxes Waiakea Mill Co.Hawaii Supreme Court · 1918
- In Re Taxes Oahu Sugar Co.Hawaii Supreme Court · 1925