People Ex Rel. New York, Ontario & Western Railway Co. v. Rosenshein

In determining the value for assessment of the railroad’s property within the town of Fallsburgh for the years 1936 through 1942, the trial court properly took into account the fact that the company’s “ net operating income ” had been insufficient to meet fixed expenses during those years (see People ex rel. Delaware, L. & W. R. R. Co. v. Clapp, 152 N. Y. 490, 494; and People ex rel. Lehigh Valley Ry. Co. v. Harris, 168 Misc. 685, 693-694, affd. 257 App. Div. 912, affd. 281 N. Y. 786). Reduction of the value employed for assessment by a factor derived from the average annual deficit was not…