American Insurance v. City of Newark

Quinn, President.

Petitioner is a stock insurance company, having its principle office in the respondent taxing district. It was subject to taxation for the year 1938, as of the assessing date, October 1st, 1937, upon its capital stock paid in and accumulated surplus, less the amount of assessments upon real estate belonging to the company, under Pamph. L. 1918, ch. 236, § 307. By judicial construction of substantially similar predecessor statutes, the act entails an assessing formula for such companies requiring: (a) determination of the true value of gross assets; (b) the deduction therefrom…