Finnegan v. State Board of Tax Appeals

The opinion of the court was delivered by

Heher, J.

The question here is whether a person to whom personal property is assessable for taxation under R. S. 54:4-1, et seq., may rightfully claim a deduction under section 54:4-14. for the amount of debts “due and owing” by him to “creditors residing” in this state, but secured by mortgages covering real estate in this state owned by him.

Prosecutors made a personal property tax return to the assessors of Jersey City, itemizing their intangible personal property as of October 1st, 1939, and the value, and demanding a deduction, in the ascertainment…