City of Griffin v. First Federal Savings & Loan Ass'n

The petition in this case alleged in part: “Said license is not a property tax on real or personal tangible property owned by the association, but is a license fee imposed for the privilege of doing business.” The petition shows that the charter was issued by the Federal Home Loan Bank Board under the Home Owners’ Loan Act of 1933. The act of 1937 (Ga. L. Ex. Sess. 1937-38, Code (Ann. Supp.) § 16-427) provides that such an association shall not be assessed or subject to taxation “on its franchise, capital, reserves, surplus, loans, shares, or accounts.” (Emphasis added). Each of the above…