Newmarket Manufacturing Co. v. Nottingham

It is the law of this jurisdiction that water rights are taxable to the owner thereof, although he does not own the fee in the underlying and supporting land. Winnipiseogee &c. Company v. Gilford, 64 N. H. 337.

The question here presented is whether the plaintiff owns any water rights situate in the defendant town. The instrument conferring upon the plaintiff certain rights is in the form of a covenant that the covenantor will perpetually manage the outflow of the reservoirs for the benefit of the covenantee. This confers a right to a beneficial use of the reservoirs. If the covenantor had…