People ex rel. Union Railway Co. v. State Board of Tax Commissioners
Appellate Division of the Supreme Court of the State of New York
Appeal by the relator, the Union Railway Company of New York City, from an order of the Supreme Court, made at the New York Special Term and entered in the office of the clerk of the county of New York on the 15th day of May, 1913, confirming special franchise assessments for the year 1910, and dismissing a writ of certiorari.
1Opinion of the Court
Laughlin, J.:
The court tested these assessments by the net earnings rule, and found that the net income attributable to the special franchises was $408,164.55, and this was capitalized at six per cent. The earnings and operating expenses of the relator in the two boroughs were not kept separate. The court proceeded, in ascertaining the value, as if the entire franchises were in the same tax district, and as if the two assessments were combined in one, and found that their total value was $8,449,481.39, and as the assessments.were only about fifty-three per cent of this amount no reduction was…
2Cases cited1 opinion
- People ex rel. Third Avenue Railroad v. State Board of Tax CommissionersAppellate Division of the Supreme Court of the State of New York · 1913
3Cited by1 opinion
- People ex rel. Metropolitan Street Railway Co. v. State Board of Tax CommissionersAppellate Division of the Supreme Court of the State of New York · 1913