People ex rel. Fitchburg R. Co. v. Haren
New York Supreme Court
Appeal from special term, Albany county. Proceeding by the people at the relation of the Fitchburg Railroad Company against Patrick J. Harén and others, assessors, to reduce a valuation made by them on relator’s railroad. Order reducing the valuation, and the assessors appeal.
1Opinion of the CourtLearned, P. J.
The law requires that real estate be assessed at its full value, or, as it was formerly expressed, at the sum for which it would be appraised for the payment of a just debt by a solvent debtor. Many considerations must have a share in determining this value. Among them are actual sales of the property, or of similar property, and the earning capacity of the property itself. Ho one consideration is conclusive. All may be properly taken into account. Sometimes houses of large cost will rent for only a small interest on their cost and on their value in the market. Other kinds of real estate may…
2Cited by3 opinions
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