Riverton & Palmyra Water Co. v. Haig
Supreme Court of New Jersey
Certiorari bringing up an assessment of taxes imposed upon the Riverton and Palmyra Water Company for the year 1894 by the taxing authorities of the borough of Riverton.
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Certiorari bringing up an assessment of taxes imposed upon the Riverton and Palmyra Water Company for the year 1894 by the taxing authorities of the borough of Riverton. The following facts appear: The Riverton and Palmyra Water Company was incorporated July 20th, 1888, under the “Act for the construction, maintenance and operation of water works for the purpose of supplying cities, towns and villages of this state with water,” approved April. 21st, 1876 (Gen. Stat., p. 2199), and its supplements. In 1889 the company erected water works upon one tract and a tank and tower upon another tract…
1Opinion of the Court
The opinion of the court was delivered by
Magie, J.
The Riverton and Palmyra Water Company, the prosecutor, complains of a tax imposed upon it by the authorities of the borough of Riverton for its paid-in capital stock.
This imposition is clearly erroneous. It is settled that such a corporation is to be taxed, not upon its capital stock, but upon its real and personal estate, as any individual person would be. Rev. Sup., p. 170, § 93; Gen. Stat., p. 935; Gaslight Co. v. Jersey City, 17 Vroom 194; New Jersey Hedge Co. v. Craig, 22 Id. 437; Merchants’ Insurance Co. v. Newark, 25 Id. 138; S. C., 26…
2Cases cited1 opinion
- State v. BerrySupreme Court of New Jersey · 1890
3Cited by1 opinion
- Delaware, Lackawanna & Western Railroad v. BreckenridgeNew Jersey Court of Chancery · 1896