City of Newark v. National Commercial Title & Mortgage Guaranty Co.

Qdinn, President.

The Essex County Board of Taxation canceled an assessment in the sum of $100,000, levied for the year 1938 by the City of Newark upon the capital stock paid in and accumulated surplus of the respondent, under the provisions of Pamph. L. 1918, ch. 236, § 307 (R. S. 54:4-22; N. J. S. A. 54:4-22). This assessment was made as of October 1st, 1937, and is not affected by the revision of R. 3. 54:4-22; N. J. S. A. 54:4-22, accomplished by Pamph. L. 1938, ch. 245. The City of Newark appeals for a restoration of the assessment as made.

Under the statute and interpreting cases…