In re Taxes Waiohinu Agricultural & Grazing Co.

OPINION OF THE COURT BY

ROBERTSON, C.J.

This is an appeal by the taxpayer from a decision of the tax appeal court of the third judicial circuit involving the taxation of a leasehold of government land. The tax appeal court sustained the assessment of the leasehold at the value of $54,879. The appellant admits that the assessment is not excessive if the leasehold is taxable at the value of the fee of the land, its contention being that the lease, if taxable at all, is taxable only at its actual value.

*622The lease in question (General Lease No. 631) was. executed by the commissioner of public lands…