Commercial Casualty Insurance v. City of Newark

Quinn, President.

Petitioner, a stock insurance company, was assessed for taxation for the year 1938 by the respondent taxing district, under the provisions of Pamph. L. 1818, ch. 236, § 307, in the sum of $1,209,029. Its appeal to the Essex County Board of Taxation, praying for a reduction of the assessment, was denied. The assessing formula set out in section 307 calls for a levy upon capital stock paid in and accumulated surplus, and is stated in the case of Fidelity Trust Co. v. Board of Equalization of Taxes (Supreme Court, 1908), 77 N. J. L. 128, 130; 71 Atl. Rep. 61, as follows:

“In…