State Exchange Bank v. Town of Parkersburg
Supreme Court of Iowa
Appeal from Butler District Court. — IIon. J. E. Clyde, Judge. The assessor of tbe incorporated town of Parkersburg assessed plaintiff bank for the purpose of taxation in the sum of $3,342. The board of review raised this assessment to the amount of $15,000. The bank appealed to the district coiirt, asking that the amount be reduced to $5,151.30. This was refused, and from the order confirming the action of the board of review this appeal is taken.
1Opinion of the CourtWaterman, J.
In giving in its property to the assess- or two items were overlooked by the bank, and it now concedes that its proper assessment should be $5,151.36. The controversy here arises over a certain sum of $.50,000, which, if assessable to the bank, would increase its assessment to the *105amount fixed by tbe board of review. • If this sum of $50,000 is not taxable to tbe bank, tbe proper assessment is $5,151.36. Tbe capital stock of tbe bank is $50,000. At tbe time of organization it was agreed among tbe stockholders that each should deposit in tbe bank an amount equal to tbe face value of tbe stock…
2Cases cited1 opinion
- Campbell v. City of CentervilleSupreme Court of Iowa · 1886
3Cited by1 opinion
- German American Savings Bank v. Council of BurlingtonSupreme Court of Iowa · 1902