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such omission was not willful, may, in his discretion, discontinue such suit.

[Revisers' Note.-R. S., pt. I, chap. 13, tit. IV, §§ 4-5; 8th ed., 1150, without change.]

§ 29. Assessment of real property of nonresident.- The real property of nonresidents of the tax districts shall be designated in a separate part of the assessment-roll and if it be a tract subdivided into lots or parts of a tract so subdivided, the assessors shall:

1. Designate it by its name, if known by one, or if not distinguished by a name or the name is unknown, state by what lands it is bounded.

2. Place in the first column the numbers of all unoccupied lots of any subdivided tract, without the names of the owner, beginning at the lowest number and proceeding in numerical order to the highest, but the entry of the name of the owner shall not affect the validity of the assessment.

3. In the second column and opposite the number of each lot, the quantity of land therein.

4. In the third column and opposite the quantity, the full value thereof.

5. If it be a part of a lot, the part must be distinguished by boundaries or in some other way by which it may be identified. If any such real property be a tract not subdivided or whose subdivisions can not be ascertained by the assessors, they shall certify in the roll that such tract is not subdivided, or that they can not obtain correct information of the subdivisions and shall set down in the proper column the quantity and valuation as herein directed. If the quantity to be assessed is a part only of a tract, that part, or the part not liable must be particularly described.

[Revisers' Note.-R. S., pt. I, chap. 13, tit. II, §§ 11, 12; 8th ed., 1097, as

amended by

L. 1890, chap. 174; R. S., 8th ed., supp., 3250,

R. S., pt. I, chap. 13, tit. II, § 13, subds. 1-3, 8th ed., 1097,

re-enacted without change of substance.]

See Form, No. 5.

Under 2 R. S. 991, § 12, subd. 5, though the number of the lot, if a full lot is assessed, was a sufficient designation of the quantity of land, a more definite description should be given where a part of a lot only is intended. Hubbell v. Weldon, Hill & Den. Supp. 139 (1843).

If lands are assessed without any name of the owner and as lands of nonresident, the sections of the Revised Statutes must be complied with and the land must be assessed either as a tract subdivided into lots or else as a tract not subdivided, or as one where its subdivisions could not be ascertained by the assessors. In either case the assessors must make a certificate that the land is not subdivided, or that they could not obtain correct information of the subdivisions. Cromwell v. MacLean, 123 N. Y. 474; S. C., 34 N. Y. St. Repr. 85 (1890).

An assessment of taxes of nonresident land is fatally defective if it contains such a falsity in the description of the parcel assessed as might probably mislead the owner. Stout v. Mastin, 139 U. S. 151.

Where assessors determine that certain land belongs to a nonresident, and then assess it and wholly fail to comply with the statutes as to assessments upon lands of nonresidents, they fail to make a valid assessment, and no sale of lands founded thereon can convey a title. Cromwell v. MacLean, 123 N. Y. 474; S. C., 34 N. Y. St. Repr. 85 (1890).

The statute, under the authority of which an assessment for taxation is made, must be complied with in every substantial particular. Sanders v. Downs, 141 N. Y. 422; S. C., 57 N. Y. St. Repr. 580 (1894). And where assessors in assessing lands of a nonresident also insert the name of the owner in the first column, although under the head of nonresidents and write his address under the name so written, there is such deviation from the requirements of the statute as will vacate the assessment. Id.

Where the name of a nonresident is placed upon the assessment-roll only as a part of the description of the property, although that description runs across into the column preceding it, the assessment is not invalidated. French v. Whittlesey, 30 N. Y. Supp. 363 (1894).

A disregard by the assessors of the requirement that where the tract is subdivided into lots, they shall set down in the second column the number of each lot and the quantity liable to taxation, will constitute a fatal defect in the proceedings. Id.

Where lands of a nonresident of the county are occupied by a resident of the town in which they are situate, an assessment to the owner in the nonresident part of the roll is illegal and void. The lands should be assessed to the resident occupant. Joslyn v. Rockwell, 128 N. Y. 334 (1891).

Distinction between the term " unoccupied" and "nonresident lands, as used in the statutes relating to taxation. People v. Wilson, 125 N. Y. 367; S. C., 35 N. Y. St. Repr. 286 (1891).

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§ 30. Surveys and maps of nonresident real property.— If the assessors shall deem it necessary to have an actual survey made, to ascertain the quantity of any lot or tract of nonresident real property divided by a town line, they shall notify the supervisor, who shall cause the necessary surveys to be made at the expense

of the town. If a part only of a tract of real property is liable to taxation as nonresident and the assessors can not otherwise designate such part, they shall notify the supervisor of the town, who shall cause a survey and two manuscript maps to be made for the purpose of ascertaining the situation and quantity of such part. One of such maps shall be delivered to the county treas urer and by him to be transmitted to the comptroller in case the county in which the land is situated embraces a part of the forest preserve; and in other counties it shall be retained by him. The other map shall be delivered to the assessors, who shall then complete the assessment of the tract and deposit the map in the town clerk's office for the information of future assessors. The expense of making such survey shall be immediately repaid to the supervisor out of the county treasury and added by the board of supervisors to the tax on such tract, distinguishing it from the ordinary tax.

[Revisers' Note.-R. S., pt. I, chap. 13, tit. II, § 13, subds. 4-6, § 14; 8th ed., 1098, without change of substance, except that the survey and map are only required to be sent to comptroller from counties in the forest preserve, as it is in those counties only that the comptroller collects the nonresident unpaid taxes. In the remainder of the State such taxes are collected by the county treasurer.]

§ 31. Corporations, how assessed. The assessors shall assess corporations liable to taxation in their respective tax districts upon their assessment-rolls in the following manner:

1. In the first column the name of each corporation, and under its name the amount of its capital stock paid in and secured to be paid in; the amount paid by it for real property then owned by it wherever situated; the amount of all surplus profits or reserve funds exceeding ten per centum of their capital, after deducting therefrom the amount of said real property and the amount of its stock, if any, belonging to the state and to incorporated literary and charitable institutions.

2. In the second column the quantity of real property owned by such corporation and situated within their tax district.

3. In the third column the actual value of such real property. 4. In the fourth column the amount of the capital stock paid in and secured to be paid in and of all of such surplus profits or reserve funds as aforesaid after deducting the sums paid out

for all the real estate of the company wherever the same may be situated and then belonging to it, and the amount of stock, if any, belonging to the people of the state and to incorporated literary and charitable institutions.

[Revisers' Note.-R. S., pt. I, chap. 13, tit. IV, § 6; 8th ed., 1150, without change in substance.]

See Form, No. 5.

For the place of taxation of corporations, see § 11 of the Tax Law, and notes.

For reports required of corporations, see § 27 of the Tax Law, and notes.

For corporations exempt from local assessment on their personal property for State purposes, see § 202 of the Tax Law.

As to place of assessment, see People ex rel. Gen. Elec. Co. v. Barker, 91 Hun, 590 (1895); and People ex rel. Edison Elec. Co. v. Barker, id. 594 (1895).

The assessors have the right to act upon evidence outside of that furnished by the corporation, and in making inquiry and collecting facts they are not bound by the strict rule which govern ordinary judicial proceedings. Their decision will be sustained if they act in good faith upon their best judgment, upon reasonable grounds, and do not err in the principle of assessment to the prejudice of the taxpayer. People ex rel. Equitable Gas-Light Co. v. Barker, 144 N. Y. 94.

Where the tax commissioners have received a sworn statement of the treasurer of a corporation, showing that there is no basis for tax, and there is no reason for disbelieving the statements so made, the mere fact of the corporation's having recently declared a dividend is not sufficient to authorize the imposition of the tax. People ex rel. Edison, etc., Co. v. Barker, 141 N. Y. 251; S. C., 56 N. Y. St. Repr. 823; reversing 74 Hun, 418; S. C., 56 N. Y. St. Repr. 798; 26 N. Y. Supp. 519 (1894).

Dividends declared, though payable at future date, belong to the stockholder, and are not assets of the corporation for purposes of taxation. People ex rel. U. S. Trust Co. v. Barker, 86 Hun, 131; S. C., 67 N. Y. St. Repr. 133; 33 N. Y. Supp. 388 (1895).

The commissioners of taxes are not justified in rejecting the sworn statement of the treasurer of a domestic corporation as false merely because the values given therein are less than those given for the same items in the preceding year. People ex rel. India Rubber Co. v. Barker (Sp. T.), 16 Misc. 252 (1896).

In assessing a corporation the subject of valuation is not the shares of stock but the capital and surplus, but while the former valuation is erroneous the amount of the assessment paid voluntarily may not be recovered back since the assessment is not void if the assessors have jurisdiction of the person and subject-matter. U. S. Trust Co. v. Mayor, 77 Hun, 182; S. C., 59 N. Y. St. Repr. 496; 28 N. Y. Supp. 344 (1894).

In assessing a tax upon the capital stock of a corporation, the deduction for its real estate situated in another State should be made at the assessed value of such real property where such value is known, in the absence of controlling evidence showing a difference in valuation. People ex rel. Fairfield Chem. Co. v. Coleman, 115 N. Y. 178; S. C., 24 N. Y. St. Repr. 584 (1889).

In assessing the capital stock, a corporation is entitled to have its indebtedness deducted from the value of its corporate assets. People ex rel. Second Avenue, etc., Co. v. Barker, 141 N. Y. 196; S. C., 56 N. Y. St. Repr. 834; affirming 72 Hun, 126; S. C., 55 N. Y. St. Repr. 186; 25 N. Y. Supp. 340 (1894).

A tax upon the actual value of the capital of a corporation is a tax upon the property in which such capital is invested, and if any of the property is exempt, the value thereof must be deducted from the assessment on the capital. People ex rel. Edison, etc., Co. v. Barker, 139 N. Y. 55; S. C., 54 N. Y. St. Repr. 444; reversing 68 Hun, 513; S. C., 52 N. Y. St. Repr. 555; 22 N. Y. Supp. 1043 (1893).

In assessing personal property of a corporation, the commissioners are authorized to take the actual value of its property, both real and personal, and to deduct therefrom the assessed valuation of the real property even though such real property has been assessed at less than its actual value. People ex rel. Equitable Gas-Light Co. v. Barker, 144 N. Y. 94; S. C., 63 N. Y. St. Repr. 33; reversing 81 Hun, 22; S. C., 62 N. Y. St. Repr. 563; 30 N. Y. Supp. 586 (1894).

The earnings of the corporation may be considered and where they are such as enable the company to pay its running expenses, necessary repairs, interest upon its indebtedness and declare a dividend of six per cent. and still have a surplus, it may be assumed that its capital stock remains unimpaired and that there are assets more than sufficient to pay its outstanding indebtedness. People ex rel. Manhattan Ry. Co. v. Barker, 146 N. Y. 304; S. C., 66 N. Y. St. Repr. 658 (1895). In such case, however, the value of the franchise should be deducted in order to determine the amount of property liable for assessment. Id.

In assessing a corporation for taxation it is erroneous to adopt the market value of its stock for determining the value of the capital, but if done does not render the assessment void, and the amount will not be reduced where it does not appear that the corporation was aggrieved. People ex rel. Equitable Gas-Light Co. v. Barker, 66 Hun, 21; S. C., 49 N. Y. St. Repr. 428; 20 N. Y. Supp. 797; affirmed, 137 N. Y. 544 (1892). It seems that for ascertaining value of the capital of a corporation, it is competent for the commissioners to take the quantity or actual value of the real estate, together with the other property of the corporation, and after the value thereof is found, they are not required to deduct therefrom the actual value of the real estate which has been included in estimating the value of the capital, the exemption of the real estate being only to the extent that it has been assessed. Id.

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