The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1896-10-23


sey railroad property assessed at the sum
o1 $zz4vgv.DV0; Of this property. $180.006.000
+ entirely exempt from bearing the bur-
partially exempted from local taxation.
Iahe result is that the private taxpayer is
Dig 70 pay more than his Just proper
corporation pay less than their Just pro-
portion of taxes. In order to remedy this
injustice, Assembly Bill No. / has been
INTRODUCED by Mr.. Queen. member from
The main features Of the present law
passed IN 1884, and amended in 1888, as
to taxation of railroad property may
CLASSIFICATION OF RAILROAD AND
CANAL PROPERTY UNDER
PRESENT Law.
First.-The main STEM of railroads
which includes the roadbed not exceed
lng 100 feet IN width, with its rails and
sieeperS@ and depot buildings used for
passengers connected herewith, and the
waterway of canals which includes the
towing path and BERN bank.
real estate used for rail-
road purposes, other than main stem and
waterway.
Third-Tangible personal property.
Fourth.-Franchises.
Under the present law each railroad
and n company pays as annual
l. A tax of one-haif OF one per cent. on
the entire assessed valuation Of all its
property. viz: All property included I'M
DER classes !. 2. 8 and 4. This tax is paid
into the State treasury for the use Of
the State.
q In addition to said tax Of one-haif of
one per cent, a tax at the local rate
nxed BY the local taxing district in which
the property Is located, on all property
included under class 2. above mentioned
provided such tax shall in no case exceed
one per cent. This tax Is paid into the
State treasury, and the State Comptrol-
Ter pays the amount of such tax derived
from Such DrOUHrTE fViZ tho nrapa~<r
assessed under class p in zach taxIne
district to the County Collector, but in
case the local city or township rate in
any county exceeds one per cent. then
the State Comptroller pays such tax to
the treasurer Of such city or township.
The valuation and assessments are
made, and the taxes computed. by the
State Board of Assessors, consisting of
four members appointed by the Governor,
with the consent of the Senate.
Assembly bill No. / does not disturb
the present machinery Of taxation estab-
lished by the act of 1884. amended by the
act of 1888. 1t affects only the real estate
used for railroad and canal purposes de-
scribed IN classes l n 2 of the above
classification, and makes such property
subject to the same rate of taxation as
property of individuals and other cor
porations. One-half of one per cent. on
each dollar of Haluation Of this property
VIII be retained by the State as under
the present acts, and the balance will be
applied to the uses Of the taxing district
In which the property is situated. in pro-
portion to the amount Of property therein
The following is a copy of the blu as
introduced
A supplement to an act, entitled A
Act to revise and amend An Act for the
taxation of railroad and canal property
approved April tenth, one thousand eight
hundred and eighty-four,'' approved
March q, 1888.
1. Be 1t enacted by the Senate and Cen
eral Assembly Of the State of New Jer-
sey, That it shall be the duty Of the STATE
Board of Assessors. In additions to ali
other ascertalnnents of values now re-
CURED to be made by them, to ascertain
the true value of all real estate owned or
used for railroad or canal purposes in
each taxing district in this State. includ-
ing the true value OF such parts of main
stems and waterways as shall be found
in each of such taxing districts.
2. The State Board of Assessors shall
upon the completion OF their valuation
assessment, proceed TO compute the
tax upon the entire assessed valuation of
each railroad company and Of each canal
company. as ascertained by them. Upon
such valuation. each company shall nav
to the State. for State purposes. a tax at
the rate of one-half of one per cent an
nuaily, upon each dollar Of valuation. and
the State Board of Assessors shall COM
pute the same. Each company shall also
pay, in addition to said tax Of one-half of
0ne per cent. a tax at the local rate. as
i1eN ana assessed for county and munich
pal purposes, upon other property In each
taxing district, less one-hal of one per
cent. upon the valuation Of an its real
estate in each taxing district. including the
value of its main stems or waterways
found within such district, which tax
shall also be computed by said State
Board of Assessors.
8 All acts and parts of acts inconsist-
ent with this act be and the same are
hereby repealed.
f. That this act shah take affaot i~n,na-
diately.
The following table shows the effect Of
the present law, and the benefits to be
derived by the Queen bill.