The Monitor-register., 1897-05-07
County Board of assessors,

county board OF assessors.
An adjourned meeting of the County
Board of Assessors was held a the Court
House. Salem, on Saturday, with Chair
man Citizens in the chair and all the
assessors present.
The minutes of the last meeting of the
Board stated that the purpose of this
meeting was to hear the grievances from
taxpayers in different townships, provid-
ing they did not prolopg the meeting
beyond 2 o'clock.
There were persons present either in
their W interest or representing the
township committe or borough authori-
ties of nearly every township and bor-
ough ia the county.
Edwin Colson, representing the First
National Bank, of Woodstown, presented
a statement of the financial condition of
the Bank, and from that he claimed
that the actual value of the stock was
only 5000 per share. This was obtained
by adding the capital stock and the sur
plus and dividing by the number of
shares.
John M. Bevis, of Upper Penn's Neck,
said that the taxpayers thought they
ought to rave a general reduction on real
estate of 10 per cent.
w. Winfield CARL, representing Lower
PENIS Neck, asked for a general reduc-
tion of Is per cent.
Wesley Hewitt, representing Oldmans
township, asked for a reduction of 10 per
cent.
David F. Davis, on behalf of Piles
grove township, asked for a reduction of
Is per cent.
Mayor Richman, representing Woods.
town borough, said the Council had
instructed him to ask for a reduction of
10 per cent. on real estate, and that in
reference to the stock of the Woodstown
Bank, the Council had decided upon a
valuation of $3.50 per share.
Warren G.. Hitchner, Assessor of Elmer
borough, said the taxpayers there were
in favor of a reduction of 10 per cent. on
real estate.
Chairman Citizens read the action of
the Gloucester County Board of ASSESS
ors and their decision to tax all property
at a full and fair valuation, at such price
as it would bring at private sale. He
also read a letter that ASSESSORS, in arriy-
ing at the value of bank stock for the
purpose of taxation, should lid the
capital stock and surplus together and
divide by the number of shares, thus
giving the value per share. AS also
claimed that the assessors had a right to
include in this also the undivided profits.
Edwin Colson offered a newspaper
clipping, giving a decision of Judge
Mcpherson, in Pennsylvania, in which
he held that assessors had no right to
include the undivided profits.
Chairman Citizens read a number of
extracts from the Manual of the State
Board of Assessors, among them being
M 0ripfaa In T,loo Diyoa AIok osa
have the right to add the capital stock,
surplus and undivided profits and divide
by the number of shares to arrive at the
value of bank stock. Also that the real
estate of the banks should be taxed.
A letter was read from an assessor in
Cumberland county, in which it was
stated that no uniform system prevails
among the assessors in that county for
valuing bank stock, the value ranging
from $3.50 in the city of Bridgeton for
the stock of the Cumberland National
Bank to $500 for the same stock in some
of the townships.
Jos. N. Gray, Assessor, spoke for Upper
Pittsgrove in the absence of q member of
the township committee, and said that
they did not think any reduction was
needed in that township. as their affairs
were very carefully and economically
managed.
Geo. W. Hewitt, for Upper PENIS
Neck, said that the farm property in that
township was now selling for about half
of what it is assessed at.
A general discussion ensued, in which
J. B. Grier, David B. W~addington, DIR.
David Wiley and a number of others
participated. DR.. Wiley was of the
opinion that $1,000 invested in the stock
of a national bank ought to pay as much
tax as The same sum invested iu a mort
gage GA land.
r cert T, Seagrave made a strong plea
for a general reduction, to be made with
special reference to the income producing |
value of the property taxed. He also
argued that the lands lying in the town
ships that border on the Delaware river
and bay and streams running therefrom, |
that are specially liable to damage from
high tides and freshets, should have
special consideration when their produo.
ing value is greatly reduced by inunda-
ton, as is often the case.
Several others addressed the Board on
the anne line, and then the suggestions
submitted were considered. 1t was deter
mined to readjust the values of real
estate, but that the total valuation of no
township or borough should fan below
10 per cent. of last years valuation. 10
consequence, the assessor of Elsinboro
township, where the State Board of
Assessors reduced the valuation of sew
eral farms from $75 to $50 an acre, was
directed to assess these farms at $75 an
acre. AS to bank stock, it was decided
to assess it at the same valuations as last
year-Woodstown Bank. $500; Salem
National, 500; City National. of Salem,
$125. This will compel Mayor Richmsn
to assess the stock of the First National
Bank Of Woodstown at $500 per share. |
1t will no doubt provoke a contest, unless
the Borough Council reduces the valua-
ton to $3.50.