The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1902-12-31
MORE FIDDLERS'
INIQUITY
New Jersey Title Guarantee
and Trust Co. Appeals
From Unjust Assess
ments.
MR.. RuLsRizER's STATEMENT
he Points Out How Abusive
Is the Work Of Faean's
Tax Board.
MR.. RulsRizER's STATEMENT

- IHe New Jersey Lite Guaranlee ana
Trust Company, of Nos. 1885 Mont
gomery street, filed an appeal with the
Commissioners of Appeals last night in
which it asked for reduction in its
assessed valuation of $500,000 levied by
the Board of Fiddlers.
President, j. E. Hushizer said that the
valuation of half million on the bank
building, safe deposit vaults, fixtures,
etc, is highly excessive, in view Of the
fact that the company values this prop
erty in its books as worth $26S,9T2.
MR.. HULSHIzER'S STATEMENT.
in part, as follows
This personal property consists of
the title, plant, valued on our books
at 100000, but having no such mar
ket value. The furniture and mov-
able would not exceed $1,000 These
are all the items covered by the as
sessement in the form in which it is
made at the valuation of S500,000.
This appellant respectfully submits
that the fair r-rateable value of all this
property would not exceed $250,000.
The property is nott assessed in the
manner required by section % of the act
concerning trust companies, revision of
1899.
This section requires that the tax
shall be upon the amount of the capital
stock, except that real estate shall be
deducted and separately assessed. Ac-
cording to the tax bills we are not as
sessing at all upon capital stock, but are
assessed $5O0,000 on real and personal at
our place of business without discrimina-
fion between the two, and are also as
Esessed separately for tile parcels of real
| estate, the valuation of which is moi
deducted froin our capital stock, al
though, of course, the value of it goes
to make up the total.
PROPER METHOD.
BY the proper method of valuation
under the statute above cited the total
taxable value Of the capital should be
first ascertainer From that should be
deducted the assessed value of all our
real estate, which should separately be
itemized and taxed
THE residue will be the tax on cap
as it may be invested in property sub
| ject to taxation.
As a matter Of fact all the capita
| Of the New Jersey Title Guafantee and
/ Trust Company, except its real estate
aud title. plant, is invested in municipa
bonds and in bonds and mortgages
| exempt from taxation.
/ WANT ASSESSMENT CORRECTED
ssAEe therefore respectfully ask thai
| the Assessment may be correctly
made.
sFirst By properly yaluing the cap
| ssecond- BY separately valaing the
real estate at Nos. 50 and 8 A1ontgom
! cry street. as we'll as the other real es
tate Of the company.
| s'Tllird BY deducting from the tota
| valuation of the capital stock the valu
| alton Of all the real estate of the com
pailv wherever sit,lated IN New Jersey
ssFourtll-By further dedncting from
inthe capital stock the amount thereof in
vested III exempt securities.
'.The remainder will be the valuation
on which we are lawfully taxable in ad
! ditiar to our real estate,
The company declares that its total
capital and profits on May 20, 1902, were
$ST5, ,T2171
! The company claims deductions from
| capital and profits as follows:
Botds secured by mortgages
on land assessed without
deduction of the mortgage
from the valuation $422.755 II
County and municipal bonds 76.1 .150 OF
Total exemption claimed. .$49S, ,905 n
x Balance Of Capital and profit values:
Real estate $2IG, ,S22 o.
| Title plant ...........s.. 100, 900 0G
) !