Albuquerque daily citizen. [volume] (Albuquerque, N.M.) 1895-1903, 1903-04-21

George F. Albright, Esq, Albuquer-
que, N. NJ: Dear Sir-I have received
your letter of the 18th inst. written
by you as assessor of Bernalillo coun-
ty, in which you ask my Official opin-
ion in answer to the following ques-
tons:
First--What property of national
banks is exempt from taxation by rea-
son of the fact that its capital stock is
returned and listed for taxation under
section 257 of the compiled laws OF
1897?
Seconds not real estate held by a |
bank to be assessed separately from
It's capital stock and assessed as other /
real estate?
Third-If any real estate belonging
to a national or other bank is to be
considered as taxed by the assessment
of it's capital stock, does this include
anything more than its banking house?
Each of these questions involves the
same matters for consideration and
therefore does not call for separate
categorical answer.
No property of any bank Is exempt
from taxation by reason Of the fact
that its capital stock may be returned
and listed for taxation under section
257 of the compiled laws of 1897. 1t
has been held by the supreme court of
New Mexico that the capital stock of
building and loan association may be
listed for taxation, and that mortgages
held by the association, which un-
doubtedly go to make up the value of
the stock, may also be assessed, and
that the fact that the real estate COW
cred by the mortgages may also be as
sessed to it's full value, is no objection
to the validity of the assessments
against the association. Section 5219
of the Revised Statutes of the United
States, to which you refer, clearly
shows that the taxation of the capital
stock of national bank uoes not ex-
empt real estate from taxation, and
the banking house of the institution,
mentioned in your third question, can
he in no way different from other real
estate.
This would seem to be full answer
to your questions, but feel it mat
ter of duty to invite attention to the
fact that the capital stock of the two
banks in this counIy-one national and
the other territorial--has not been for
years returned and listed in accord
ance with the requirements of sections
257 and 402S of the compiled laws of
1897, one of which requires the as
Of oh nf OF
their actual cash value, and the
other "at their cash value" This Ian
guage is not ambiguous, and there can
be no honest, lawful reason given for
not enforcing this plain requirement.
In the concrete cases presented in this
county, | am informed that the cash
value OF the stock OF the national bank
is not less than 125 per cent, which, on
its present capitalization, would
amount to s250.0OO If my informa-
tion is correct as to the value of the
stock, there is no way, under the law,
by which the assessor, properly and
with due regard to the obligation of
the oath required of him by section
4046 of the compiled laws, can list the
stock at less than $250,000, although
the assessment last year is only $780,
900 on a capitalization of $3.50, 900. AS
to the territorial bank, it may not be
as easy to appraise the value of its
stock, but its capital is a little over
one-third as much as that of the other,
while its business, | believe, is also
over one-third as much as that of the
other bank. If this is true, it's stock
must be worth as high price, which
would make it's cash value" $50, 500
instead of s43, ,440 as shown in the tax
rolls of 1902.
| have not examined the returns
heretofore made by these banks, but it
is not to be believed that any officer
of either of them can have sworn, as
required by section 257 of the COM
piled laws of 1897, that the actual
cash value" of the shares of the stock
in his bank, is the amount which ap-
pears on the tax rolls.
Ii is notorious that there has been
general differentiation of property in
Bernalillo county for purposes OF taxa
ton, but no man is required by the
law to swear to the values he puts in
his return, unless he seeks the benefit