, 1903-12-02
NEW STATE TAX LAW.
TAX BOOKS OPEN TO PUBLIC.

Il u Aaa ia 49,
the assessment and collection of taxes
passed by the last legislature and APP
proved April g., 1908, will go into effect
December Goth mex
The object of the new act is to codify
and simplify the existing tax laws of
the State relative to local or municipal
taxation. 1t does not affect the ASSESS
ment of railroads and canal property
by the State board of assessors under
the act of 1864, nor the franchise tax
levied under the voorhees, act of 1900.
The act does not attempt to AK things
or persons that were not taxable before
its passage nor does it attempt to exempt
from taxation the things which before
its passage were taxable, except in the
case of buildings and the land wherein
the same are situate, belonging to any
society or incorporated company formed
for the purpose and actually engaged in
the work of preventing cruelty to ami
mals.n
The acts designed for raising State
revenue, such as the miscellaneous cor
poration tax act, the railroad and canal
act and the collateral inheritance tax
act, are not affected or repealed by the
law.
The essential principle of the new act
is that all property, real and personal,
within the jurisdiction of New Jersey,
and not expressly exempted by the act
or excluded from it's operations, shall be
subject to annual taxation at its true
value.
The property and persons exempted
by the act are, generally speaking: The
property and bonds and securities of the
United States, the State, counties and
mnninina1itias noronpol prnnartu ounaA
by residents of New Jersey and situated
outside the State, ON which taxes have
been paid; armories, buildings used
actually and exclusively for colleges,
schools, academies and seminaries not
conducted for profit; public libraries;
churches and the land wherein the
same are situate, not exceeding five
acres; parsonage and the land wherein
the same stand, not exceeding SIS, 1000;
all buildings used exclusively for pur-
poses considered charitable under the
common law; the endowment or fund
of charitable organizations; shares of
stock of domestic corporations; grave
yards, not exceeding ten acres; cemete-
ries and buildings for cemetery uses;
the real and personal property of fire.
mems associations; all officers and
franchises; active and exempt iremen g,
active members of militia; soldiers
and sailors who have served in
the army or navy of the United States
in any war, and their widows. Under
section Is the funds collected by benev-
client and fraternal organizations incor-
porated under the act of March IL, 1893,
are also exempt.
OTHER CHANGES.
The most radical change made by the
new law is in reference to mortgages,
which are not assessed at all, and as the
assessor takes no account of the mort
cages he allows no deduction on ac-
count thereof from the value of the
land covered by it,.
Corporations of the State are to be
generally regarded as residents and in
habitants of the taxing districts in
which their chief Office is located.
Their personal property shall be taxed
the same as individuals. Corporations
regularly doing business in New Jersey,
but not being corporations of New Jer-
sey, shall be assessed and taxed for and
in respect of the business so done by
them. They shall be assessed for the
amount of capital usually employed in
this state in the doing of such business,
and not otherwise taxed as real property
or tangible personal property.
Franchises are to he taxed under the
act of 1900, and the supplements of 1903
on two per cent. of the gross receipts IN
such corporations, associations or per-
sons as use the public streets OF places.
No franchise tax shall be imposed upon
any fire insurance or trust company
taxed under the revised tax act.
National and State banks are assess
able, first for their real estate where it
is located, and then the owners of shares
are assessed for their value after deduct
ing there from the amount of real estate
assessed.
Trust and fire insurance companies
are to be assessed in the taxing district
where their offices are located, upon
the full mount of their capital stock
paid in and accumulated surplus, after
deducting the amount of real estate
assessed, which is part of their capital
or surplus, but the capital stock paid in
does not necessarily mean the par value
of such shares. They should be ass
essed at their true value.
Life assurance com panies or associa-
tions are to be assessed and taxed ON
the full amount of their property, ex-
elusive of the real estate located in
New Jersey, deductlng the amount of
their debts and liabilities, in the taxing
district in which the principal office is
located. The real estate shall be separ-
ately assessed and taxed where it is
located.
Savings banks are taxed for their real
and personal estate the same as indivi-
duals. Mortgages held by them are
exempt from taxation to the same
amount as when owned by natural
persons.
Building and loan associations are
taxed the same as savings banks. The
mortgages held by them are exempt.
The real estate of individuals and cor
porations must be assessed in the tax
ing district where located. Property
held in trust must be assessed in the
name of one or more of the trustees, as
such, separately from his individual
assessments. Where the line between
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