CHAPTER XIII. OF THE ASSESSMENT OF CORPORATIONS FOR TAXATION. § 444. Real and personal property to be taxed. § 445. Real estate of incorporated companies. § 446. Real estate of railroad companies. "elevated railways. under-ground railroads. 46 surface railroad. § 447. Railroads partly within and partly without the state. § 448. Local organizations operating railroads in foreign countries. § 449. Railroad companies are residents, etc. $ 450. How assessed. § 451. Mode of assessing real estate of railroads. § 452. Personal property of railroads. § 453. Plank and turnpike roads. § 454. Bridge companies. § 455. Toll bridge companies. § 456. Manufacturing corporations. § 457. Navigation companies. § 458. Pipe-line companies. § 459. Natural gas companies. § 460. Telegraph, telephone and electric light companies. § 461. Apportionment by Assessors among school districts. § 462. Personal property, where taxable. § 463. Capital stock of corporations, taxation of. § 464. Corporations liable to taxation. 465. Officers to deliver statement to Assessors. § 466. Statement, to whom to be furnished. § 467. Shares of bank stock, how taxable. § 468. List of stockholders for Assessors. § 469. Tax to be collected where bank is located. § 470. Bank to retain dividends to pay tax. § 471. State banks-shareholders to be taxed. § 472. Individual bankers, how taxed. § 473. Banking corporations of other states. § 474. Savings banks, taxation of. § 475. Deposits in savings banks. § 476. Life and casualty insurance, co-operative, etc., plan. § 477. Aid societies. 478. Life insurance companies. § 479. Fire and marine insurance companies. § 480. Annual returns to Comptroller. § 481. Punishment for neglect to make returns. 484. Tax on corporate franchises for state purposes. § 485. Effect of this new system of taxation. § 486. Exemptions in behalf of corporations. § 487. Reduction of valuation. $488. Assessments, how inserted in assessment roli. 489. Duty of Supervisors. As the law in relation to the assessment and taxation of corporations differs in several essential particulars from the law regulating the taxation of the property of individuals, I purpose to devote a separate chapter to that topic. I shall, in the first instance, briefly advert to the law where there is no essential difference between the taxation of the property of individuals and corporations, and then state the law relating more particularly to corporations. $444. Real estate and personal property to be taxed. All lands and all personal property within this state, whether owned by individuals or corporations, is liable to taxation subject to the exemption hereinafter specified. 2 R. S. (8th ed.) 1082, § 1. § 445. The real estate of all incorporated companies. Liable to taxation, shall be assessed in the town or ward in which the same shall lie, in the same manner as the real estate of individuals. 2 R. S. 1094, § 6. § 446. Real estate of railroad companies. The real estate of railroad companies organized under the laws of this state is included in the last preceding section and must be assessed in the towns and wards in which the same is situated. All real estate owned, possessed or appropriated for use by railroad companies is to be assessed. People v. Beardsley, 52 Barb. 105, affirmed 41 N. Y. 619, note. Elevated railways. The foundations, columns and superstructure of an elevated railway are included in the words, "lands" and "real estate" as defined in the statute. 2 R. S. (8th ed.) 981, § 2, and are taxable as such. People v. Commissioners of Taxes, 82 N. Y. 459. Under-ground railroads. The tunnels, tracks, substructures, superstructures, stations, viaducts and masonry of the New York Central and Hudson River Railroad Company, situated on and under Fourth Avenue in the City of New York, are land within the meaning of the above statute, and as such taxable. People v. Commissioners of Taxes, 101 N. Y. 322; reversing S. C. in 23 Hun, 687. Surface railroads. The right of way, tracks, ties and rails of surface railroads are real estate and taxable. People v. Cassity, 46 N. Y. 46; People v. Commissioners of Taxes, 80 N. Y. 577. As regards taxation it is immaterial whether a railroad is laid upon the surface of the ground, or placed upon pillars, or carried through a covered way or tunnel under the ground-the structures adapted to sustain it, or facilitate and protect its use, are within the meaning of the statute defining "land" and "real estate." Commissioners of Taxes, 101 N. Y. 322; reversing S. C. in 23 Hun, 687. § 447 Railroads partly within, and partly without this state. By chapter 917 of Laws of 1869, for the purpose of forming continuous lines of railroad provision is made for the consolidation of railroad corporations organized under the laws of this state, or of this state and any other state, and operating a railroad or bridge, either wholly within, or partly within, and partly without this state, with any other railroad company or companies organized under the laws of this state, or under the laws of this state and any other state, or under the laws of any other state or states. Laws 1869, chap. 917, § 1. It is also provided that upon the completion of such consolidation the real estate of such new corporations, situate within this state, shall be assessed and taxed in the several towns and cities where the same shall be situated in like manner as the real estate of other railroad corporations is, or may be taxed and assessed; and such proportions of the capital stock and personal property of such new corporation, shall in like manner be assessed and taxed in this state as the number of miles of its railroads situate in this state bears to the number of miles of its railroad situate in the other state or states. Laws 1869, chap. 917, § 6. § 448. Local organizations operating railroads in foreign countries. By chapter 468 of Laws of 1881 provision, is made for the incorporation of railroad companies under the laws of this state, for the purpose of constructing, maintaining and operating, in any foreign country a railroad or railroads, telegraph lines, lines of steamboats, or sailing vessels, etc. § 1. It is also provided that all corporations formed under the provisions of this act shall be subject to taxation upon the amount of the real or personal property owned by such corporations, within this state. § 13; People v. Commissioners of Taxes, 104 N. Y. 240; People v. Equitable Trust Co., 96 N. Y. 387. § 449. Railroad companies are residents Of every town, ward and city through which they pass and in which they own real estate and must be taxed as such and not as non-residents. People v. Cassity, 46 N. Y. 46; Buffalo and State Line R. R. Co. v. Supervisors of Erie County, 48 N. Y. 93; People v. Fredericks, 48 Barb. 173; S. C. 33 How. Pr. 150; People v. Barker, 48 N. Y. 70. $ 450. How assessed. All real estate liable to taxation is required to be assessed at its full and true value. 2 R. S. (8th ed.) 1098, § 17. In assessing the real estate of a railroad corporation, Assessors are not required to assess it as an isolated piece of land, but each piece of property to be estimated in connection with its position, its incidents and the business and profits to be derived therefrom. People v. Barker, 48 N. Y. 70; People v. Commissioners of Taxes, 19 Hun, 446. The real estate of railroad companies should be assessed at its value for the purposes to which it has been adapted, and not as mere farming lands; and in estimating the same, the Assessors are not bound to consider it mere land and superstructure isolated in their town from the other parts of the road. They are entitled to estimate the value of that part of the real estate within their jurisdiction, which contributes to make up a complete and useful railroad extending beyond the town they represent. People v. Fredericks, 48 Barb. 173; S. C. 33 How. Pr. 150. The taxable value of a railroad should not be determined alone by the long, narrow strip of land for farming or any other purpose, except its use for the bed of a railroad. Nor should the portion of a railroad, situated in a particular town, be estimated by the cost of any expensive rock cut, or quicksand filled, or a long tunnel located in that town. It should be valued as a part of a whole, a continuous way to carry passengers and freight from one commercial business point to another, and the profits of its use for that purpose. People v. Pond, 13 Abb. N. C. 7. The consideration of profits shall have a large, if not controlling, influence upon the value of almost everything, except when considerations of taste or pleasure or comfort are involved. A thing to be worth its cost, must be able to pay out of the profits from its use and enjoyment, an income bearing some relation to the interest due from an investment or loan of a sum of money equal to such cost, and over and above the loss by wear or waste. Ibid. By the statutes of this state Assessors are made the judges of the value of property for the purposes of taxation. They are not bound by proof produced before them, but are required to exercise their own judgment |