In re Taxes Onomea Sugar Co.

Citations

• 25 Haw. 278
• 1920 Haw. LEXIS 67

Syllabus

<p>Taxation — equalization of assessments.</p> <p>An assessment cannot be reduced on appeal merely because property in another division has been assessed lower in comparison— the assessor having acted in good faith and the assessment not being in fact an overvaluation of the property in question.</p> <p>Same — full cash value.</p> <p>Full cash value of a piece of property is what it would sell for when sold in the manner such property is usually sold.</p> <p>Same — same.</p> <p>If property is not salable its value is what it would sell for if salable.</p> <p>Same — enterprise for profit — growing crops.</p> <p>In estimating the value of growing crops of cane as personal property, which combined with other property constituted the basis of an enterprise for profit, it is proper to consider the quantity and price of the sugar which said crops, are expected to yield.</p> <p>Same — same—same.</p> <p>Under normal conditions when the price of sugar on January 1 might not be the price at which it would sell throughout the year it would be proper to consider the average price which could be expected over a period of years in estimating the value of the-crop for that year, but where, as was the case on January 1, 1919, the price for that crop had been fixed, the fixed price should govern in malting the estimate of the value of the crop as a separate item of property.</p> <p>Same — same—taxable assets — value.</p> <p>The net value of a piece of property is to he ascertained by allowing a proper amount for depreciation from year to year so that when the property is worn out and discarded the depreciations allowed will equal the original cost. The net value thus ascertained represents the true value for the purpose of taxation.</p> <p>Same — weight of decision of tax appeal court.</p> <p>A decision of the tax appeal court though not having the conclusiveness of a jury verdict should not he disturbed for light reasons.</p>