Louisville & N. R. Co. v. Coulter

Citations

• 131 F. 282
• 1903 U.S. App. LEXIS 5265

Syllabus

<p>1. Taxation — Assessment—Percentage oe Fair Cash Value.</p> <p>Evidence considered, and held to sustain tbe claim of a complainant that property in Kentucky which was subject to equalization by tbe State Board of Equalization under tbe statute was assessed for taxation for tbe year 1902 at not to exceed 80 per cent, of its fair cash value, notwithstanding tbe requirement of tbe state Constitution that all property shall be assessed at its fair cash value.</p> <p>2. Same — Railroads—Method of Valuation of Property.</p> <p>Where tbe railroad commissioners of a state, in fixing the valuation of the property of a railroad company for purposes of taxation by the capitalization plan at a sum upon which tbe net earnings of the company would pay an annual dividend of 6 per cent., took into consideration tbe earnings for the four preceding years, wbicb made tbe assessed value greater than it would have been if based on the earnings for five years instead of four, and greater than it would have been if based on tbe average market value of tbe stock and bonds of the company for tbe preceding five years, they cannot claim that such assessment was less than tbe fair cash value, on tbe ground that, if the earnings for tbe last year alone bad been considered, or tbe highest market value of the stock and bonds at any time during such year taken, the result would have been a higher valuation; tbe only reasonable rule to pursue in general in such methods of valuation being to take into consideration a series of years, not less than five.</p> <p>3. Same — Kentucky Statute.</p> <p>Tbe xirovision of tbe Kentucky revenue act of November 11, 1892, p. 302, c. 103, art 3, § 5, as amended by Act June 9, 1893, p. 991, c. 217, § 4, that in tbe assessment of the property of a railroad comxjany “that proportion of the value of tbe capital stock which the length of tbe lines operated, owned, leased or controlled in this state bears to tbe lines owned, leased or controlled in this state and els