National Lumber & Manufacturing Co. v. Chehalis County

Citations

• 86 Wash. 483
• 150 P. 1164
• 1915 Wash. LEXIS 1026

Syllabus

<p>Taxation — Assessment—Valuation—“Market” Value. Rem. & Bal. Code, § 9112, providing that property he assessed for taxation at its true and fair value, defined to be what it is fairly worth in money and that value at which the property would be taken in payment of a just debt from a solvent debtor, requires its assessment at its market value.</p> <p>Same — Assessment—Valuation—“Market” Value — Evidence — Sufficiency. An assessment of the personal property of a sawmill company is not invalid as not based upon its “market” value, because the assessor and board of equalization adopted the “depreciated” value as determined by an appraisal company upon consideration of its present condition, replacement value, and present utility, although owners testified that the market value, as shown by sales, was much less than the depreciated value, where there was evidence that the depreciated value furnishes a basis upon which banks extend credit and insurance companies pay losses and was what it was worth to the owner and substantially the same as its market value, and there was no clear evidence to overcome the conclusions of the hoard of equalization, acting in a quasi judicial capacity, such as a showing that the practical utility of the mill had been affected by exhaustion of the timber supply, or the like.</p>