People ex rel. Johnson v. Ward

Citations

• 105 Ill. 620
• 1883 Ill. LEXIS 128

Syllabus

<p>. 1. Taxation—assessment can not be raised without notice. After a town assessor has once made an assessment of the personal property of a taxpayer, and entered the same upon his books, he can not lawfully increase such assessment without notice to the tax-payer. This is so whether such increase be attempted by raising the valuation of the property already listed, or by adding other property to the list and valuing that.</p> <p>2. Same—capital stock of corporation must be assessed by State board. The tangible personal property and real estate of a corporation are required to be assessed for taxation by the local assessor, but the capital stock, embracing its intangible property, must be valued for taxation by the State Board of Equalization, and this whether the corporation is solvent or insolvent, or in the hands of a receiver. An assessment of such capital stock by the local assessor of an insolvent corporation is wholly without authority of law, and void.</p> <p>3. The statute requires that a sworn statement shall he made to the local assessor of the capital stock of the corporation, to be returned by such assessor to the county clerk, to be by him transmitted to the State Auditor, who is required to lay it before the State Board of Equalization. This statement is to be made by the officers of the company having the custody of its assets, but if the assets are in the hands of a receiver, he is required to make such list. This is applicable to the listing of tangible personal property as well as to capital stock. The listing of the tangible property is for the local assessor to value and assess, while the other is to enable the State board to value and assess the same.</p>