MEMORIAL 
 
 OF THE 
 
 BOARD OF 
 
 SUPERVISORS 
 
 OF THE 
 
 CITY AND COUNTY OF NEW YORK 
 
 PRATING FOR THE PASSAGE OF THE 
 
 TO REVISE AND AMEND THE EXISTING LAWS RELATIVE TO 
 
 THE ASSESSMENT OF TAXES IN THE CITY OF NEW 
 
 YORK, AND TO REDUCE THEM INTO ONE ACT. 
 
 NEW YORK : 
 
 McSpedon & Baker, Printers, 26 Pine Street. 
 
 * ; > 
 
 - 
 
 
 
 
 
 
 
 
MEMORIAL 
 
 OF THE 
 
 BOARD OF SUPERVISORS 
 
 OF THE 
 
 i 
 
 CITY AND COUNTY OF NEW YORK, 
 
 PRAYING FOR THE PASSAGE OF THE 
 
 Accompanying Act, 
 
 TO REVISE AND AMEND THE EXISTING LAWS RELATIVE TO 
 THE ASSESSMENT OF TAXES IN THE CITY OF NEW 
 YORK, AND TO REDUCE THEM INTO ONE ACT. 
 
 NEW YORK : 
 
 McSpedon & Baker, Printers, 25 Pine Street. 
 
 1850. 
 

 
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 MEMORIAL. 
 
 To the Legislature of the State of New York : 
 
 The memorial of the Board of Supervisors of the city 
 and county of New York, 
 
 RESPECTFULLY SHOWS : 
 
 That in view of the burdensome and oppressive taxes 
 which are necessarily cast upon their constituents, for the 
 support of their local government, they have felt it to he 
 their duty to enquire into the causes which have led to the 
 present state of things, and to throw themselves upon the 
 legislative authority of the state, for the adoption of mea- 
 sures, by which the further continuance of an evil, which 
 has now become intolerable, may be arrested. 
 
 In the session of 1843, the Common Council of the city 
 of New York, after the most careful reflection, invited the 
 attention of the Legislature to the subject, and submitted 
 their views upon it, in a memorial asking the passage of 
 an act similar in principle to that which accompanies this 
 memorial. They then, in reference to the inequality of 
 taxation of which they complained, took occasion to press 
 
 p 23648 
 
4 
 
 upon the Legislature, considerations which subsequent ex- 
 perience has shown to be just, and to which, in the outset 
 of what your memorialists now submit, they beg to ask 
 your attention. 
 
 u It has long been,” said that memorial, “ a subject of 
 observation and complaint, that the present mode of assess- 
 ing taxes, especially upon personal property, has contri- 
 buted much to the inequality of taxation, to which your 
 memorialists have referred. By that system, the assessors 
 of the several wards in the city, are required to estimate 
 and assess the real and personal property, taxable within 
 its limits, according to the best information they can ob- 
 tain, and the best judgment which they are able to form 
 as to its value, subject to the right of the party who may 
 be assessed upon it, by his own oath, to reduce the value 
 of such assessment. As it respects real estate, something 
 like an adequate judgment may in this manner be formed 
 as to its value ; and perhaps no just reason for complaint 
 exists, that that species of property is inadequately or un- 
 equally taxed. But in regard to personal property, it is 
 most obvious that a more imperfect system could scarcely 
 be devised. The assessors, without any means whatever 
 of knowing, and with no adequate power conferred upon 
 them by law, by which they can possibly ascertain the just 
 amount of personal property, at which each citizen should 
 be assessed, are compelled to adopt a random estimate, 
 which may either far exceed, or fall far short of the true 
 amount at which it should be assessed. In the former 
 case, the party is permitted to reduce the assessment by 
 his own oath as to the value of his personal property; 
 while in the latter, however inadequate may be the assess- 
 
ment, whether it has resulted from the mistake of the as- 
 sessors, or from any other cause, it is final and conclusive, 
 and no means of remedying the injustice to those, in com- 
 mon with whom the party thus assessed should bear the 
 burdens of the city government, are afforded. Within 
 this latter class, your memorialists do not hesitate to believe 
 that a very great portion of the assessment on personal 
 property is included, convinced as they are, that in almost 
 every case in which the party omits to reduce by his own 
 oath, the valuation of his personal property, its assessment 
 falls far below its actual value. 
 
 a By the existing law, also, when the assessment rolls 
 are completed and delivered to the collectors, they are 
 final and conclusive, unless, for sufficient cause the Com- 
 mon Council, upon the application of a party aggrieved, 
 shall see fit to reduce or remit his tax ; but though it 
 should after that time appear most conclusively, that real 
 or personal property to any conceivable amount, has been 
 omitted by the assessors, no means are afforded by law of 
 bringing it within the taxable fund. That a vast amount 
 of property, and especially of personal property, in this 
 manner escapes taxation, cannot for a moment be doubted, 
 The assessors’ books are open during the summer season, 
 and the assessments which they are authorised to make, 
 are confined to that period. A large portion of our fellow- 
 citizens are then absent from the city ; and it is not too 
 much to say, from the information which your memorial- 
 ists have derived upon the subject, that many who have 
 no ostensible residence, but yet who are in possession of 
 large amounts of personal property justly taxable, avail 
 themselves of their absence from the city, during the ces- 
 
6 
 
 sation of business in the summer season, to elude the 
 assessors, and thus entirely escape taxation. 
 
 “ By the usual provisions of the tax laws annually 
 passed for this city, all deficiencies in the collection of 
 taxes are assessed upon the wards in which they happen, 
 in the year following- such deficiency. The effect of this 
 provision is, that the assessors of the several wards of the 
 city, anxious to avoid the imposition of a tax for this pur- 
 pose in their wards, in the ensuing year, have been indu- 
 ced, in many instances, to omit to assess persons who were 
 justly taxable, where a doubt has arisen in their minds as to 
 that fact, from an unwillingness to cast the deficiency, if 
 any should arise, upon their ward. Instances of this kind 
 have occurred within the knowledge of your memorialists, 
 which abundantly convince them that the evils arising 
 from this provision, are of an alarming magnitude. 
 
 a But there is a subject of still greater importance, and 
 to which your memorialists have devoted much reflection. 
 Those of our citizens who have been severely taxed, and 
 especially upon their real estate, have long, and your 
 memorialists are constrained to say, justly complained, that 
 an immense amount of personal property, which ought 
 upon every principle of justice and reason, to contribute to 
 the expenses of the city government, has escaped taxation. 
 They allude to the vast amount of merchandize and other 
 property in this city, which is held and owned by non- 
 residents. By the present law for the assessment of taxes, 
 every person must be assessed upon his personal property 
 in the county in which^he resides. The effect of this pro- 
 vision is, that those who find it convenient and profitable 
 
7 
 
 to transact their ordinary business in the city of New York, 
 and yet to reside out of the city, are enabled to avail them- 
 selves of all the protection to their property A which is af- 
 forded by the various branches and departments of our 
 city government, (in which are included the Watch, Police, 
 Lamp, Street Cleaning and other departments,) and, in 
 addition to this, of a vast reduction in their premiums for 
 insurance by the introduction of the Croton aqueduct; and 
 yet., that for all these benefits they contribute not a cent to 
 the expense of maintaining them. It has been a subject 
 of common remark, that persons thus situated have built 
 up the neighboring villages, and thus materially reduced 
 the value of the taxable real property in the city, with the 
 effect, if not for the purpose, of evading a contribution to 
 those burdens, which are incurred, to a greaUdegree, by 
 the means afforded for the protection of their property. 
 That such, for years past, has been the fact, is too well 
 known to admit of controversy ; and it is a matter of gen- 
 eral notoriety, that a very large number of persons, simi- 
 larly situated, have expressed their intention speedily to 
 change their residence from the city of New York, while 
 they still intend to transact their business here, for the 
 avowed purpose of escaping taxation. Upon the injustice 
 of a system, by which this end can be successfully accom- 
 plished, it is unnecessary for your memorialists to enlarge. 
 Taxation and protection are, in their judgment, reciprocal ; 
 and the iniquity of a plan by which the protection of gov- 
 ernment is to be afforded to the property of a citizen at 
 vast expense, while he is not only free from taxation to 
 support that government, but while that tax is unequally 
 borne by others, is so glaring as only to require to be 
 stated. If the system now pursued should continue, the 
 
8 
 
 day is not far distant, when real estate, already crushed by 
 the inequality of taxation, will be compelled to bear, if it 
 already does not, a monstrous disproportion of the expenses 
 of the city ; and when, instead of the taxes falling equally 
 upon all, they will be wrung from the hard earnings of 
 the poor, in the increased and oppressive rents to which 
 they must necessarily be subjected.” 
 
 The views which were thus urged, at that time how- 
 ever, failed to meet a response in the action of the legis- 
 lature ; and the citizens of New York resolved to await, 
 what they did not doubt would follow, the pressure of the 
 evil upon other parts of the state, until it should from ev- 
 ery quarter call for the application of a remedy, before 
 again invoking legislative aid. That time they believe has 
 now arrived. From every quarter of the state, the same 
 complaints, in part at least, are made. The attention of 
 the legislature has been invited to the subject by the Gov- 
 ernor; and the distinguished officer who presides over the 
 financial concerns of the state, has, in his late annual re- 
 port, strongly pressed its immediate consideration. His 
 remarks in relation to it, are so clear and emphatic, and so 
 fully sustain the views above referred to, that your memo- 
 rialists cannot forbear quoting them. 
 
 u That the actual value,” says the Comptroller, tc of 
 the taxable property of the state, is much larger than the 
 returns of the assessors would indicate, is universally con- 
 ceded. It is believed that the average valuation of real 
 estate, does not exceed one-half the actual prices estab- 
 lished by the estimate of the owners and the daily transac- 
 tions between buyers and sellers, whilst in many counties 
 
9 
 
 the assessments, fall far below that proportion. The want 
 of a uniform rule or standard of valuation, produces much 
 inequality between the counties, causing some to bear 
 more, others less, than their just proportion of the state tax. 
 Whether some further provisions of law are not required 
 to ensure a more equitable distribution of the public burth- 
 ens, is a question to which the Comptroller would invite 
 the attention of the legislature. 
 
 “ It is not doubted that the real estate, notwithstanding 
 its under valuation by the assessors, bears much more than 
 its rightful share of taxation, as compared with the per- 
 sonal property. The practical difficulty experienced in 
 ascertaining the amount and value of personal estate liable 
 to assessment, is one cause of the custom which so generally 
 prevails of estimating landed property below its true value. 
 The land is open to view and examination, its quanties 
 ascertainable with facility and certainty, and by no possi- 
 bility can it escape the vigilance of the assessor. The case 
 is widely different with the varied pecuniary interests and 
 investments which constitute personal estate. By many 
 ingenious devices, perhaps by mere silence on the part of 
 the fortunate owner, a large portion of the wealth of the 
 state eludes the assessor and escapes its share of the cost of 
 sustaining the government, to which all property owes its 
 protection. The existing laws are defective in omitting to 
 clothe the assessors with adequate power to require full and 
 correct information from the tax-payer, of the amount of 
 his personal estate subject to investment. Whilst ample 
 and proper provision has been made in favor of the citizen 
 to enable him to correct errors or over valuation, no means 
 whatever have been supplied J,o correct under estimates, 
 
10 
 
 or to reach personal property, in those numerous cases 
 where the owner may choose to withhold its existence or 
 its value, from the knowledge of the assessors. Any per- 
 son interested in reducing an assessment, may, at his op- 
 tion, make an affidavit that the value of his taxable pro- 
 perty does not exceed a certain sum ; yet the officers en- 
 trusted with the difficult duty of ascertaining the value 
 of all the property subject to assessment, have no authority 
 to require information on oath, and the result is that they 
 must rely on indefinite rumors, or interested statements, 
 and are frequently obliged to act in ignorance of essential 
 facts or abandon the attempt to perform their office. Un- 
 der such a system, it follows that many of the possessors of 
 ready money, investments in funds and securities, and pro- 
 ductive capital in various forms, contribute little or nothing 
 to the treasury. 
 
 “No good reason can be given, why this species of pro- 
 perty should not bear its equal proportion of the common 
 burthens, instead of enjoying a comparative immunity from 
 taxation, at the expense of the landed interest. The ow- 
 ner or occupant of the soil is subject to taxation, on the 
 full value of the land, although it may be under a mort- 
 gage for a larger portion of the value ; while in too many 
 instances the owner of the incumbrance, though deriving a 
 share of the profits of the land, in the form of interest, 
 evades assessment and enjoys an exemption from taxes. — 
 That a system, which tolerates inequalities so repugnant 
 to justice and sound policy, needs some amendment, will 
 hardly be questioned. But, to prescribe the remedy which 
 the occasion requires, is not an easy task, and perhaps no 
 plan can be suggested which will not call forth earnest 
 objections. 
 
11 
 
 “ Impressed with the importance of applying some pro- 
 per corrective to the evils adverted to, the Comptroller ad- 
 dressed letters to the financial officers of several states, 
 asking for information in respect to their laws and regula- 
 tions relating to the assessment of property and the collec- 
 tion of taxes. These inquiries have been responded to 
 with a degree of courtesy which demands acknowledge- 
 ment, and it may be well to consider whether some of the 
 improvements which have been found successful in other 
 states, might produce satisfactory results if adopted in our 
 own. The Comptroller deems it proper, in this connec- 
 tion, to refer to a full and interesting communication re- 
 cently received from the Auditor of the State of Ohio. An 
 entire new system of assessment was adopted, in that state, 
 in 1846. Its provisions were admirably adapted to ensure 
 a full and correct valuation and equalization of all the real 
 and personal property justly chargeable with the support 
 of government. The effects are seen in an increase of the 
 assessed value of the taxable property on the list, from 
 $136,142,166, in the year 1844, to $430,739,385, in 1849. 
 To a considerable extent, this result is attributed to the new 
 regulations adopted for enforcing an honest assessment of 
 all the personal property not entitled to exemption. In ref- 
 erence to this subject, the Auditor of State makes the fol- 
 lowing statement : 
 
 i “ All personal property is annually assessed by town- 
 ship assessors, elected by the people of the townships. — 
 Forms and instructions are prepared by the Auditor of State, 
 and forwarded to the county auditors annually, for the use 
 of the township assessors. A blank form is delivered to 
 each individual, who is required to return the value of his 
 
12 
 
 own property, under oath, to the assessor. If any person 
 refuses to return a statement of his personal property under 
 oath, as required, the assessor ascertains the value from 
 such evidence as he can obtain, or from his own knowledge, 
 and in such case he returns that the party “ refused to 
 swear ” and the county auditor adds 50 per cent, to the 
 sum returned by the assessor, as a penalty. 
 
 u Merchandise and the stock, or raw material, of man- 
 ufacturers are taxed in the city, town or township in 
 which they are located. No matter where the owner re- 
 sides, his real property, stock in merchandise and manu- 
 factures, are placed on the list and taxed where they are 
 situated when the assessment is made. Thus, the store, 
 manufactory and merchandise in the city and town, are 
 subject to the local and corporation taxes, without regard 
 to the place where the owner resides.” ’ 
 
 u Whether these, or any similar provisions, are adapted 
 to the condition of this state, or would advance its general 
 interests, and ensure a more perfect equality in the contri- 
 butions which property must yield as the price of its se- 
 cure enjoyment under a system of laws, is respectfully sub- 
 mitted to the consideration of the Legislature.” 
 
 The views thus presented, leave but little necessity for 
 further enlarging upon the evil to which your memorialists 
 have referred. In the city of New-York, it has long been 
 felt to an extent, not merely prejudicial but highly disas- 
 trous to the interests, and as your memorialists believe, to the 
 rights of the people of that city; and in the name of their 
 constituents, your memorialists now ask for the application 
 
13 
 
 of a prompt and efficient, remedy. For this purpose, they 
 submit herewith to the legislature, the draft of an act, care- 
 fully prepared, maturely considered, and adapted as they 
 confidently believe to the just end they have in view. Its 
 details are somewhat voluminous, and as a more conve- 
 nient mode of bringing it to the consideration of the legis- 
 lature, they will here briefly review its principles, and 
 refer to such of its provisions as are new. 
 
 The act, as its title imports, is designed to revise and 
 amend the existing laws relative to the assessment of taxes 
 in the city of New York, and to reduce them into one act. 
 For the sake of convenience of arrangement it is distribu- 
 ted into nine titles. 
 
 The first title proposes to define the property liable to 
 taxation in the city of New York. In respect to real and 
 personal property now taxable, it retains the provisions of 
 the existing law, but introduces new principles as to the 
 personal property to be made taxable. To these your me- 
 morialists will briefly advert. In the first place, it provides 
 in sections 1 and 4, for the taxation of personal property 
 belonging to those transacting their ordinary business in 
 that city, or interested in such business, though not inhabi- 
 tants thereof, in the following cases: — 
 
 1. Where it is used or applied by the owner, in the city 
 of New York, in the transaction of his ordinary business, or 
 in any manner connected therewith, or invested by him in 
 trade in that city, either as a general or special partner, or 
 otherwise : 
 
14 
 
 2. Where it is possessed by him, or under his control in 
 that city, as factor, agent or commission merchant, except 
 where it belongs to a resident of any other part of this state, 
 and is sent to the city of New York to him, as a factor, 
 agent or commission merchant, to be sold on commission 
 or otherwise for the benefit of the owner : 
 
 3. Where it consists of any other personal property in 
 that city, which is taxable by law. 
 
 This provision does not however affect his liability to 
 taxation in the county in which he resides, as now pre- 
 scribed by law, in respect to any other property owned or 
 possessed by him. 
 
 The principle upon which these provisions rest, has been 
 perhaps already sufficiently presented. In further enforce- 
 ment of it, however, your memorialists cannot forbear call- 
 ing the attention of the legislature to the peculiar interests, 
 on the part of the city of New York, which seemed to them 
 imperatively to require its adoption. In consequence of 
 the vast expense which that city has incurred for the pro- 
 tection of property situated within its limits, the taxes 
 annually levied, have been swelled to an Extent which 
 has now become insupportable. And yet, under the 
 existing system, the reimbursement of that expense is, 
 to a no inconsiderable extent, borne by those who have 
 no immediate interest in the protection of a large amount 
 of that property. Inadequately as real estate is taxed, 
 in comparison with its value, it is still forced to bear a 
 very disproportionate share of the burden. By a refer- 
 ence to the assessment rolls for 1849, it will be seen that the 
 
whole amount of taxable real property is $197,761,919 00, 
 while the whole amount of personal property, is but 
 $58,455,174 48; of which latter sum, nearly $35,000,000 
 is in two, out of the eighteen wards of the city, leaving but 
 about $23,000,000 in the remainder. This great disparity 
 is the result of two causes : first, the withdrawal of a large 
 portion of taxable personal property, by the non-residence 
 of its owners, who transact their business in the city of New 
 York; and second, of what will be presently referred to, 
 the imperfect manner in which the assessments are made. 
 
 Those who are in any degree acquainted with the 
 city of New York and the adjacent cities and villages, need 
 scarcely be informed of the extent to which the first of 
 these causes has gone. Within a few years past, a very 
 large body of the wealthiest citizens of New York, pursu- 
 ing their ordinary business there, have removed from it to 
 the neighboring counties, and it is a fact too notorious 
 to be questioned, that many of them have done so for the 
 purpose of avoiding taxation in that city. Indeed, if it 
 were not invidious to refer to particular instances, cases 
 might be adduced, where some of our most opulent capita- 
 lists have chosen to consider their country residences as the 
 place where they should be taxed, while they have not 
 merely pursued their business in the city, but have kept 
 their dwellings there, and have occupied them during the 
 principal part of the year. In view of these facts, your 
 memorialists would enquire whether, as a simple matter of 
 justice, persons so circumstanced should not contribute their 
 share of the taxable burdens of the city. They derive an 
 equal benefit with those by whom they are borne, in the 
 protection of their property from loss, robbery or fire, by 
 means of the immensely expensive establishments of the 
 
16 
 
 Fire, Police and Croton Aqueduct departments, which 
 have been furnished by the city of New York, to say no- 
 thing- of the reduction of insurance in their favor, which 
 have resulted from those establishments. Will any one 
 say, that in contributing their share of taxation in a neigh- 
 boring village, where this protection is neither extended nor 
 required, they are bearing their just share of the burdens 
 of government? or is it not rather a proposition too plain 
 for argument, that they are enabled by the existing law, 
 to avoid the performance of the plainest obligations of 
 duty and justice ? 
 
 Your memorialists are of course unable to estimate, with 
 anything like an approach to certainty, the extent of the 
 evil to which in this respect they have referred ; but they 
 confidently believe that the loss to the taxable fund of the 
 city of New York, from this cause alone, amounts to many 
 millions of dollars annually. What the result of its con- 
 tinuance may be, your memorialists will scarcely venture 
 to anticipate. With the increasing resources of the city, 
 its expenses must necessarily be enhanced, and it is not 
 going too far, to predict that, unless those for whose ben- 
 efit these expenses are incurred, are compelled to contribute 
 to their payment, the real estate in the city, already suf- 
 ficiently burdened, will be compelled eventually to pay 
 nearly the whole of its taxes. Against a system resulting- 
 in such injustice as this, your memorialists earnestly pro- 
 test, and in asking the adoption of a measure calculated to 
 avert it, they repose in confidence upon the action of the 
 legislature. 
 
 The second title relates to the assessors and their general 
 powers and duties. It retains two assessors for each ward, 
 
17 
 
 as at present, but provides for their election for two years, 
 classifying them, however, so that one assessor shall be 
 elected for each ward annually. The object of this pro- 
 vision is, to give each ward the benefit at all times of the ex- 
 perience of one of the old assessors. It provides for the 
 continuance of the board of assessors, but instead of giving 
 to them the power to revise and correct the assessments, it 
 limits them to the preliminary adoption of rules governing 
 the assessors in the performance of their duties. The 
 reason of this change is, that in the seventh title, provision 
 is made for the appointment of three tax commissioners, 
 upon whom all power for the revision of the assessment 
 rolls and the correction of taxes, is proposed to be con- 
 ferred. 
 
 The third title relates to the assessment of taxes upon 
 individuals. Referring the legislature to the provisions of 
 the act itself, contained in sections 22 to 37, both inclusive, 
 for a more full explanation of the principles embraced in 
 this title, a brief reference to them will here be made. 
 By the existing law, both real and personal property is 
 taxed according to the mere judgment of the assessors, 
 unaided in the great majority of cases, and especially in 
 relation to personal property, by any correct sources of 
 information. Even in regard to real estate, the most un- 
 accountable errors not un frequently result from this mode 
 of assessment. From among the great number of cases 
 of this kind which might be presented, your memo- 
 rialists invite the attention of the legislature to a few 
 which are embodied in a report recently made to them by 
 a select committee of their body, consisting of the late 
 president of the Board of Aldermen, (Aid. J. Kelly,) the 
 3 
 
18 
 
 Mayor and Recorder, and Aldermen Wood and Bard. In 
 their report, the committee remark as follows : 
 
 “|That since the reference to them of this important subject, 
 (the laws for the assessment of real and personal property,) 
 they have held several meetings, and invited to their con- 
 sultations several of our most respectable citizens, — men 
 who have devoted much time to matters relating to the 
 welfare of our city, and whose knowledge and experience, 
 particularly in a matter so immediately and materially af- 
 fecting the entire resident population of this city and 
 county, was deemed valuable and calculated to aid your 
 committee in ascertaining the evils growing out of the pre- 
 sent laws, and to suggest such remedial measures as would 
 correct them. 
 
 u In the consideration of this matter, the attention of the 
 committee has been called to many of the gross and flag- 
 rant errors committed by many of the assessors, as exhit- 
 ed in the assessment rolls for the year 1849, a few of which 
 are herein particularized, for the purpose of showing the 
 abuses which have been perpetrated, viz. : House and lot 
 No. 210 Bowery, assessed at $1,000 ; lot on the rear of the 
 same assessed at $4,600, both belonging to the same 
 owner, and worth at least the sum of $20,000. 
 
 u Buildings and lots Nos. 80 and 80| Pearl street, asses- 
 sed at $9,000 each. No. 80| has recently been sold for 
 the sum of $14,000. 
 
 u Lots on Madison avenue and Thirty-fifth street, 
 Eighteenth Ward, assessed at $1,000 each, and sold on the 
 11th December, 1849, at $2,475, each. 
 
19 
 
 u Lots on Madison avenue between Thirty-fourth and 
 Thirty-fifth streets, assessed at $800, each, and sold on the 
 11th December, at auction for an average of $2,000, each. 
 
 “ Sixty-four lots on Sixty-fourth street, and Tenth and 
 Eleventh avenues, belonging to one owner and assessed 
 $50, each, and for which $300, each, has been refused. 
 
 u Sixty-four lots in the vicinity of Fifty-fourth street 
 and Sixth and Seventh avenues, assessed at $2,000 for the 
 whole, worth at least from $5,000 to $7,000. 
 
 “ Lots on Bloomingdale road, between Thirty-eighth 
 and Thirty-ninth streets, assessed at $450, each, for which 
 the owner has refused to take the sum of $2,000, each. 
 
 “ Lots on Fifth avenue, between Twenty-fifth and For- 
 tieth streets, average assessment under $1,400, each ; esti- 
 mated value of the same at least $2,500, each. 
 
 u Lots on Broadway, between Twenty-fifth and Twenty- 
 sixth streets, assessed at $1,400, each, and recently sold at 
 auction for $3,500, each. 
 
 u Gore of land in Seventeenth street, near Fifth avenue, 
 assessed at $4,600, sold for $17,500. 
 
 “ Lots on Thirty-seventh street, between Fourth and 
 Lexington avenues, assessed at $400, each, sold on the 
 11th December, 1849, for $1,100, each. 
 
 “ Lots on Thirty-second street, between Fifth and Sixth 
 avenues, assessed at $600, each, for which the owner re- 
 fuses to take the sum of $1,650, each. 
 
20 
 
 u Houses and lots, corner of Carlisle and Washington 
 streets, assessed at $16,000, sold at auction for $25,000. 
 
 u House and lot in Thirty-sixth street, between Ninth 
 and Tenth avenues, assessed at $850, worth $2,000. 
 
 “ Lots situated on Thirty-second, Thirty-third, and 
 Thirty-fourth streets, between Eighth and Ninth avenues, 
 assessed at $500, each, and for which the owners have re- 
 fused the sum of $2,000, each. 
 
 u The foregoing are but a few of the many cases which 
 have attracted the attention of the committee, but serve 
 sufficiently to show the great necessity which exists of 
 some immediate legal provision which shall obviate such 
 gross and palpable errors. v 
 
 As a remedy for the evils thus pointed out, and for 
 those which are referred to in the memorial of the Com- 
 mon Council, in 1843, of which an extract has already 
 been given, the accompanying act proposes, 
 
 1. To reach all the taxable personal property in the 
 city, by compelling the persons taxable therefor, to return 
 under oath to the assessors, the amount of property upon 
 which they should be assessed, at a sum not less than its 
 value, under the penalty of being subjected to a tax not 
 exceeding double the amount, subject however to the right 
 to reduce it by affidavit. A similar provision was contain- 
 ed in the act applied for by the Common Council in 1843, 
 and the same principle was adopted by the legislature of 
 Ohio, in 1846, as will appear by a reference to the report 
 of the Comptroller already quoted ; 
 
21 
 
 2. To assess real property, according to the judgment 
 of the assessors, to its full value, subject to reduction upon 
 the affidavit of a disinterested person, instead, as at present, 
 of the owner ; and, 
 
 3. As provided in a subsequent part of the act, (sections 
 91 and 92,) to require the assessors to assess property dis- 
 covered after the completion of the assessment rolls, and 
 at any time during the year. 
 
 In other respects, it is not proposed to depart materially 
 from the existing law. 
 
 The fourth title, relating to the assessment of taxes on 
 corporations, and the commutation or collection thereof, 
 contained in sections 38 to 53, both inclusive, is in substan- 
 tial conformity with the laws which now exist. 
 
 The fifth title relates to the assessment of taxes upon 
 mutual insurance or trust companies of associations. 
 
 A very serious embarrassment has recently arisen in re- 
 lation to the right to tax the property of companies of this 
 description. In allusion to it, the Comptroller, in his re- 
 cent report, referring to the accounts between the state 
 treasury and the city and county of New York, remarks : 
 
 “ The books of this office exhibit a balance against the 
 city and county of New York, of $113,716 21, on account 
 of the State tax. The principal part of this balance was 
 created by the return of the tax assessed on mutual in- 
 surance companies in that city, for the years 1845, 1846, 
 1847 and 1848. The former Comptroller refused to place 
 
these returns to the credit of the city, in consequence of 
 doubts which were entertained as to the legal liabibilityof mu- 
 tual insurance companies to taxation, on their accumulated 
 earnings. No proceedings have been commenced to en- 
 force this portion of the state tax, either against the com- 
 panies, or the city and county. But steps were taken by 
 the Corporation of New York, to bring the legal question 
 involved to an adjudication. A suit was instituted in the 
 Superior Court of that city for the purpose, and the court 
 decided that there is no power to tax the funds of this class 
 of corporations, under existing laws. It is understood that 
 the city authorities have determined to carry the case be- 
 fore an appellate tribunal. The Comptroller respectfully 
 submits this subject to the legislature for definite action. It 
 is to be regretted that the question had not been put at rest 
 some years ago, by a statutory provision. It is difficult to 
 discover any ground of justice or public policy, on which 
 this class of institutions should be exempt from assessment 
 on their clear and ascertained profis. A question will 
 arise, whether the balance above stated ought to be enforc- 
 ed against the city and county of New York, under the 
 circumstances of the case. The Comptroller is of opinion, 
 that it would be unreasonable and inequitable to require 
 payment from the city treasury, in case it shall be finally 
 determined that it cannot be recovered from the companies. 
 To collect it from the tax-payers of the city, would in- 
 crease their contributions to the state beyond a just pro- 
 portion, and operate in effect, as a penalty upon them for 
 the vigilance of their authorities, in seeking to bring an ad- 
 ditional capital within the reach of taxation, for state as 
 well as city purposes . 75 
 
28 
 
 The accompanying’ act, (section 100,) defines the terms 
 “ mutual insurance or trust companies, or associations,” as 
 including all companies or associations, incorporated or 
 formed under special or general acts of the legislature of 
 this state, for transacting the business of insurance on lives, 
 or against loss by fire or other cause, or against marine 
 risks, or for receiving or holding money or property in 
 trust, upon the mutual principle or plan, as contradistin- 
 guished from joint stock companies or corporations. 
 
 The title under consideration, in view of this definition, 
 provides in section 54, that a mutual insurance or trust 
 company or association, formed in the city of New York, 
 under the authority of this state, for the transaction of 
 business therein, is liable to taxation upon the amount of 
 its securities, whether by bond, bill, note or otherwise, and 
 upon the amount of its accumulations and profits remain- 
 ing undivided and unpaid, and upon all its other personal 
 property, whether owned by it or held in trust, in the same 
 manner as if they were so owned or held by an individual ; 
 deducting therefrom its ascertained losses, its just debts and 
 liabilities, and its property invested in the stock of corpor- 
 ations liable to taxation. 
 
 The principle upon which this provision is founded, is 
 as just as it is simple. It is, that personal property, in- 
 vested in mutual companies, should be taxable to precisely 
 the same extent as if it were in the possession of its differ- 
 ent owners. It extends to stock notes, and to unpaid 
 accumulations and profits, deducting ascertained losses, 
 and stocks held in corporations, liable to taxation. Stock 
 notes are included in the taxable property, for the reason, 
 
24 
 
 that being liabilities on the part of tbe individuals giving 
 them, they are to be deducted from their taxable property ; 
 and unpaid accumulations are included, because not being 
 in the hands of those who may be entitled to them, they 
 are not taxable as against the individual owners. 
 
 The mode of assessing the property of mutual compa- 
 nies, is provided for in sections 56 to 61, both inclusive. 
 It is analogous to that provided in respect to individuals, 
 in requiring that it be made under the oath of the presi- 
 dent, secretary, treasurer, or other chief officer of the com- 
 pany, under the like penalty of a taxation to double the 
 value of its property, subject however, to the same right 
 to reduce it afterwards by affidavit. 
 
 The sixth title relates to the assessment of taxes upon 
 foreign corporations, companies or associations, and is con- 
 tained in sections 62 to 73, both inclusive. The principle 
 of taxation in these cases, and the mode of ascertaining 
 the amount of tax, is analogous to that just referred to in 
 respect to mutual companies formed in this state, in requir- 
 ing the oath of the agent as to the amount of taxable prop- 
 erty, under the penalty of taxation to double its value, 
 and subject in the same manner to reduction upon affida- 
 vit. The personal property of these institutions which is 
 defined to be taxable, is their capital employed in the city 
 of New York, and in the case of mutual companies, their 
 securities and unpaid accumulations connected with their 
 business in that city, as well as their personal property 
 therein. To render the attainment of correct information 
 on this subject, more easy, it is provided by section 62, 
 that no foreign monied corporation, or foreign mutual in- 
 
25 
 
 surance or trust company or association, can establish an 
 agency in the city of New York, or perform any act there- 
 in, under its charter or articles of association, until the 
 agent or person conducting its business, shall file with the 
 Comptroller of that city, 
 
 1. A copy of itscharter or articles of association, with an 
 affidavit taken before a person authorized to administer 
 oaths in that city, stating the amount of its capital paid 
 in, or secured to be paid in, or the amount and value of 
 the securities upon which its business is founded : 
 
 2. A bond with two sufficient sureties, to be approved 
 by the Comptroller of that city, in a penal sum equal to 
 at least two per cent, upon the amount of such capital or 
 securities, conditioned to pay to the Mayor, Aldermen and 
 Commonalty of the city of New York, all taxes which 
 may be assessed upon the corporation, company or asso- 
 ciation ; and 
 
 3. Unless, within ten days after the first day of January, 
 in each year, the bond mentioned in the last subdivision be 
 renewed. 
 
 Another section also, (sec. 73,) provides that if a cor- 
 poration, company or association, taxable as provided in 
 this title, neglect or refuse to pay the tax imposed thereon, 
 for ten days after the final correction of the assessment 
 rolls by the Board of Supervisors, the counsel to the Cor- 
 poration must prosecute the bond given therefor, accord- 
 ing to section 62. 
 
 To the justice of the provisions relating to this subject, 
 there would seem to be no well founded objection. Their 
 4 
 
26 
 
 object is to place capital, brought into the city of New 
 York, from other states and countries, and used here for 
 the benefit of its owners, upon the same footing, and no 
 other, as that belonging to our own citizens. Nor is the 
 wisdom of this policy disproved by the apprehension some- 
 times expressed, that it may tend to drive from among 
 us, the use or investment of foreign capital. This sub- 
 ject, like every other of a commercial nature, is regulated 
 by the immutable laws of trade. Capital seeks the mar- 
 ket where it can be employed to the best advantage, and 
 the extent to which it is thus employed, is governed by 
 the demand and supply, and by the relative advantages 
 consequent thereon in its investment. If the argument 
 against this principle proved any thing, it would equally 
 establish the impolicy of the system of taxation, which 
 has always been adopted, and the wisdom of which has 
 never been questioned, in respect to the taxation of the 
 property of our own citizens, employed by them in 
 trade, whether as individuals or corporators. 
 
 The seventh title relates to the tax-commissioners and 
 their powers and duties, and is contained in sections 74 
 to 84, both inclusive. 
 
 By the existing law, the taxes upon real and personal 
 property are assessed, in the first instance, by the two as- 
 sessors chosen annually in the different wards. In the 
 performance of this duty they are limited to a few weeks, 
 and that principally in the summer season, when a large 
 portion of the citizens of New York, and of that class 
 too, who should contribute most largely to the burdens im- 
 posed upon the city, are absent. The assessment rolls of the 
 
27 
 
 different wards are then submitted to the whole body of 
 assessors, who constitute a board for the purpose, for revi- 
 sion and correction. When the rolls are corrected, they 
 are returned to the assessors of the wards, by whom noti- 
 ces are required to be published, calling for objections to 
 any of the assessments within twenty days, during which 
 time any person considering himself aggrieved, may upon 
 affidavit reduce the amount of his assessment. The rolls 
 are then transcribed and returned to the Board of Super- 
 visors, by whom the tax upon each person named in them 
 is imposed according to the assessed value of his property, 
 and who have also the power of remitting or correcting a 
 tax, upon sufficient cause. 
 
 To the system of which this is a brief summary, the 
 strongest objections exist. In the first place, the very 
 limited period within which the assessment must be made, 
 is of itself productive of great injustice. Those who can- 
 not be reached during that period, are not liable to assess- 
 ment during the year ; and it is well known, as well from 
 this fact, as from what has already been said, that a vast 
 amount of personal property thus escapes taxation. 
 
 Second, the revision of the assessment rolls by the large 
 body of assessors to whom they are ultimately submitted, 
 has not been found productive of the benefits designed. 
 They are necessarily limited to a short time for the per- 
 formance of the duty, and while the assessors of each ward 
 may be presumed, which is not always the fact, to have a 
 tolerably accurate knowledge of assessable property within 
 their wards, it can hardly be expected that the advice or 
 determination of those more remote will aid very materially 
 
28 
 
 in making the proper corrections. But when to this is 
 added the fact, that, by reason of their annual election, 
 the assessors are a constantly shifting body, the necessity 
 for a change hardly admits of question. 
 
 The substitute proposed by this title, is the appointment 
 of a board consisting of three persons, to be known as tax 
 commissioners, by the Board of Supervisors, for three years, 
 who are to be required to keep an office in the City Hall, 
 and who, in addition to their special duties, are required to 
 collect all the information possible, as to assessable prop- 
 erty^, and to preserve all maps, records and papers, which 
 may be necessary or useful in its discovery. To these offi- 
 cers it is proposed also to transfer the duties now performed 
 by the Board of Assessors, in revising and correcting the 
 assessment rolls, as well as in receiving proof in respect to 
 the reduction of taxes. 
 
 The advantages of this change seem to your memorial- 
 ists to be obvious. It can hardly be doubted, even amid 
 the fluctuations of politics, that the Board of Supervisors, 
 composed of whatever party, will select as tax commis- 
 sioners, men thoroughly conversant with the nature of the 
 duties they will be called upon to discharge. 
 
 Their office, in addition to being convenient and acces- 
 sible, will become the centre of most valuable information, 
 to the assessors as well as to the citizens, upon every sub- 
 ject connected with taxation. Add to this, (what is not the 
 least desirable change,) it will enable those who may avail 
 themselves of their right to reduce their taxes, instead of 
 travelling about the city in search of the ward assessors, 
 
29 
 
 to present their grievances to a body regularly organized, 
 and at all times ready to receive their complaints. 
 
 As a whole, therefore, your memorialists confidently 
 present this portion of the accompanying act to the most 
 favorable consideration of the legislature. 
 
 The eighth title relates to the powers and duties of the 
 Board of Supervisors in respect to the equalization and 
 correction of taxes, and is contained in sections 85 to 90, 
 both inclusive. 
 
 The subject of this title has been somewhat anticipated 
 in what has been said upon the last. It only remains to 
 add, that the powers and duties of the Board of Supervi- 
 sors, in this respect, are retained substantially as they now 
 exist. 
 
 The ninth title embodies general provisions and defini- 
 tions applicable to the whole act, and is contained in sec- 
 tions 91 to 104, both inclusive. 
 
 The only provisions in this title to which it is necessary 
 specially to advert, are those which are designed to obviate 
 the injustice already referred to, of allowing persons who 
 may not be discovered during the brief period assigned to 
 the assessors for making their assessments, to escape en- 
 tirely from taxation. It is provided by section 91, that if 
 at any time after the assessors have completed their assess- 
 ment rolls, and within the same year, they discover that 
 any person, corporation, company or association, liable to 
 taxation as provided by this act, has not been assessed, they 
 
30 
 
 must proceed to assess the same in the same manner as 
 they are required to do by this act within the time limited 
 thereby : and by section 92, that the assessment so made 
 must be forthwith certified by the assessors and deliver- 
 ed to the tax commissioners, who must proceed in res- 
 pect thereto, in the same manner as if it had been embraced 
 in the original assessment roll, and must in like manner 
 return it to the Board of Supervisors, by whom it must be 
 delivered to the Receiver of Taxes, for collection in the 
 same manner as the original assessment roll. 
 
 The other provisions of this title need no other explana- 
 tian than such as will be found in the provisions them- 
 selves. 
 
 From this review, which has been made as briefly as 
 possible, of the principles of the accompanying act — of the 
 evils resulting from the present system of taxation in the 
 city of New York, — and of the remedy which, after full 
 consideration, is deemed alone adequate to their correction, 
 your memorialists confidently appeal to the legislature for 
 the interposition of its power. In presenting to the legis- 
 lature this claim upon its justice, your memorialists have 
 not forgotten that adverse interests may be, as they have 
 heretofore been, enlisted in hostility to the measure. They 
 have not intended to do injustice to the rights of other 
 portions of the state, and they are not unwilling that the 
 same measure of justice which they ask for themselves, 
 should be meted out to others. Their complaint is, that 
 they are compelled to support a municipal government, 
 the burdens of which fall very unequally upon those for 
 
31 
 
 whose good it is established and who are reaping the ben- 
 efit of its protection ; and they feel no hesitation in submit- 
 ting both the complaint and the proposed remedy, to the 
 wisdom and justice of the legislature. 
 
 And your memorialists will ever pray, &c. 
 
 C. S. WOODHULL, 
 
 Mayor and Chairman of Board of Supervisors. 
 
 D. T. VALENTINE, 
 
 Clerk Board of Supervisors . 
 
 JAMES KELLY, 
 
 C. S. WOODHULL, 
 
 F. A. TALLMADGE, 
 
 JAMES E. WOOD, 
 
 JAMES M. BARD, 
 
 Special 
 Committee . 
 

 
 
 
 
 
 
A N A CT 
 
 TO REVISE AND AMEND THE EXISTING LAWS RELATIVE TO 
 THE ASSESSMENT OF TAXES IN THE CITY OF NEW YORK, 
 AND TO REDUCE THEM INTO ONE ACT. 
 
 The people of the State of New York , represented in 
 Senate and Assembly , do enact as follows : 
 
 Title I. — Of property liable to Taxation in 
 
 THE CITY OF New YORK. 
 
 II. — Of the Assessors, and their general 
 
 POWERS AND DUTIES. 
 
 III. — Of the Assessment of Taxes upon 
 
 INDIVIDUALS. 
 
 IV. — Of the Assessment of Taxes on cor- 
 
 porations, AND THE COMMUTATION OR 
 COLLECTION THEREOF. 
 
 V. — Of the Assessment of Taxes upon 
 
 MUTUAL INSURANCE OR TRUST COMPANIES 
 
 OR ASSOCIATIONS. 
 
 5 
 
34 
 
 Title VI. — Of the Assessment of Taxes upon 
 
 FOREIGN CORPORATIONS, COMPANIES OR 
 ASSOCIATIONS. 
 
 VII.— Of the Tax Commissioners, and 
 
 THEIR POWERS AND DUTIES. 
 
 VIII. — Of the powers and duties of the 
 Board of Supervisors, in respect to 
 
 THE EQUALIZATION AND CORRECTION OF 
 TAXES. 
 
 IX. — General provisions and definitions. 
 
TITLE I. 
 
 OF PROPERTY LIABLE TO TAXATION IN THE CITY 
 OF NEW YORK. 
 
 § 1. The following property is liable to assess- 
 ment for taxes, imposed or authorized by law to 
 be collected in the city of New York : 
 
 1. Real property in that city : 
 
 2. Personal property belonging to the inhabi- 
 tants thereof, aud taxable as provided in section 3 : 
 
 3. Personal property belonging to those trans- 
 acting their ordinary business therein, or interest- 
 ed in such business, though not inhabitants of that 
 city, and which is taxable as provided in section 4: 
 
 4. The stock cr personal property of corpora- 
 tions, companies and associations, created or form- 
 ed under the authority of this state, or of any 
 other state, territory, government or country, as 
 provided in titles 4, 5 and 6. 
 
36 
 
 § 2. The assessment for real property must be 
 made in the ward in which it is situated, whether 
 the owner reside therein or not, and may be so as- 
 sessed in the name of the owner or occupant; or 
 if it be unoccupied, and the name of the owner be 
 not known, it may be assessed to an unknown 
 owner. 
 
 § 3. Every person residing in the city of New 
 York, must be assessed in the ward where he re- 
 sides ; 
 
 1. For all personal property owned by him, in- 
 cluding all personal property in his possession or 
 under his control as trustee, guardian or adminis- 
 trator ; and in no case can personal property, held 
 under either of those trusts, be assessed against 
 any other person : 
 
 2. For all personal property in his possession or 
 under his control, as factor, agent or commission 
 merchant, except where it belongs to a resident 
 of any other part of this state, and is sent to the 
 city of New York to him as a factor, agent or 
 commission merchant, to be sold on commission, 
 or otherwise, for the benefit of the owner. 
 
37 
 
 § 4. A person, though not an inhabitant of the 
 city of New York, may be assessed in that city, 
 and not elsewhere, in the same manner as if he 
 resided therein ; 
 
 1. Upon all personal property used or applied 
 by him in the city of New York, in the transact 
 tion of his ordinary business, or in any manner 
 connected therewith, or invested by him in trade 
 in that city, either as a general or special partner, 
 or otherwise : 
 
 2 . Upon all personal property in his possession 
 or under his control in that city, as factor, agent 
 or commission merchant, except where it belongs 
 to a resident of any other part of this state, and is 
 sent to the city of New York to him as a factor, 
 agent or commission merchant, to be sold on 
 commission or otherwise for the benefit of the 
 owner : and, 
 
 3. Upon all his other personal property in that 
 city, which is taxable by law. 
 
 This section however, does not affect his lia- 
 bility to taxation in the county in which he re- 
 sides, as now prescribed by law, in respect to any 
 other property owned or possessed by him. 
 
38 
 
 § 5. The assessment authorised by the last sec- 
 tion, must be made in the ward in which the per- 
 son liable to taxation transacts his business, or in 
 which the property, out of which the assessment 
 arises, is situated. 
 
 § 6. If a person, liable to taxation in respect to 
 personal property, as provided in section 4, be 
 assessed thereon, in a town or ward in any other 
 county or city, he must, upon making an affidavit 
 before the assessors thereof, before the completion 
 of their assessments, that he has been so assessed 
 in the city of New York, be exempted from tax- 
 ation in such other town or ward, upon the pro- 
 perty so assessed. 
 
 § 7. The following property is exempt from 
 taxation : 
 
 1. Real or personal property exempted from 
 taxation, by the constitution of this state, or of the 
 United States. 
 
 2. Lands belonging to this state or to the United 
 States : 
 
39 
 
 3. Every building erected for the use of a col- 
 lege, incorporated academy or other seminary of 
 learning; every building for public worship ; every 
 school-house, court-house and jail ; and the lots on 
 which such buildings are situated, and the furniture 
 belonging to each of them ; but the exemption 
 from taxation, of a building for public worship, or 
 a school, does not extend or apply to any such 
 building or premises, unless the same is exclusive- 
 ly used for such purposes, and exclusively the 
 property of a religious society, or of one of the 
 public schools established pursuant to law : 
 
 4. Every poor-house, alms-house, house of in- 
 dustry, and every house belonging to a company, 
 incorporated for the reformation of offenders, and 
 the real and personal property belonging thereto, 
 or connected therewith : 
 
 5. The real and personal property of every pub- 
 lic library : 
 
 6. Stocks owned by the state, or by literary or 
 charitable institutions : 
 
 7. The personal property of every corporation 
 not made liable to taxation on its capital, by this 
 act : 
 
40 
 
 8. The personal property of every minister of 
 the gospel or priest of any denomination, and his 
 real property when occupied by him ; but if his 
 real and personal property, or either of them ex- 
 ceed the value of one thousand five hundred dol- 
 lars, that sum must be deducted from the valua- 
 tion of his property, and the residue is liable to 
 taxation : 
 
 9. Property exempted by law from execution. 
 
 § 8. Lands sold by the state, though not grant- 
 ed and conveyed, are liable to taxation, in the 
 same manner as if actually conveyed. 
 
 § 9. The owner or holder of stock in a corpora- 
 tion company or association, liable to taxation 
 shall not be taxed as an individual for such stock. 
 
41 
 
 TITLE II. 
 
 OF THE ASSESSORS, AND THEIR GENERAL POWERS 
 AND DUTIES. 
 
 § 10. There shall continue to be two assessors 
 for each ward in the city of New York, to be 
 elected by the electors of the ward in the manner 
 now prescribed by law, except as otherwise pro- 
 vided in this title, and whose compensation shall 
 be determined, from time to time, by the supervi- 
 sors of the city and county of New York. 
 
 §11. The assessors to be elected at the next 
 election, must be classified by lot, to be drawn by 
 the clerk of the Common Council, in the presence 
 of the Board of Aldermen, immediately after the 
 completion of the canvass of votes given at that 
 election. The classes must be numbered “ one” 
 and “ two,” for each ward. The assessor of the 
 first class shall hold his office for one year, and 
 the assessor of the second class for two years, from 
 
 the first day of January, 1851. 
 
 6 
 
42 
 
 § 12. A certificate of the drawing and classifica- 
 tion must be signed by the President of the Board 
 of Aldermen, and the Clerk of the Common Coun- 
 cil, and filed and recorded in the office of the 
 County Clerk. 
 
 § 13. At each succeeding annual election, one 
 assessor must be elected for each ward, who shall 
 hold his office for two years from the first day of 
 January thereafter. 
 
 § 14. If a vacancy occur in the office of assessor, 
 it must be filled by the Board of Supervisors, and 
 the person appointed by them shall hold his office 
 until the vacancy be filled at the next annual 
 election, unless the term of office of the person, 
 in respect to whom the vacancy occurs, would ex- 
 pire on the first day of January then next, in 
 which case the person appointed shall hold his 
 office until that time. 
 
 § 15. If, at the election mentioned in the last 
 section, it be necessary to elect a person to supply 
 a vacancy in the office of assessor, the ballot must 
 specify the term for which each of the assessors 
 
43 
 
 voted for, is to be elected ; and the person elect- 
 ed to fill a vacancy shall enter upon his office on 
 the first day of January thereafter, and hold it for 
 one year. 
 
 § 16. The assessors must, within ten days after 
 the first day of January in each year, proceed to 
 ascertain hy diligent inquiry, the names of all the 
 persons, corporations, companies and associations, 
 taxable in their respective wards, and all the taxa- 
 ble property, real or personal, therein, and must 
 complete their assessments on or before the 
 fifteenth day of April thereafter. 
 
 § 17. If an assessor neglect or from any cause 
 omit to perform his duties, the other assessor of 
 the ward, must perform such duties, and must cer- 
 tify to the tax commissioners, with the assessment 
 roll, the name of the delinquent assessor, stating 
 therein the cause of his delinquency. 
 
 § 18. The assessors, before they assess the pro- 
 perty in their respective wards, must meet together 
 in the City Hall of the city of New York, at eleven 
 o’clock in the forenoon, on the first Tuesday after 
 
44 
 
 being sworn into office, and appoint from among 
 themselves, a president and secretary, and organ- 
 ise themselves into a board for the transaction of 
 business, to be called the board of assessors. 
 
 § 19. The board of assessors may meet again at 
 such time and place, and from time to time, as 
 they may think fit; and the secretary thereof must 
 keep a regular book of minutes of all the proceed- 
 ings of the board. 
 
 § 20. The board of assessors, either at their first, 
 or any subsequent meeting, before the members 
 thereof proceed to assess property in their respec- 
 tive wards, may adopt such rules or by-laws as 
 may, in their opinion, be best calculated to pro- 
 duce equality and uniformity in the different valu- 
 ations of property and assessments in the several 
 wards. 
 
 § 21. The board of assessors can exercise no 
 other powers than those conferred by the last sec- 
 tion; and upon their final adjournment, must cause 
 their minutes to be filed with the tax commis- 
 
 sioners. 
 
45 
 
 TITLE III. 
 
 OF THE ASSESSMENT OF TAXES UPON INDIVIDUALS. 
 
 § 22. To enable the assessors to make their as- 
 sessments upon the personal property of individu- 
 als, they must, on or before the first day of Feb- 
 ruary in each year, furnish to every person within 
 their respective wards, whom they may suppose to 
 be taxable therein for personal property, accord- 
 ing to this act, either personally, or by leaving it 
 with a person of suitable age and discretion at his 
 residence, or if he be a non-resident, at his place 
 of business, a statement in substantially the fol- 
 lowing form : 
 
 “ statement of the assessment of (inserting the 
 name,) for personal property. 
 
 1. Name of the party in full : 
 
 2. His place of residence, or if he 
 
 be a non-resident, his place of 
 business : 
 
46 
 
 IF HE BE A RESIDENT OF THE CITY OF NEW YORK, 
 
 3. Amount of his personal property 
 
 not exempted from taxation, de- 
 ducting his just debts and lia- 
 bilities, and his property invest- 
 ed in the stock of corporations, 
 companies or associations liable 
 to taxation, not exceeding $ 
 
 4. Amount of personal property held 
 
 by him as trustee, guardian, ex- 
 ecutor or administrator, after 
 deducting his just debts and 
 liabilities in that character, and 
 the stock held by him in that 
 
 character in corporations, com- 
 panies or associations liable to 
 taxation, not exceeding $ 
 
 5. Amount of personal property 
 
 held by him as agent, factor or 
 commission merchant, stating 
 in what capacity particularly, 
 and the place of residence of 
 the person for whom it is so 
 held, not exceeding $ 
 
47 
 
 IF HE BE A NON-RESIDENT OF THE CITY OF 
 NEW YORK, 
 
 6. The amount of personal property 
 used or applied by him, or in any 
 way connected with the trans- 
 action of his ordinary mercan- 
 tile or other business in that 
 city, or invested by him in trade 
 therein, either as a general or 
 special partner or otherwise, or 
 held by him as a factor or upon 
 commission, except personal 
 property belonging to a citizen 
 of any other part of this state, 
 and sent to him as factor or 
 agent to be sold on commission 
 or otherwise for the benefit of 
 the owner, and of all his other 
 personal property which is tax- 
 able by law, except his house- 
 hold furniture or other property 
 held by him at the place of his 
 residence, not exceeding $ 
 
48 
 
 OATH. 
 
 I, do solemnly swear, (or affirm,) 
 
 *hat the foregoing statement is, in all respects, 
 just and true, and that the property therein men- 
 tioned does not exceed in value the amount set 
 opposite thereto, after making the deductions 
 therein mentioned. 
 
 Sworn before me, the ) 
 
 day of 18 $ 
 
 NOTICE. 
 
 This statement must be tilled up opposite each 
 of the divisions thereof, according to the fact, and 
 must be sworn to before one of the assessors, or 
 before an officer authorized to administer oaths, 
 and must be returned on or before the 
 day of 18 , between the hours of 10, 
 
 a. m. and 4, p. m., to the undersigned, at No. 
 street, in the city of New York. 
 
 ) Assessors 
 ) Ward.” 
 
 § 23. Every person to whom the statement, 
 mentioned in the last section, is furnished, must 
 
49 
 
 return it to the assessors of the ward, at or be- 
 fore the time mentioned in the notice appended 
 thereto, which must be at least ten days after the 
 service, filled up according to the fact, and duly 
 sworn to by him before the assessors, or one of 
 them, or before an officer in the city of New York, 
 authorized to take affidavits. 
 
 § 24. In order the more fully to enable the as- 
 sessors to perform the duties imposed upon them 
 by this act, they shall be entitled to demand in- 
 formation relative to the several matters contain- 
 ed therein, of any person being the head of a 
 family, or a member thereof, or the owner, pro- 
 prietor, occupant, clerk, servant, or person in 
 charge of any dwelling-house, boarding-house, 
 hotel, tavern, store, or tenement in that city, 
 above the age of twenty-one years ; and any and 
 every such person, who shall refuse to give to any 
 assessor the information demanded by him re- 
 lative to any such matters, or who shall wilfully 
 give false information to such assessor concerning 
 the same, shall forfeit and pay a penalty of one 
 
 hundred dollars to the Corporation of the city of 
 7 
 
50 
 
 New York, to be sued for and recovered by it, 
 with costs of suit, in any court having cognizance 
 thereof. 
 
 § 25. The statement required by this title, 
 when sworn to and returned by the party named 
 therein, is conclusive upon the assessors, as well 
 as upon the party, as to the value of his personal 
 property liable to taxation. 
 
 § 26. If a person to whom the statement, men- 
 tioned in section 22, is furnished, neglect or re- 
 fuse to return it as prescribed in section 23, the as- 
 sessors must, within the time prescribed in section 
 16, for the completion of the assessment roll, as- 
 sess the person to whom the statement was fur- 
 nished, for personal property, to an amount equal 
 in their judgment, to double its value ; which as- 
 sessment is conclusive, unless reduced by the tax 
 commissioners, before the final completion of the 
 assessment rolls, as provided in sections 80 and 81. 
 
 § 27. At the expiration of the time fixed for the 
 return of the statement to the assessors, they must 
 proceed to prepare an assessment roll for their se- 
 
51 
 
 veral wards, in which they must set down in four 
 separate columns, the assessment of the persons 
 liable thereto for personal property in their seve- 
 ral wards, as follows : 
 
 1. In the first column, the names of all the 
 taxable inhabitants in the ward : 
 
 2. In the second column, the quantity of land to 
 he taxed to each person : 
 
 3. In the third column, the full value of such 
 land, according to the definition of the term 
 “ land,” as given in this act. 
 
 4. In the fourth column, the full value of all 
 personal property taxable, owned by such person, 
 after deducting the just debts owing by him. 
 
 § 28. If a person liable to assessment upon per- 
 sonal property, according to this title, shall, in the 
 statement required to be furnished by him to the 
 assessors, or at any time thereafter and before the 
 completion of the assessment, make affidavit be- 
 fore the assessors that the property, or any part 
 thereof, specifying what part, and its value, is pos- 
 sessed by him as agent, factor or commission mer- 
 
52 
 
 chant, lor the owner, and that the owner resides 
 in the city, the assessors cannot include it in the 
 assessment against such person, but must assess it 
 against the owner. But, if the affidavit be not 
 made, or the owner reside out of (he city, the 
 possessor of the property must be assessed there- 
 for, and may, in payment of the amount assessed, 
 retain out of the proceeds of the property, or 
 claim against the owner by way of lien, the 
 amount paid by him, with lawful interest from the 
 time of payment. 
 
 § 29. If a person whose real property is liable 
 to taxation, prove before the tax commissioners, 
 at any time before the completion of the assess- 
 ment, by the testimony of a disinterested person, 
 that the value of his real property assessed, does 
 not exceed a certain sum, less than that mentioned 
 in the assessment, the tax commissioners must 
 value the property at the sum so proved, and no 
 more ; and no other evidence can be received for 
 that purpose. 
 
 § 30. If a person, liable for assessment for per- 
 sonal property, and who is assessed therefor upon 
 
53 
 
 his omission to furnish a statement to the assessors, 
 according to the provisions of section 26, at any 
 time before the completion of the assessment, 
 make affidavit before the tax commissioners, that 
 the value of his personal property, after deducting 
 his just debts and liabilities, and his property in- 
 vested in the stock of a corporation, company or 
 association, liable to taxation, does not exceed a 
 specified sum, the tax commissioners must value it 
 at the sum so specified, and no more. 
 
 § 31. When a person is assessed as a trustee, 
 guardian, executor or administrator, he must he 
 assessed with the addition of his representative 
 character, for the value of the real property held 
 by him in that character, at its full value, and for 
 the personal property so held by him, deducting 
 therefrom his just debts and liabilities in that 
 character. 
 
 § 32. If a trustee, guardian, executor or admin- 
 istrator, assessed for real or personal property, 
 upon his omission to furnish a statement according 
 to section 26, at any time before the completion of 
 the assessment, show by affidavit to the tax com 
 
54 
 
 missioners the value of the property possessed by 
 him or under his control by virtue of his trust, 
 after deducting his just debts and liabilities in 
 that character, and the stock held by him in a 
 corporation, company or association, liable to taxa- 
 tion the tax commissioners must value the pro- 
 perty at the sum specified in the affidavit. 
 
 § 33. Real property, liable to taxation, must be 
 estimated at its full value, as it would be appraised 
 in payment of a just debt from a solvent debtor. 
 
 § 34. The real property of a non-resident must 
 be designated in the assessment roll, in a part sep- 
 arate from the other assessments, as prescribed in 
 the next two sections. 
 
 § 35. If the real property be divided into lots, 
 the assessors must proceed as follows : 
 
 1. They must designate it by its name, or if it 
 be not so distinguished or the name be unknown, 
 must designate by what other property it is 
 bounded : 
 
 2. If they can obtain correct information of its 
 division, they must set down in the first column 
 
55 
 
 of the assessment roll, every unoccupied lot in their 
 ward owned by a non-resident, by its number, be- 
 ginning at the lowest and proceeding to the highest : 
 
 3. They must set down in a second column, 
 opposite the number of each lot, the quantity 
 therein liable to taxation : 
 
 4. They must set down in a third column, the 
 valuation, opposite to the quantity : 
 
 5. If the quantity be a full lot, it must be desig- 
 nated by the number ; if part of a lot, by bounda- 
 ries, or in some other manner by which it may be 
 known. 
 
 § 36. If the real property be a tract not divided, 
 or its sub-divisions cannot be ascertained, the as- 
 sessors must proceed as follows : 
 
 1. They must enter in the assessment roll, the 
 name or boundaries of the property, as divided in 
 the last section, and must certify that the tract is 
 not divided, or that they cannot obtain correct in- 
 formation of the divisions, as the case may be : 
 
 2. They must state in the proper column, the 
 
56 
 
 quantity and valuation, as directed in the last sec- 
 tion : 
 
 3. If the quantity to he assessed be the whole 
 tract, a description by its name or boundaries is 
 sufficient ; but if a part only be liable to taxation, 
 that part, or the part excepted must be particu- 
 larly described: 
 
 4. If a part of the tract be occupied by a resi- 
 dent of the ward, the assessors must except it 
 from the assessment of the whole tract, and must 
 assess it to the occupant. 
 
 § 37. Within ten days after the completion of 
 the assessment rolls, the assessors must furnish a 
 copy thereof to the tax commissioners. 
 
57 
 
 TITLE IV. 
 
 OF THE ASSESSMENT OF TAXES ON CORPORATIONS, 
 AND THE COMMUTATION OR COLLECTION THEREOF. 
 
 § 38. The real property of a corporation liable 
 to taxation in the city of New York, must be as- 
 sessed in the ward in which it is situated, in the 
 same manner as the real estate of individuals. 
 
 § 39. The personal property of a corporation 
 liable to taxation on its capital in the city of New 
 York, must be assessed in the ward where its 
 principal office, or the place for transacting its 
 financial concerns, or its agency, may be, or if 
 there be no such office, place or agency, then in 
 the ward where its operations are carried on. 
 
 § 40. Every monied or stock corporation, creat- 
 ed by or under the authority of this state, 
 and deriving an income or profit from its 
 capital or otherwise, and whose principal office or 
 place of business is situated in the city of New 
 York, is liable to taxation on its capital in the 
 
 manner prescribed in this title. 
 
 8 
 
58 
 
 § 41. The president, cashier, secretary, trea- 
 surer or other proper officer, of every such corpo- 
 ration, must, on or before the first day of Febru- 
 ary in each year, make and deliver to the assessors 
 of the ward, in which it is liable to be taxed, ac- 
 cording to sections 38 and 39, a written state- 
 ment, specifying, 
 
 1. The real estate, if any, owned by the cor- 
 poration, the ward in which it is situated, and the 
 sums actually paid therefor : 
 
 2. Its capital stock actually paid in and secured 
 to be paid in, excepting therefrom the sums paid 
 for real property, and the amount of its capital 
 stock held by the state, and by any incorporated 
 literary or charitable institution ; and, 
 
 3. The ward in which the principal office or 
 place of transacting the financial business of the 
 corporation is situated ; or if there be no princi- 
 pal office, the ward in which its operations are 
 carried on, or in which it is liable to be taxed, 
 according to sections 38 and 39. 
 
 § 42. If the statement required by the last 
 section be not furnished by a corporation to the 
 
59 
 
 assessors within thirty days after the time therein 
 provided, the corporation neglecting to furnish it, 
 shall forfeit to the corporation of the city of New 
 York, for each statement omitted to be furnished, 
 the sum of two hundred and fifty dollars ; and it 
 is the duty of the Comptroller of the city of New 
 York to furnish the counsel to the corporation with 
 an account of all corporations that shall neglect to 
 furnish such statements, that he may prosecute for 
 the penalty imposed by this section. 
 
 § 43. If a corporation, prosecuted for such pen- 
 alty, pay the costs of prosecution and furnish the 
 statement required, the Comptroller of the city, 
 if he be satisfied that the omission was not wilful, 
 may, in his discretion, discontinue such suit. 
 
 § 44. The assessors must enter all corporations 
 from which such statements have been received 
 by them, and their property, and the property of 
 all other corporations, liable to taxation in their 
 respective wards, in their assessment rolls in the 
 following manner: 
 
 1. They must insert in the first column, the 
 name of each corporation in their respective wards. 
 
60 
 
 liable to taxation on its capital or otherwise ; and 
 under its name, they must specify the amount of 
 its capital stock paid in, and secured to be paid 
 in; the amount paid by the corporation for real 
 property, then belonging to it, wherever it may 
 be situated ; and the amount of its stock, if any, 
 belonging to the state, and to incorporated literary 
 and charitable institutions : 
 
 2. In the second column, they must enter the 
 quantity of real property, owned by the corpora- 
 tion and situated in their ward; and in the third 
 column, its actual value, estimated as in other 
 cases : 
 
 3. In the fourth column, they must enter the 
 capital stock of every corporation, except manu- 
 facturing and turnpike corporation and marine in- 
 surance companies, paid in and secured to be paid 
 in, after deducting the sums paid out for all its 
 real property, wherever it may be situated, and 
 then belonging to it, and the amount of stock, if 
 any, belonging to the people of this state, and to 
 incorporated literary and charitable institutions. 
 
 § 45. The assessors must insert in the third 
 column mentioned in the last section, the cash 
 
61 
 
 value of the stock of all manufacturing corporations, 
 (to be ascertained by the assessors, by the sales of 
 the stock, or in any other manner,) deducting 
 therefrom the items mentioned in the last section ; 
 which value, thus ascertained, together with the 
 value of the real property of such corporations, 
 constitutes the amount on which the tax of such 
 corporations shall be assessed. 
 
 § 46. If a corporation neglect or omit to furnish 
 a statement within the time and in the manner 
 prescribed in section 41, the assessors must pro- 
 ceed to estimate, according to the best information 
 which they are able to obtain, the capital stock 
 of the corporation, paid in or secured to be paid in, 
 and must assess the corporation therefor ; which 
 assessment is final and conclusive. 
 
 § 47. The provisions of section 29 apply to the 
 corporations mentioned in the three last sections, 
 and the president, secretary, or other proper officer 
 may make the affidavit required by that section. 
 
 § 48. If the president, or other proper officer of 
 a corporation named in the assessment roll, show 
 
62 
 
 to the satisfaction of the tax commissioners, within 
 the time mentioned in sections 80 and 81, by his 
 affidavit to be filed with them, that the corporation 
 is not in the receipt of any profits or income, the 
 name of the corporation must be stricken out of 
 the assessment roll, and no tax can be imposed 
 upon it. And the assessment of every corporation 
 mentioned in this title, authorized to make divi- 
 dends on its capital, from which no such affidavit 
 is received, is conclusive evidence that it was lia- 
 ble to taxation and was duly assessed. 
 
 § 49. The capital stock of every corporation 
 liable to taxation, as provided in this title, except 
 such part of it as is excepted in the assessment 
 roll and by this title, must be assessed and taxed 
 in the same manner as the other real and personal 
 property in the city, unless the corporation be en- 
 titled to commute under the next section and elect 
 so to do ; in which case no tax can be imposed on 
 its property. 
 
 § 50. All corporations employed wholly or prin- 
 cipally in manufacturing, and all marine insurance 
 companies, whose net annual income does not ex- 
 ceed five per cent, on the capital stock paid in and 
 
63 
 
 secured to be paid in, are entitled to commute for 
 their taxes, by paying directly to the chamberlain 
 of the city, five per cent, upon their net income 
 during the preceding year. 
 
 § 51. To entitle a corporation to the exemption 
 mentioned in the last section, the president and 
 secretary, or any two officers of the corporation, 
 must make affidavit, stating the capital stock paid 
 in, and secured to be paid in, together with the 
 income and profits, and the total expenditures, dur- 
 ing the preceding year, of the corporation ; which 
 affidavit must be delivered to the assessors of the 
 ward at the time of making their assessments. 
 
 § 52. The president or other proper officer of 
 a corporation electing to commute, must make 
 affidavit before an officer authorised to take affida- 
 vits, stating the amount of its net income ; and on 
 filing the same with the tax commissioners, within 
 the time mentioned in sections 80 and 81, accom- 
 panied by the receipt of the chamberlain, ac- 
 knowledging the payment of the proper commuta- 
 tion, the tax commissioners can impose no tax 
 upon the property of the corporation. 
 
64 
 
 § 53. The amount of taxes assessed on all cor- 
 porations liable to taxation, and not electing to 
 commute, must be set down by the supervisors in 
 the fifth column of the corrected assessment roll, 
 and shall form a part of the moneys to be collected. 
 
65 
 
 TITLE V. 
 
 OF THE ASSESSMENT OF TAXES UPON MUTUAL IN- 
 SURANCE OR TRUST COMPANIES. 
 
 § 51. A mutual insurance or trust company or 
 association, formed in the city of New York, un- 
 der the authority of this state, for the transaction 
 of business therein, is liable to taxation upon the 
 amount of its securities, whether by bond, bill, 
 note or otherwise, and upon the amount of its ac- 
 cumulations and profits remaining undivided and 
 unpaid, and upon all its other personal property, 
 whether owned by it or held in trust, in the same 
 manner as if they were so owned or held by an 
 individual ; deducting therefrom its ascertained 
 losses, its just debts and liabilities, and its property 
 invested in the stock of corporations, companies or 
 associations liable to taxation. 
 
 § 55. The assessment authorized by the last 
 section, must be made in the ward in which the 
 principal office or place of business of the company 
 or association is situated, or in which its oper 
 
 tions are carried on. 
 
 9 
 
66 
 
 § 56. To enable the assessors to make the as- 
 sessments authorized by the last two sections, 
 they must, on or before the first day of February 
 in each year, furnish to the president, secretary, 
 treasurer or other chief officer of the company or 
 association, either personally or by leaving it with 
 a person of suitable age and discretion at the prin- 
 cipal office or place of business of the company or 
 association, a statement in substantially the fol- 
 lowing form : 
 
 “ STATEMENT OF THE ASSESSMENT OF (naming the 
 company or association) for personal property. 
 
 1. Name of the company or associ- 
 
 ation, in full : 
 
 2. Its principal office or place of busi- 
 
 ness : 
 
 3. Amount of its securities, whether 
 
 by bond, bill, note, or otherwise, 
 of its accumulations, and of its 
 other personal property, deduct- 
 ing its ascertained losses, its just 
 debts and liabilities, and its 
 property invested in the stock 
 of corporations, companies or as- 
 sociations liable to taxation, not exceeding $ 
 
67 
 
 4. Amount of personal property held 
 by it in trust, after deducting 
 its just debts and liabilities as 
 such trustee, and the stock held 
 by it in that character in cor- 
 porations, companies or corpora- 
 tions liable to taxation, not exceeding $ 
 
 OATH. 
 
 I, , do solemnly swear, ( or affirm,) 
 
 that I am the president, (or as the case may he,) 
 of the (naming the company or association,) and 
 that the foregoing statement is in all respects 
 just and true, and that the property therein men- 
 tioned does not exceed in value the amount set 
 opposite thereto, after making the deductions 
 therein mentioned. 
 
 Sworn before me, the ) 
 day of 18 5 
 
 NOTICE. 
 
 This statement must be filled up, opposite each 
 of the divisions thereof, according to the fact, and 
 must be sworn to before one of the assessors, or 
 before an officer authorized to administer oaths 
 and must be returned on or before the day 
 
68 
 
 of 18 ? between the hours of 10, a. m. and 
 
 4, p. m., to the undersigned, at No. street, 
 
 in the city of New York. 
 
 > Assessors 
 l Ward.” 
 
 § 57. Every officer of a company or association, 
 to whom the statement mentioned in the last 
 section is furnished, must return it to the asses- 
 sors of the ward, at or before the time mentioned 
 in the notice appended thereto, which must be at 
 least ten days after the service, filled up according 
 to the fact, and duly sworn to by him before the 
 assessors, or one of them, or before an officer in 
 the city of New York authorized to take affida- 
 vits. 
 
 § 58. The statement required by this title, 
 when sworn to and returned by the officer of the 
 company or association, is conclusive upon the as- 
 sessors, as well as upon the company or associa- 
 tion, as to the value of its personal property liable 
 to taxation. 
 
 § 59. If the officer of a company or association 
 to whom the statement mentioned in section 56, 
 
69 
 
 is furnished, neglect or refuse to return it as pre- 
 scribed in that section, the assessors must, within 
 the time prescribed in section 16, for the comple- 
 tion of the assessment roll, assess the company or 
 association to whose officer the statement was 
 furnished, for personal property, to an amount equal 
 in their judgment to double its value ; which as- 
 sessment is conclusive, unless reduced by the tax 
 commissioners before the final completion of the 
 assessment roll, as provided in sections 80 and 81. 
 
 § 60. At the expiration of the time fixed for the 
 return of the statement to the assessors, they 
 must set down in the assessment roll of their 
 wards respectively, the full value of the taxable 
 property of the company or association, deducting 
 its ascertained losses, its just debts and liabilities, 
 and its property invested in the stock of corpora- 
 tions, companies or associations liable to taxation. 
 
 § 61. The real property of the companies or as- 
 sociations mentioned in this title, must he assessed 
 in the same manner as that belonging to individuals. 
 
70 
 
 TITLE VI. 
 
 OF THE ASSESSMENT OF TAXES UPON FOREIGN COR- 
 PORATIONS, COMPANIES OR ASSOCIATIONS. 
 
 § 62. No foreign monied corporation, or foreign 
 mutual insurance or trust company or association, 
 can establish an agency in the city of New York, 
 or perform any act therein under its charter or ar- 
 ticles of association, until the agent or person con- 
 ducting its business shall file with the comptroller 
 of that city, 
 
 1. A copy of its charter or articles of association, 
 with an affidavit taken before a person authorized to 
 administer oaths in that city, stating the amount 
 of its capital paid in or secured to be paid in, or 
 the amount and value of the securities upon which 
 its business is founded : 
 
 2. A bond with two sufficient sureties to be ap- 
 proved by the comptroller of that city, in a penal 
 sum equal to at least two per cent, upon the 
 
71 
 
 amount of such capital or securities, conditioned to 
 pay to the Mayor, Aldermen and Commonalty of 
 the city of New York, all taxes which may he as- 
 sessed upon the corporation, company or associa- 
 tion; and 
 
 3. Unless, within ten days after the first day of 
 January in each year, the bond mentioned in the 
 last subdivision he renewed. 
 
 § 63. A foreign monied corporation, which has 
 an agency established in the city of New York, 
 or an office therein for the transaction of business, 
 is liable to taxation upon its capital employed in 
 such business and upon its personal property there- 
 in, whether owned by it or held in trust, deduct- 
 ing therefrom its just debts and liabilities in this 
 state, growing out of such business, and any por- 
 tion of its capital so employed which is invested 
 in the stock of a corporation, company or associa- 
 tion liable to taxation. 
 
 § 64. A foreign mutual insurance or trust com- 
 pany or association, which has an agency estab- 
 lished in the city of New York, or an office therein 
 for the transaction of business, is liable to taxation 
 
72 
 
 upon its securities, whether by bond, bill, note, or 
 otherwise, employed in such business in that city, 
 and the accumulations and profits thereof remaining 
 undivided and unpaid, and upon all its other person- 
 al property therein, whether owned by it or held in 
 trust, deducting therefrom its ascertained losses, 
 its just debts and liabilities in this state, growing 
 out of such business, and any portion of its secu- 
 rities so employed and their accumulations or pro- 
 fits, which is invested in the stock of a corporation, 
 company or association liable to taxation. 
 
 § 65. The assessments authorized by the last 
 two sections, must he made in the ward in which 
 the agency of the corporation, company or associ- 
 tion is established, or in which its place of busi- 
 ness is situated, or its operations are carried on. 
 
 § 66. To enable the assessors to make the as- 
 sessments authorized by the last three sections, 
 they must, on or before the first day of February 
 in each year, furnish to the agent of the corpora- 
 tion, company or association, either personally, or 
 by leaving it with a person of suitable age and 
 discretion at the office or place of business of such 
 agent, a statement, in substantially the following 
 form : 
 
73 
 
 “ STATEMENT OF THE ASSESSMENT OF (naming the 
 
 corporation, company or association,) for per- 
 sonal PROPERTY. 
 
 1. Name of the corporation, company 
 
 or association, in full : 
 
 2. The place of its agency for the 
 
 transaction of its business : 
 
 IF IT BE A FOREIGN MONIED CORPORATION, 
 
 3. Amount of its capital employed 
 
 in the transaction of its busi- 
 ness in the city of New York, 
 and of its other personal pro- 
 perty therein, whether owned 
 by it or held in trust, deducting 
 therefrom its just debts and lia- 
 bilities in this state, growing 
 out of such business, and any 
 portion of its capital so employ- 
 ed, which is invested in the 
 stock of a corporation, company 
 or association liable to taxation, 
 
 not exceeding $ 
 
 10 
 
74 
 
 IF IT BE A FOREIGN MUTUAL INSURANCE OR TRUST 
 COMPANY OR ASSOCIATION, 
 
 4. Amount of its securities, whether 
 by bond, bill, note, or otherwise, 
 employed in the transaction of 
 its business in the city of New 
 York, and the accumulations and 
 profits thereof, remaining undi- 
 vided and unpaid, and of all its 
 other personal property therein, 
 whether owned by it or held in 
 trust, deducting therefrom its 
 ascertained losses, its just debts 
 and liabilities in this state, grow- 
 ing out of such business, and 
 any portion of its securities so 
 employed, or their accumula- 
 tions or profits, which is invested 
 in the stock of a corporation, 
 company or association liable to 
 taxation, not exceeding $ 
 
 OATH. 
 
 I, , do solemnly swear, (or affirm,) that I 
 
 am the agent of the (naming the corporation, com- 
 
75 
 
 pany or association,) and that the foregoing state- 
 ment is, in all respects, just and true, and that the 
 property therein mentioned does not exceed in 
 value the amount set opposite thereto, after mak- 
 ing the deductions therein mentioned. 
 
 Sworn before me, the > 
 day of 18 j 
 
 NOTICE. 
 
 This statement must he filled up, opposite each 
 of the divisions thereof, according to the fact, and 
 must be sworn to before one of the assessors, or 
 before an officer authorized to administer oaths, 
 and must be returned on or before the day 
 
 of 18 , between the hours of 10, a. m. 
 
 and 4, p. m., to the undersigned, at No. 
 street, in the city of New York. 
 
 > Assessors 
 5 Ward.” 
 
 § 67. The agent to whom the statement men- 
 tioned in the last section is furnished, must re- 
 turn it to the assessors of the ward, at or before 
 the time mentioned in the notice appended thereto, 
 which must be at least ten days after the service, 
 filled up according to the fact, and duly sworn to 
 
76 
 
 by him before the assessors, or one of them, or be- 
 fore an officer in the city of New York authorized 
 to take affidavits. 
 
 § 68. The statement required by this title, when 
 sworn to and returned by the agent of the corpo- 
 ration, company or association, is conclusive upon 
 the assessors, as well as upon the corporation, 
 company or association, as to the value of its per- 
 sonal property liable to taxation. 
 
 § 69. If the agent of a corporation, company or 
 association, to whom the statement mentioned in 
 section 66, is furnished, neglect or refuse to return 
 it as prescribed in section 67, the assessors must 
 within the time prescribed in section 16, for the 
 completion of the assessment roll, assess the cor- 
 poration, company or association to whose agent 
 the statement w r as furnished, for personal property 
 to an amount equal in their judgment to double its 
 value ; which assessment is conclusive, unless re- 
 duced by the tax commissioners, before the final 
 completion of the assessment rolls, as provided in 
 sections 80 and 81. 
 
77 
 
 § 70. At the expiration of the time fixed for the 
 return of the statement to the assessors, they must, 
 in the case of a foreign monied corporation, set 
 down in the assessment rolls of their wards re- 
 spectively, the full value of its capital employed 
 in the transaction of its business in the city of New 
 York, and of its other personal property therein, 
 whether owned by it or held in trust, deducting 
 therefrom its just debts and liabilities in this state, 
 growing out of such business, and any portion of 
 its capital so employed, which is invested in the 
 stock of a corporation, company or association lia- 
 ble to taxation. 
 
 § 71. The assessors must, in like manner, in the 
 case of a foreign mutual insurance or trust com- 
 pany or association, set down in the assessment 
 rolls of their wards respectively, the full value of 
 its securities, whether by bond, bill, note, or other- 
 wise, employed in the transaction of its business 
 in the city of New York, and the accumulations 
 and profits thereof remainingundivided and unpaid, 
 and of all its other personal property therein, 
 whether owned by it or held in trust, deducting 
 therefrom its ascertained losses, its just debts and 
 
78 
 
 liabilities in this state, growing out of such busi- 
 ness, and any portion of its securities so employed, 
 or their accumulations or profits, which is invested 
 in the stock of a corporation, company or associa- 
 tion liable to taxation. 
 
 § 72. The real property of the corporations, 
 companies or associations, mentioned in this title, 
 must be assessed in the same manner as that be- 
 longing to individuals. 
 
 § 73. If a corporation, company or association, 
 taxable as provided in this title, neglect or refuse 
 to pay the tax imposed thereon, for ten days after 
 the final correction of the assessment rolls by the 
 board of supervisors, the counsel to the corpora- 
 tion must prosecute the bond given therefor ac- 
 cording to section 62. 
 
79 
 
 TITLE VII. 
 
 OF THE TAX COMMISSIONERS AND THEIR POWERS 
 AND DUTIES. 
 
 § 74. The supervisors of the city and county of 
 New York must, within twenty days after this act 
 takes effect, appoint three persons, to be known 
 as the tax commissioners of the city of New York, 
 to hold their offices until and including the thirty- 
 first day of December, 1852. They must also, in 
 like manner within thirty days before the expira- 
 tion of the offices of the tax commissioners, make 
 a similar appointment for the next three years, 
 and so on, in like manner, in every third year 
 thereafter. If a vacancy occur in the office of 
 either of the tax commissioners, it may be filled 
 by a similar appointment, to continue in force un- 
 til the expiration of the office of the person in re- 
 spect to whom the vacancy occurred. 
 
 § 75. The supervisors must also, within the same 
 time, provide the compensation of the tax commis- 
 
80 
 
 sioners, and of such number of clerks and assis- 
 tants as may be deemed necessary. They must 
 also assign them a suitable office in the City Hall 
 in the city of New York, to be known as the tax 
 commissioners’ office. 
 
 § 76. The tax commissioners must keep in their 
 office, in suitable books, to he provided for that 
 purpose by the supervisors, a record of all infor- 
 mation which they may receive or he able to ob- 
 tain, in respect to taxable property or persons lia- 
 ble to taxation in the city of New York, and of all 
 changes in the divisions of real property in that 
 city, of which they can obtain information, and 
 must preserve all maps delivered to them for that 
 purpose, and file all assessment rolls furnished to 
 them by the assessors. The books, records, maps 
 and papers, mentioned in this section, are public 
 records, and must, at all reasonable times, be open 
 to public inspection. 
 
 § 77. The tax commissioners must cause to be pre- 
 pared and delivered, on or before the first day of 
 January in each year, to the assessors of the se veral 
 wards, the assessment rolls for their wards respec- 
 
81 
 
 lively, with the printed blanks or statements re- 
 quired by this act. 
 
 § 78. When the assessors have completed their 
 assessments, they must sign the assessment roll of 
 their ward, and must attach thereto and sign a cer- 
 tificate in the following form: <f We do severally 
 certify, that we have set down in the above assess- 
 ment roll, all the real property situated in the 
 Ward, according to our best information; and 
 that, with the exception of those cases in which 
 the value of the real property has been proved by 
 the testimony of a disinterested person, we have 
 estimated its value at the sums which we have 
 decided to be the true value thereof, and at which 
 we would appraise the same in payment of a just 
 debt due from a solvent debtor; and also that the 
 assessment roll contains a true statement of the 
 aggregate amount of the taxable personal property 
 of each and every person named in the roll, over 
 and above the amount of debts due from him, and 
 excluding such stocks as are otherwise taxable ; 
 and that with the exception of those cases in 
 
 which the value of such personal property has 
 
 11 
 
82 
 
 been sworn to by the owner or possessor, we have 
 estimated the same as required by law.” 
 
 § 79. Within ten days after the assessment rolls 
 for the several wards have been completed by the 
 assessors, they must be delivered to the tax com- 
 missioners, who must thereupon examine and 
 compare them, for the purpose of ascertaining 
 whether the valuations in one ward bear a just re- 
 lation to the valuations in all the wards of the 
 city ; and they may increase or diminish the ag- 
 gregate valuations of real property in any ward, 
 by adding or deducting such sum upon the hun- 
 dred, as may, in their opinion, be necessary to 
 produce a just relation between all the valuations 
 of real property in the city ; but they can in no 
 instance reduce the aggregate valuations of all the 
 wards, below the aggregate valuation thereof as 
 made by the assessors of the wards respectively. 
 
 § 80. Within ten days after the assessment rolls 
 are delivered to the tax commissioners, they must 
 cause a notice to be published in three of 
 the newspapers in the city of New York, — 
 having the largest circulation, to the effect that 
 
83 
 
 the assessors have completed their assessment 
 rolls, and that the same are left with the tax 
 commissioners, at their office in the City Hall in 
 the city of New York, where the same may be 
 seen and examined by any person taxable in that 
 city, during at least thirty days ; and that the tax 
 commissioners will meet at their office, for a cer- 
 tain number of days and between certain hours, 
 to be specified in the notice, to review the assess- 
 ments, on the application of any person conceiving 
 himself aggrieved. 
 
 § 81. The tax commissioners must meet at the 
 times and place specified in the notice, and on the 
 application of any person conceiving himself ag- 
 grieved, must review the assessments, and when 
 the person objecting has not previously made affi- 
 davit concerning the value of the property assess- 
 ed, as provided in this act, must, in the case of 
 personal property, on his affidavit, or of real pro- 
 perty, on the affidavit of a disinterested person, 
 reduce the assessment to the sum specified in the 
 affidavit. 
 
 § 82. The affidavit mentioned in the last sec- 
 
84 
 
 tion, must be made before the tax commissioners, 
 or one of them, either of whom is authorised to 
 administer an oath for that purpose ; and the tax 
 commissioners must file the affidavit in their office. 
 
 § 83. The tax commissioners must thereupon 
 correct the assessment roll for each ward, and 
 when so corrected must cause a copy thereof to 
 be prepared, and must attach thereto and sign a 
 certificate, in substantially the following form: — 
 “We certify that the preceding is a copy of the 
 corrected assessment roll of the Ward.” 
 
 § 84. The rolls, thus certified, must, on or be- 
 fore the first day of September, in each year, be 
 delivered by the tax commissioners to the Comp- 
 troller of the city of New York, and be by him de- 
 livered to the supervisors, at a meeting to be held 
 for that purpose, as provided in the next section. 
 
85 
 
 TITLE VIII. 
 
 OF THE POWERS AND DUTIES OF THE BOARD OF 
 
 SUPERVISORS, IN RESPECT TO THE EQUALIZA- 
 TION AND CORRECTION OF TAXES. 
 
 § 85. The Board of Supervisors of the city and 
 county of New York, must meet at the City Hall 
 in that city, on the second Wednesday of Sep- 
 tember in each year, at noon of that day, and must 
 then and there examine the assessment rolls of 
 the several wards in that city, for the purpose of 
 ascertaining whether the valuations in one ward 
 hear a just relation to the valuations in all the 
 wards in the city, and of proceeding as provided 
 in this title. 
 
 § 86. They must also make such alterations in 
 the description of real property belonging to non- 
 residents, as may he necessary to render such de- 
 scriptions conformable to the provisions of this 
 act ; and if such alterations cannot he made, they 
 must expunge the descriptions of such real prop- 
 erty, and the assessments thereon, from the assess- 
 ment rolls. 
 
86 
 
 § 87. They must also estimate and set down in 
 a fifth column, to he prepared for that purpose in 
 the assessment rolls, opposite to the several sums 
 set down as the valuation, of real and personal 
 property, the respective sums, in dollars and cents, 
 to be paid as a tax thereon, rejecting the frac- 
 tions of a cent. 
 
 § 88. They must also add up and set down the 
 aggregate valuations of the real and personal pro- 
 perty in the several wards, as corrected by them ; 
 and must transmit to the Comptroller of this state, 
 by mail, a certificate of such aggregate valuations, 
 showing separately the aggregate amount of the 
 real and personal property in each ward, as cor- 
 rected by the Board. 
 
 § 89. They must also cause the corrected as- 
 sessment roll of each ward, or a copy thereof, to 
 he delivered to the Comptroller of the city, to be 
 kept by him for the use of the city. 
 
 § 90. The Board of Supervisors may remit or 
 reduce a tax imposed, as prescribed by this act, 
 for good cause shown by affidavit, taken before an 
 
87 
 
 officer authorized to administer oaths in the city 
 of New York, and filed by them with the tax com- 
 missioners, hut such reduction or remission must 
 be made before the collection of the tax. 
 
TITLE IX. 
 
 GENERAL PROVISIONS AND DEFINITIONS. 
 
 § 91. If, at any time after the assessors have 
 completed their assessment rolls, and within the 
 same year, they discover that any person, corpo- 
 ration, company or association, liable to taxation, 
 as provided by this act, has not been assessed, 
 they must proceed to assess the same, in the same 
 manner as they are required to do by this act 
 within the time limited thereby. 
 
 § 92. The assessment so made must be forth- 
 with certified by the assessors, and delivered to 
 the tax commissioners, who must proceed in re- 
 spect thereto in the same manner as if it had been 
 embraced in the original assessment roll; and 
 must, in like manner, return it to the Board of 
 Supervisors, by whom it must he delivered to the 
 receiver of taxes for collection, in the same man- 
 ner as the original assessment roll. 
 
89 
 
 § 93. If an assessor or tax commissioner wilful- 
 ly refuse or neglect to perform any of the duties 
 required of him by this act, he shall forfeit to the 
 Mayor, Aldermen and Commonalty of the city of 
 New York, the sum of one hundred dollars, to be 
 recovered in a civil action, and shall also be pun- 
 ishable for a misdemeanor. 
 
 § 94. When an oath or affidavit is authorized by 
 this act, any wilful false swearing therein is per- 
 jury. 
 
 § 95. Unless, when otherwise provided, words 
 used in this act, in the present tense, include the 
 future, as well as the present. Words used in the 
 masculine gender comprehend as well the femi- 
 nine and neuter. The singular number includes 
 the plural, and the plural the singular. 
 
 § 96. The term “ real property,” as used in this 
 act includes the land itself, all buildings, and 
 other articles erected upon or affixed to the same, 
 all trees and underwood growing thereon, and all 
 mines, minerals, quarries and fossils in and under 
 
 the same, except mines belonging to the state. 
 
 12 
 
90 
 
 § 97. The term “ personal property/' as used in 
 this act, includes all household furniture, moneys, 
 goods, chattels, debts due from solvent debtors, 
 whether on account, note, contract, bond, or mort- 
 gage, public stocks, and stocks in monied corpo- 
 rations, companies or associations. It also includes 
 such portion of the capital of corporations, com- 
 panies and associations liable to taxation as is not 
 invested in real property. 
 
 § 98. The term “ corporation/' as used in this 
 act, includes monied or stock corporations incor- 
 porated with a fixed capital by a special act of the 
 legislature of this state, and all persons, or associ- 
 ations of persons formed for the purpose of bank- 
 ing, under the provisions of an act, entitled “ an 
 act to authorize the business of banking/' passed 
 April 13, 1838, and the acts amendatory thereof, 
 or for any other purpose, except mutual insurance 
 or trust companies or associations. 
 
 § 99. The term “ foreign corporations," as used 
 in this act, includes monied or stock corporations 
 incorporated with a fixed capital, under a special 
 or general a-ctof any other state, territory, govern- 
 
91 
 
 merit or country, except mutual insurance or trust 
 companies or associations. 
 
 § 100. The terms “ mutual insurance or trust 
 companies or associations,” as used in this act, in- 
 clude all companies or associations, incorporated 
 or formed under special or general acts of the leg- 
 islature of this state, for transacting the business of 
 insurance on lives, or against loss by lire or other 
 cause, or against marine risks, or for receiving or 
 holding money or property in trust, upon the mu- 
 tual principal cr plan, as contradistinguished from 
 joint stock companies or corporations. 
 
 § 101. The terms “ foreign mutual insurance or 
 trust companies or associations,” as used in this 
 act, include companies or associations, incorporat- 
 ed or formed under special or general laws of any 
 other state, territory, government or country, for 
 transacting the business of insurance on lives, or 
 against loss by fire or other cause, or against ma- 
 rine risks, or for receiving or holding money or 
 property in trust, upon the mutual principle or 
 plan, as contradistinguished from joint stock com- 
 panies or corporations. 
 
§ 102. This act shall be liberally construed for 
 the purpose of carrying its objects into effect, 
 
 § 103. All acts and parts of acts, inconsistent 
 with this act, are repealed. But this repeal shall 
 not affect any act done or right accrued, or any 
 proceeding, action or prosecution for an offence, 
 or for the recovery of a penalty or forfeiture, com- 
 menced or pending, under any of the acts or parts 
 of acts so repealed. 
 
 § 104. This act shall take effect immediately, 
 except that the times within which the assessors 
 and tax commissioners shall perform their several 
 duties imposed thereby, may be fixed for the year 
 1850, but no longer, by the board of supervisors of 
 the city and county of New York, 
 

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