exclusively by her own corporations. Our conclusion is, that to permit the deduction of the tax from the coupons in question would be giving effect to the acts of the Pennsylvania Legislature upon property and interests lying beyond her jurisdiction."

CODE OF LAWS,

FOR THE

VALUATION AND ASSESSMENT

OF THE

REAL AND PERSONAL PROPERTY

OF THE

STATE OF NEW YORK.

PREPARED BY

THE COMMISSIONERS FOR THE REVISION OF THE LAWS FOR THE ASSESSMENT AND COLLECTION OF TAXES, IN CONFORMITY WITH AN ACT OF THE LEGISLATURE OF NEW YORK, PASSED, MAY, 1871.

F

AN ACT

To amend titles one and two, chapter thirteen, of the Revised Statutes, in relation to property liable to taxation and the assessment thereof.

The People of the State of New York, represented in Senate and Assembly, do enact as follows:

Titles one and two, chapter thirteen, part one, of the Revised Statutes, are hereby amended so as to read as follows: TITLE 1. Of the property liable to taxation.

TITLE 2. Of the place and manner in which property is to be assessed.

SEC. 1. Real estate subject to taxation.

Title I. Of the
Property Liable

2. Meaning of the term "land," "real estate," and to Taxation.
"real property."

3. Specified personal property liable to taxation, the
shares and corporate franchises of moneyed
corporations.

4. Real estate subject to supplemental taxation, on
building occupancy valuation equal to three times
the rent of buildings.

5. Building occupancy assessment an equivalent of the
personal property, expense, and consumption of
occupiers.

6. Building occupancy tax may be recovered by owners
from occupiers.

7. Meaning of "taxable property," and "building
occupancy valuation."

8. Land sold by the State, though not conveyed to be
assessed.

9. Property exempt from taxation.

SECTION 1. All lands within this State, whether owned by individuals or corporations, shall be liable to taxation on their full, real and actual value, subject to the exemptions hereinafter specified.

§ 2. The term "land," as used in this chapter, shall be construed to include the land itself, all buildings and other articles erected upon or affixed to the same, all wharves or piers, including the value of the right or grant to collect wharfage or dockage thereon; all bridges, railroad structures, cuts, embankments, culverts, sidings and tracks, and the iron thereon, and including the iron and other fixtures owned by any railroad company, and permitted or authorised to be laid or placed in any public roads, streets, or grounds; all gas and water pipes owned by any incorporated company, including said pipes laid in any public street or place; all trees and underwood growing thereon, and all mines, minerals and quarries in and under the same, except mines belonging to the State; and the terms "real estate," and "real property," whenever they occur in this chapter, shall be construed as having the same meaning as the term "land," thus defined.

3. The following personal property shall be liable to taxation :

1. The shares of banks, or banking associations, organised under the national banking law, located and doing business within this State.

2. The shares and corporate franchises of banks, or banking associations or individual bankers, doing business under the general banking law of this State.

3. The shares and corporate franchises of all trust companies doing business within this State and organised under the laws thereof.

4. The shares and corporate franchises of all other corporations, divided into shares, organised under the laws of this State, and engaged in the business of receiving deposits of money.

5. The shares and corporate franchise of all fire, inland and marine insurance companies, organised under the laws of this State, and the privileges of foreign fire insurance companies.

$4. All real estate subject to taxation shall be liable to an additional or supplemental taxation, on an additional or supplemental assessment of a sum equal to three times the rent or rental value of all buildings thereon, for the length of time actually occupied, during the year terminating December 31st previous to making the assessment, or for the parts of said buildings occupied as aforesaid; but no assessment shall be made, under the provisions of this section, in reference to buildings or parts of buildings occupied by the corporations enumerated and made subject to taxation on their corporate franchises and privileges in section three of this title. The