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Household Finance Corp. v. State Board of Tax Appeals

Decided: December 24, 1937.

HOUSEHOLD FINANCE CORPORATION, A CORPORATION OF THE STATE OF DELAWARE, PROSECUTOR,
v.
THE STATE BOARD OF TAX APPEALS OF THE STATE OF NEW JERSEY, AND THE CITY OF NEWARK, NEW JERSEY, RESPONDENTS



On certiorari.

For the prosecutor, Burnett & Trelease (Charles C. Trelease, of counsel).

For the respondents, James F. X. O'Brien, corporation counsel (Vincent J. Casale, of counsel).

Before Justices Bodine, Heher and Perskie.

Perskie

The opinion of the court was delivered by

PERSKIE, J. This is a taxation case. The basic question requiring decision is whether loans secured by chattel mortgages, made by a foreign corporation authorized to do business in this state, are subject to personal property tax in pursuance of Pamph. L. 1918, ch. 236, ยง 305, pp. 847, 856.

Prosecutor, organized under the laws of the State of Delaware, maintaining its principal office in Chicago, Illinois, and authorized to do business in this state, was engaged in the small loan business (chapter 62, Pamph. L. 1932, p. 94, and acts amendatory thereof and supplemental thereto) in the city of Newark, New Jersey, where it conducted three places of business. The board of assessment and revision of

taxes of Newark assessed prosecutor's personal property for the year 1936, as of October 1st, 1935, at $814,200. That assessment was affirmed both by the Essex county board of taxation and by the state board of tax appeals. This court granted certiorari.

Prosecutor's place of business at 17-25 Academy street, in Newark, had four thousand eight hundred and twenty-five loans secured by chattel mortgages amounting to $518,034.82; one hundred and fifty-five unsecured loans amounting to $24,540.71; cash in bank amounting to $1,518.32; and office furniture and equipment amounting to $2,736.28. The assessment upon these items was fixed at $253,000.

Prosecutor's office at 744 Broad street, in Newark, had two thousand one hundred and thirty loans secured by chattel mortgages amounting to $254,813.61; five hundred and twenty-six unsecured loans amounting to $109,443.26; cash in bank totaling $2,190.31; and office furniture and equipment valued at $2,385.77. The assessment upon these items was fixed at $228,700.

Its third office at 605-607 Broad street, in Newark, had two thousand seven hundred loans secured by chattel mortgages amounting to $329,944.30; one hundred and seventy-one unsecured loans amounting to $24,540.71; cash in bank amounting to $2,370.37, and office furniture and equipment in the amount of $3,097.72. The assessment upon these items was fixed at $232,300.

First: The assessment imposed embraces four separate items: (1) unsecured loans; (2) cash in bank; (3) office furniture and equipment; and (4) loans secured by chattel mortgages. Section 305 of the ...


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