For the prosecutor, Lum, Fairlie & Foster (Ralph E. Lum and Herbert J. Hannoch).
For the respondents, Thomas L. Parsonnet and Vincent J. Casale.
Before Justices Bodine and Heher.
The opinion of the court was delivered by
BODINE, J. The question before the court is the propriety of a real estate assessment of $9,172,900.00 levied for the years 1944 and 1945 upon the department store property of L. Bamberger & Company situate in the heart of Newark, New Jersey. The property is bounded by Market Street, Washington Street, Bank Street and Halsey Street. Upon it is erected a large department store building.
On May 27th, 1946, the president of the company was addressed by the acting secretary of the Board of Assessments and Revision of Taxation of the City of Newark and in reply to that letter on June 5th, 1946, a reply containing the following details concerning the property was mailed:
"Land costs at time of purchase amounted to $2,826,706.47.
"Building construction costs for our three units were $2,602,058.91, $1,385,252.22 and $11,945,637.36. The periods of construction were 1912-1913, 1923-1924 and 1928-1929, respectively.
"Amounts set aside for depreciation each year were as follows:
Cumulative to 1929 (1/31/20) $985,475.16