In 1926 the plaintiff purchased a lot with the building thereon for $41,000 and expended $ 10,000 in the improvement of the premises. In the same year the property was leased for a period of fifteen years under an agreement that the rent was to be $6,000 for the first five years, $8,000 for the second five, and $10,000 for the third. Plaintiff objected to the tax assessment of $68,660 for the years 1929, 1930, 1931, and 1932 on the grounds that the court based its valuation on (1) actual earnings instead of earning capacity, and on (2) gross, as distinguished from net, earnings. Held, that inasmuch as the present market value would not be a just criterion for the determination of value, the court might consider other factors such as actual earnings, gross income, the cost of the property and the cost of reproduction. Somers v. City of Meriden, (Conn. 1934) 174 At!. 184.
TAXATION - ASSESSMENT FOR PROPERTY TAXES,
Mich. L. Rev.
Available at: https://repository.law.umich.edu/mlr/vol33/iss7/19