George Sutherland

“ The Constitution, therefore, provides, not for disregarding value in the assessment of taxes upon mines, but for arriving at it in a special manner-that is, by a measurement proportioned to the net annual proceeds derived from the property. The value of property bears a relation to the income which it affords. If it be property whose production is uniform and of indefinite duration the capitalization of the net income derived from it at the going rate of interest, in the absence of a more certain method, will furnish a reasonable measure of the value. ”

“ The Constitution of Utah declares (sections 2 and 3, article 13) that all property in the state shall be taxed in proportion to its value, and requires the Legislature to provide a uniform and equal rate of assessment and taxation of all property according to its value in money, and prescribe such regulations as shall secure a just valuation for the taxation of all property, so that every person and corporation shall pay a tax in proportion to such value. ”

“ How far the state statute defining the net annual proceeds to be considered in measuring the value of a mine, properly includes those derived from dumps and tailings placed and remaining upon the mining claims or connec ed with a going mine, we do not determine; but we do hold that the proceeds from the tailings in question, under the facts here disclosed, are not included within its terms. The court below should have so construed the statute and rendered judgment for the plaintiff. ”