Rufus Wheeler Peckham

“ The mere fact that the law gives the assessors in the case of corporations two chances to arrive at a correct valuation of their real estate, when they have but one in the case of individuals, cannot be held to be a denial to the corporations of the equal protection of the laws, so long as the real estate of the individual is, in fact, generally assessed at its full value. ”

“ It is seen that the laws of the state provide for no undervaluation of real estate owned by either individuals or corporations, Those laws provide in terms for the assessment of all real estate at its actual value, while the whole force of the contention of the plaintiff in error is based upon the fact of undervaluation, although it is in the very teeth of the statute, and is a plain violation of its provisions. ”

“ Manhattan R. Co. v. Barker, 146 N. Y. 304, 40 N. E. 996. In delivering the opinion of the court, Judge Haight said, at page 312, 40 N. E. p. 998:
'The value of property is determined by what it can be bought and sold for, and there can be no doubt but that these various expressions used in the statutes all are intended to mean the actual value of the property. ”