Exclusive taxation of Real Estate
by Isaac Shearman 1874
Mr. Sherman said he recommended an annual State tax of two per cent, on the par value of the shares, and on all the surplus, less ten per cent, of National banks in this State, and the same amount of tax on State banks, trust companies, and insurance companies organized
under the laws of this State; and also a tax of three per cent, on the gross premiums of foreign insurance companies, as an equivalent for the tax proposed upon their domestic competitors. These taxes would yield annually not less than $4,000,000 to the State treasury. He also recommended a tax, for the benefit of the treasury, of cities and villages, on all gas companies, to the amount of three per cent, on the value of all gas sold. With these exceptions he favored an exclusively real estate tax for local and State purposes. This plan is an embodiment of the principles of taxation enunciated by George H. Andrews, in his recent address before the Committee on Ways and Means of the Assembly.