Pacific Co. v. Board of Supervisors

This proceeding in mandamus was brought to test the application of the provisions of section 3627a of the Political Code.

The petitioner is a Delaware corporation with its principal place of business in the city of Los Angeles. On the first Monday of March, 1936, the assessor of the county of Los Angeles, for purposes of levying ad valorem property taxes for the tax year 1936-1937, assessed at a valuation of $443,-660 the stocks and bonds in Los Angeles County owned by the corporation. The assessment was purported to have been made pursuant to section 3627a of the Political Code. By the present proceeding the corporation sought to have the assessment canceled.

Since 1929 (Stats. 1929, p. 35), said section 3627a has contained the following provision: ‘ ‘ Notes, debentures, shares of capital stock, bonds, deeds of trust, mortgages, and any legal or equitable interest therein, of the classes taxable to the owner thereof under the provisions of section 14 of Article XIII of the Constitution of this State, are hereby taxed upon their actual value at the rate of two-tenths of one per cent. ...”

In 1935 the legislature by amendment added the following: “The property aforesaid . . .…