RECENT DEVELOPMENTS IN STATE-LOCAL FISCAL RELATIONS IN NEW YORK STATE

176, which is located nearby, had a total assessed valuation in 1945 of $131,860; but because it has no railroad property, it collected no taxes from the railroads. The railroads located in District Number 169, however, derive traffic from District Number 169 and other districts. The principal office of a large utility company is located in School District Number 25 in Piatt County. In 1945 the total assessed valuation of this district was $25,717950 of which $23,680,800, or 92 per cent, consisted of the capital stock assessment of the utility. As a result of this situation, the tax rate for School District Number 25 in 1945 was $0.14 on $100 assessed valuation. School District Number 24 which adjoins District Number 25 had a total assessed valuation in 1945 of $137,580. This distric has no large capital stock assessment and had to levy a rate of $1.06 to provide sufficient revenue to support its school. School taxes in the latter district in 1945 were thus more than seven times greater than they were in the former on property of the same value.