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TAX ASSESSORS v. GA. R. BANK &c. CO.

33791.

242 Ga. 23 (1978)

247 S.E.2d 761

RICHMOND COUNTY BOARD OF TAX ASSESSORS v. GEORGIA RAILROAD BANK & TRUST COMPANY.

Supreme Court of Georgia.

Decided September 5, 1978.

Attorney(s) appearing for the Case

Robert C. Daniel, Jr., Joel Y. Moss, Thomas L. Murphy, for appellant.

Nixon, Yow & Capers, Gwinn H. Nixon, for appellee.

Alston, Miller & Gaines, B. Harvey Hill, Jr., Michael G. Wasserman, King & Spalding, Charles H. Kirbo, William H. Izlar, Jr., Robert G. Woodward, amicus curiae.

HALL, Justice.

At issue in this case is the scope of the real estate exemption permitted by Code Ann. § 92-2406 in calculating the value of bank shares for taxation.

The Georgia Railroad Bank & Trust Company deducted the value of real estate owned by the bank and acquired through mortgage foreclosure in calculating the market value of its shares for taxation. The real estate is located in Georgia and is not used for bank premises.

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