Note 16 — PART III (concluded).

A recent law of New York is very full on this point:

"The terms 'land,' 'real estate,' and 'real property,' as used in this chapter, include the land itself above and under the water, all buildings and other articles and structures, substructures, and superstructures, erected upon, under, or above, or affixed to the same; all wharves and piers, including the value of the right to collect wharfage, cranage, or dockage thereon; all bridges, all telegraph lines, wires, poles, and appurtenances; all supports and inclosures for electrical conductors and other appurtenances upon, above, and underground; all surface, underground, or elevated railroads, including the value of all franchises, rights or permission to construct, maintain, or operate the same in, under, above, on, or through streets, highways, or public places; all railroad structures, substructures, and superstructures, tracks, and the iron thereon, branches, switches, and other fixtures permitted or authorized to be made, laid, or placed on, upon, above, or under any public or private road, street, or grounds; all mains, pipes, and tanks laid or placed in, upon, above, or under any public or private street or place for conducting steam, heat, water, oil, electricity, or any property, substance, or product capable of transportation or conveyance therein, or that is protected thereby, including the value of all franchises, rights, authority, or permission to construct, maintain, or operate in, under, above, upon, or through any streets, highways, or public places, any mains, pipes, tanks, conduits, or wires, with their appurtenances, for conducting water, steam, heat, light, power, gas, oil, or other substance, or electricity for telegraphic, telephonic, or other purposes; all trees and underwood growing upon land, and all mines, minerals, quarries, and fossils in and under the same, except mines belonging to the State. A franchise, right, authority, or permission, specified in this subdivision, shall for the purposes of taxation be known as a 'special franchise.' A special franchise shall be deemed to include the value of the tangible property of a person, copartnership, association, or corporation, situated in, upon, under, or above any street, highway, public place, or public waters, in connection with the special franchise. The tangible property so included shall be taxed as a part of the special franchise." The reason for classing franchises as real estate was that under the existing laws of New York a franchise could not be assessed as personal property, as the bonded debt could then be deducted, leaving little or nothing to be taxed.