In Board of Supervisors of Wood County v. Lackawana Iron and Coal Company, the Supreme Court of the United States was asked to decide whether a county could tax a railroad company for the value of its land and improvements. The Court held that the county had the right to tax the railroad company for the value of its land and improvements, but not for the value of its franchise. The case arose when the Lackawanna Iron and Coal Company, a railroad company, refused to pay taxes to Wood County, Ohio, for the value of its land and improvements. The company argued that it was exempt from taxation under the terms of its charter. The county argued that the company was not exempt from taxation and that it was entitled to tax the company for the value of its land and improvements. The Supreme Court held that the county had the right to tax the company for the value of its land and improvements, but not for the value of its franchise. The Court reasoned that the company's charter did not exempt it from taxation and that the county had the right to tax the company for the value of its land and improvements. The Court also held that the company was not entitled to a refund of taxes already paid. In conclusion, the Supreme Court held that the county had the right to tax the railroad company for the value of its land and improvements, but not for the value of its franchise. The Court also held that the company was not entitled to a refund of taxes already paid.

In Board of Supervisors of Wood County v. Lackawanna Iron and Coal Company, the Supreme Court was asked to decide whether a county had the authority to tax an iron company's property that was located within its boundaries. The majority opinion held that such taxation was permissible under state law, but Justice Field dissented from this view. He argued that since Congress had granted exclusive jurisdiction over mineral lands in certain states to the federal government, it would be unconstitutional for any other entity - including counties - to impose taxes on these properties without congressional authorization. Furthermore, he noted that if local governments were allowed to tax these properties without permission from Congress then they could effectively nullify Congressional legislation by taxing away all profits generated by mining operations on those lands. Thus, Justice Field concluded that only Congress should have the power to levy taxes on federally-owned mineral land and not individual states or their subdivisions like counties.