New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-10-09
BROOKLYN LROPERTY SACRIFICED.

DEPRECIATION OF THE VALUE OF REAL ESTATE
RESULTS OF ExTRAvAGANCE AND MISGOvERN-
MENT.
That the property of Brooklyn stands as
sessed higher valuation than any other city In the
State in proportion to its real value was found to be
by the Board OF State Assessors and for the pur
poses of taxation deduction OF nearly 20 per cent
was allowed This arose from the fact that few years
ago. in order up the ruinous tax rate IS per
cent added to the valuation at one bound by the
authorities The weight OF the public debt arising from
foolish and fraudulent public improvements and the
burden of assessments on private property,
amounting in many instances to conhscatOn, aroused
people to action. Public meetings were held, va
rious independent political and reform associations
sprang up, and finally the Committees OF
Fifty and One Hundred were formed In
spite OF all these efforts, the public debt has
annually increased millions OF dollars without any pro-
poronae increase In valuation, and 1t Is feared that
such the rule for to The salaries OF
the principal officials have been doubled and in some
cases trebed and large percentage has been added to
thousands Of their employees. New departments have
been created and old ones enlarged, creating still
further outlay Of public money and granting still fur
Their powers This OF the debt and expenditures
must sooner later be felt by the owners and tenants
Of Brooklyn property The politicians have been shrewd
and liberal In dispensing public office with increased
salaries among OF the reform ORGANIZATIONS while
TSe and two Of the three
members of the Board Of City Works have been selected
subordinate positions are filed by the Reformers."
The charter framed last year gives increased powers
and salaries officials and requires property to be
assessed for its full yalue instead OF as under
the old law. The evils wrought by this law is being elt
daily by propery0wners. and 1t Is almost Impossible
for them TO borrow on their lots In sparsey set
tied portions OF the city street or may DC
lots, and cost more than the property Is worth
The for the cost becomes come men on .Se Pro
good faith to secure borrowed money. Many OF these
order to enforce their collection the following ncor
porated in the amended charter being the last five lines
ments heretofore laid in said city for any local
improvements hereby confirmed, and the amount of
the same is hereby levied tax on the several pieces
or parcels Of land in which the has been assessed
and apportoned." Prominent lawyers state that there
or legal assessnent and that the only object
clause to render valid what was Invalid TO iegaze
tax The Court OF Appeals has decided that the Legs-
Iature supreme in all matters OF taIaton and there IS
no for even II their property IS
confscated 1t is claimed by some that other portions
OF the charter affect the interests of property-owners
atons should spend less time In securing the passage OF
and time in n tair aao
public positions, and watch the acts OF the present H.
The legislation referred here led to the sale Of prop
erty in the vicinity OF Union-s. Sackettst, Douglass
st. and Fifth and Sixth aves.one OF the best portions
amounted TO double the value Of the land and when
sold the lots have not as be
tremendous depreciation in the value OF real estate
Jeremiah johnson OF No. Broadway sold 50 valuable
Prospect Park lots number Of them were bid in by
the owners, who were not willing 10 submit 10 50
Some actual sales. however. were made. Two
full lots, Is by 100 feet on Ntnth-ave., near
the Plaza, and Immediately opposite the Park
were sold 5000 EACH The owner Rueb Nelson paid
5000 cash for them four years ago. and bias paid In
addition and assessments 800 more, making
their cost each. This shows depreciation ofjust
one-ha Fine ots 20 by 100 feet each, at Ninlhave.
and sixthst sold for 1900 each. while full lots at
Ffthst aud Nnth-ave. were sold four years ago for
so 600 each How much Of this depreciation IN grow
in9 civ arises from natural decline and how much
from onerous taxation and misgovernment the public
can