The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-02-10
THE CITY'S DEBTS, ASSETS AND
BURDENS.


city is an easy one to state.
l. The real and personal property of tn
present enlarged city is assessed at about on
hundred and twenty millions. This assess
ment, based on old values as they were befor
the shrinkage began, is more than the rea
present market value by between thirty an,
sixty per cent. If number of properties o
every kind were taken in a hundred localitie
all over New Orleans, including stores, dwell
ings, offices, presses warehouses and vacan
lots, on which the aggregate assessment, a.
now rated, should be one million dollars, anG
If the same were advertised for sale for 8
period of three months in hundred daily
| newspapers, one-fourth to be paid in cash
and the remainder in three equal in.
stallmepts, at one, two and three wears,
1t is, in the opinion Of some of
our moro experienced dealers IN real
estate, not probable that the whole would
bring more than three hundred thousand
dollars. SO far as real estate is concerned,
this may be taken as above rather than below
a true estimate. Personal or movable prop
erty is not over assessed to the same degree
third above its market value. That personal
property which cannot be sent away partakes
of the great shrinkage of real property, or
more than one-half The whole assessed
value Of real and personal being as stated,
the actual present value is, by the foregoing
less than sixty million dollars.
2. The bonded OF interest bearing debt of
the city government is nearly twenty-five mil
lions, with perhaps two millions more OF
floating debt, certified or uncertifed The
debt Of the State is about twenty-four mil
lions, of which about five-eighths or fifteen
millions is borne by the property of the city,
The property Of New Orleans, as assessed,
bearing about that proportion to the whole
property of the State. This makes New Or
cans indebted to the amount of Mirty-nine
millions Of dollars. Besides her proportion of
State expenses (tive-eighths) and the whole Of
Ter own corporation expenses, she must pay
interest at the average rate of seven per cent
N debt (city and State) Of thirty-nine mil
ions.
3. To do this New Orleans pays city tax
formerly three) now two and half per cent,
nd State tax formerly two and half) now
bout two per cent, based on an assessment
$ above stated, for the city and an assess
nent for the State nearly the same. Besides
hese two taxes she pays city licenses on her
BUSINESS to the amount Of half a million, and
tate licenses on the same business to the
mount of about four hundred thousand dol
AIS.
T. 1t will be seen then that property assess
at one hundred and twenty millions. worth
ass than sixty millions, bears the burden of a
lint State and city debt OF thirty nine
lillions, and q tax Of four and half per
ant. on the assessment equivalent to tax
nine per cent on the actual value thereof.
esides a Sc. Of double city and State license
xes, aggregating nine hundred thousand
pillars. The debt of the city, joined to her
uota of the State debt, is two-thirds Of the
'tual value Of all her taxable property, and
, this she pays an aggregate tax (nine per
MT turee LluleS as muCQ as the interest |
hich contents the British capitalist who puts
$ gold willingly into consols,
5. 1t must further be remembered that !
is stupendous tax rests on great deal of
operty that brings to the owners a very in
equate income. More than half Of the
operty rented in New Orleans is rented at I
rate which. if punctually paid, would not $
Get the taxes and insurance, to say nothing Q
repairs and interest on the investment. I
UGH is rented for less than taxes and thou t
nds of properties are vacant from years t
d to years end. paying nothing to the own S
J. 50. too, the men engaged in various
ocations and pursuits on which double i
ense taxes are levied are making no profits, d
d scarcely securing subsistence. il
Here then are, in brief, the elements Of the a a
at problem. How. with these resources, I;
j the intereet q the double public debt OF b