The sun. [volume] (New York [N.Y.]) 1833-1916, 1877-12-25
Assessed Valuations of City Real Estate.

The assessed valuation Of real and per-
sonal estate, on which is bascd the tax of
1s77-now past due and partly collccted-is
as follows
Total real estate valuation. s'sl Do3G9a
Total personal estate .................. ."2N'lvo
Making an aggregate Of ..............tl lol 2o2V"
1t will thus he seen that more than three
quarters of the contributions annually laid
upon this people. in the shape and under the
name OF tax lcvics, are pressed from real
estate holders. These contributions in con-
nection with the imposition Of enormous as
scssnicnts on property assumed to be sreci-
ally i.acitrl. have lar' ruNtcd unc-half the
holder. of u.-t yn uu proved property,
aud crushed the life out 3 the rest. We are
told that for purposes of taxation the law
requires property to be assessed Mt its full
valuation TWEED in his most palmy days
had not the audacity to mark values up to
top market prices.
Values have decreased from thirty to fifty
per cent. In many instances property Is to-
day assessed at fully ten per cent. more
than the owner Is willing to accept for IT,
Applications for reductions OF assessed valua-
tions. based on the price that similar proper
ty in the immediate vicinity has sold for at
the public exchange, are. rs Il general thlng,
treated with entire indifference by those
having this matter in charge. The appli-
cant is told to file his application, which at
the proper time will be examined and con-
sidercd. In nine cases out Of ten the owner
might, as far as any practical result is con-
ccrncd save himself this trouble.
ln order to make fair and equitable re-
duction of the assessed values of city prop
crty practical. Il reduction must first be
made in the citys expenses. The depart
mcnts are too extravagaItly managed Con-
siderable amounts OF property are likely to
bc thrown upon the city because Of the ina
bility Of the owners to pay taxes and AS
scssmcnts. A system Of oppression exists
here in connection with the taxation Of UNI
productive property, which could not he
even attempted in Paris. whore taxes are
paid on incomc-producing property alone,
unproductivc city lots being free Of tax.
Were the affairs Of this city economically
and efficiently managed Sl2,00o.00O would
go as far a. sl7,6o3 3o997. the amount APP
plicabc to annual expenditure during the
! current year ls77i. after dcducting: State
taxes. s26js9O0: interest on debt, with In
etalment OF principal, s9,l7d.j1i.73. and
| s1jlj.4G7.7s for redemption OF special parts
# debt. Onc-half the city employees could
he dispensed with. did the other half con
| sciruiiou-ly and intelligcnty perform their
duties Under such conditions our city rs
SCISSORS would not be called upon to Cypress
! the people ia the matter OF assessed values
Of city real estate.
Those who exercise the important func-
tions of determining how much money shall
/ bo raised by tax and Of its distribution
among the various local objects and pur-
/ poses should bc sensible Of no obligations.
restraints. or fears except such as proceed
/ from thcir convictions cf the public welfare
4 careful examination Of property sold
under foreclosure. ut the Real Estate En-
change. during three years past shows that
much of il sold for le-s-in some cases a
/ ..r ut Deal le-.-tAan its assessed value
/ 'ilu within tuc last month tne-, -',ia- FUR
ni-hcl the only true criterion OF real values.
Going from general to particular cases. or
,i,.. i-,a ~ Dptnp"r la-t tno heirs Of the lat"
JAMES i. JoSEs sold at puhiicauctiln. ON the
most l.a.rll forms. f'tf--evrn building lots
ou rir-, and second avenues and Avenue A;
also ski t-eignth. siNty-nuth, and Seven
ticth streets. The terms werr such a to
oue-thiri cash and the balance ON mortgage
for five years at six per cent. More fayora-
al lc terms are rarely offered Uud r. these
conditions certain short lots, twenty-five
feet front and by nftv-iiye feet deep.
sold at prices running from $3.50 o. sG9l.
averaging Sl2l all around. We learn from a
purchaser at the sale That these lots are as
-e-sed on the tax books at sS)n, nearly
twice their actual present value at public
auction. Over year ago, when those valu-
atiuu- were isod by the A--e,-or-, the mar
krt va4 much dullor than at present; and
hal the lots been then Sold. II j. safe 10 as
-ume they would have brought less money
than now.
1he estimates for 1873 do not vary much
from s3J,0oo,o1o, which, assuming that as
-os-ed valuations remain unchanged in
amount, as seems likely. will, according to
the Comptrol,r's report, after certain de-
ductions and additions, make the proxinatc
rate # tax for 1878 not higher than s2.jj
per cent.
\ proper reduction in the city's expenses
would bring the rate Of tax down TO less
than sl75 on present assessed valuations Of
real and personal estate