The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-06-28
Property and Bushes. in New York


Property and Business In New York
City.
The report of the Tax Commissioners to
the Mayor, prepared by Commissioner An
drews, contains like most public. docu-
ments from the same intelligent source,
valuable and pertinent matter Of much in
terest to the community. The Tax Com
missioners are in better position than any
other set Of officers for taking accurate
soundings in all the channels of business
Estimates ure made every year under their
direction and supervision of all the real and
personal property of the city. To be sure
the nature Of the subject precludes the
strict and absolute accuracy expected OF
engineers who compute the materials in
bridge or other structure, because the
matter of judgment and not Of mere
measurement or mathematical calculation.
But under the direction of the Tax Conn
missioners the best practical Judgment OF
experienced men is exercised each year in
appraising every piece Of real estate within
the city limits and the value of all taxable
personal property. In all this business
there is no vague guesswork. Practical
men make in detail the best estimates they
can form of the value of the property of
every taxable resident and taxable nom
resident, and the aggregate of these respon-
sible estimates forms the sum total OF local
values year by year. 1t is the best guide
~ IA
legal census, though never quite accurate,
is the best guide to the amount of popula-
ton.
The report under notice establishes the
unwelcome fact that for the last five years
New York has ceased to be a growing and
wealth. There has, indeed, been no actual
decline in the value OF real estate,
but moderate advance. But this
advance is SO very moderate and
slight as barely sufices to show
that the property of the city has
not declined. The assessed value Of real
estate was 1896, O63, 933 in 1877, and is only
5000, 855, 700 in 1878, showing an increase of
only SIS, 791, 767. We may as well face the
facts, because nothing is gained by delud-
ing ourselves respecting our actual con-
dition. The small apparent increase of
S. OOO,0 900 or $6,0O0,0O0 in the assessed
value Of real estate is misleading, because,
rightly viewed, these figures indicate
decline. 1t appears from the report of the
Tax Commissioners that new buildings and
alterations of old. buildings have been
made within the year to the amount Of
SIG, STA, $40. The increase of real estate
valuations should have been at least equal
to this amount, and the fact that it has
fallen short Of it by more than ten million
dollars proves an actual decline in the
value of previously existing real estate.
The Tax Commissioners say that sthis is
owing to the reduction in the assessments
upon unimproved property and in i'm
proved property where the decline in
values has been in excess Of the average"
Apart from the new buildings which have
been erected the value of the aggregate real
estate OF this city has declined within the
last year.
But this fact must not be misinterpreted.
4
resulting from a change in the money
standard by which all other values are
measured. Between the city assessment Of
1877 and that of 1878 there was an apprecia-
ton Of five per cent in the legal tender
notes. which are the standard Of value.
The natural effect of this appreciation of
the currency would be an apparent depre-
citation in the aggregate value of city real
estate to the amount Of forty-fve million
dollars-an apparent but not an actual
depreciation.
AS soon as general business revives
throughout the country after its long stag
nation New York, which has held its own
pretty well during this dark period, will
resume it's onward march in the career of
growing wealth and metropolitan impor-
lance.