New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-11-02
DOWNTOWN ASSESSMENTS.
COMPLAINT AT THE SMALL DEDUCTIONS.
OWNERS THINK BUSINESS PROPERTY WAS oVER-
yALUED-A QUESTION FOR THE EXCHANGE.

OWNERS THINK BUSINESS PROPERTY WAS oNEh-
vALUED-A QUESTION FOR THE EXCHANGE
Among the subjects which are likely 10 DC
pushed before attention OF the Real Estate EXcIah
when that institution has increased its strength Is inc
question OF assessments property Many Oh tnc hoio
radical brokers believe that the Exchange by un'cu
and well-drected action, could exert powerful lh
cnca I'm preventing all danger excessive valuation
OF real property and securing distribution OK assess
ments moro fair and equitable than those winch IL ID
claimed have been made in the past At present, 30
strong is selfish instinct that each large properly
of estates seeks to keep in the good
graoes OF the Commissioners Of Taxes and Assessments
so as to secure light assessment as possible on his
property without reference the fate OF his neghbor
For this concert OF action has been attempted
with regard keeping the assessments down as iar as
possible, and not few brokers and owners VINO nave
positive convictions hesitate to anything under their
own names that might construed into criticism OF
| the authorities.
At the same tme there has been pretty widely spread
discomfort at the increase which Deputy COM
missioner Roberts, who sent by President CleVeanu
rs Minister to Chill piled this year upon the taAaDe
value OF downtown business property and at the COM
paratively small reductions made by the Commissioners
mon tho OF who felt aggrieved
The assessed value OF property In the First ara was
Increased from by $16s965l5 to $s326sSlo; the
increase the Second Ward was $4,O74,s9o to $751;
COS ZIG and In the Third Ward 49, $39oloooo
1he total valuation or the realty III
1855 set down at S5G,s03,23l, an increase over
1854 OF S4 001 500 In explanation OF the large re-
turns made by Mr. Roberts. President coleman, OF te
Board of Taxes and Assessments says that uptown
property claimed that the assessors were raising
Increase that had been made in the lower wards Of The
city The increase in the assessed 'att"',0 lois
declared had not kept pace with
the enhancement in tho actual value OF tho properly
consequent upon the development given to the down.
town wards by rapid tronslt system and the coneen
ration Of business resulting from me d ~
| 2 tho old BATTERY
Wall ST. and Broadway. 1t was conended Mr Cole
said that the t IN fS ~ from
1873 1881 had been reflected on tho assessnent
the assessments OF 1885 was that il intended to
correct this and to equazo the Value oil property all
Real estate brokers' however, proceed upon different
| limo Of argument Ono largo manager OF downtown
estates said deputy Comml ssoner Roberts went INTO
| the lowor wards and hoaped enormous increases
whore there had not been tho least Improvement In the
m were or grossly negligent Of ther duties or e
mates woro out Of all reason x some c ssfitou:
salos OF property that were in tho market as
that II an owner by such trick seeks to uhae the value
of his property he ought 20 suffer FOR It. Very well so Do
price basis for estimating the value oi snrrounGg
property he did In many cases, when nttIe inquiry
in good faith In other wordst is fair that should
be punished for the dishonesty OF my nelSh9or
Another broker expressed this view: The Increase
In the OF downtown property this year was
out OF all proport 70 the Increase In the uptown
| wards. IL Tar tfAnrcenueu any hSluh
the worth OF the realty and In casesfor instance
James ID. Fshs property in Broadway-the proper1ies
were sold this year decline from the value com
manded year ago. And on top OF the enormous IN
crease on the books Of the tax Office compelled 10
pay rate OF 24, fifteen cents more than the rate
year ago. / don't suppose that more than onesNth OF
oneeighth OF tho deductions asked for by property
owners were allowed By the commissioners one piece
OF property we had was assessed At double tho value put
on II IN 1881 We asked for reduction OF nearly one
| half and got-onesixth OF what wo asked for. am
earnestly I'm favor OF the Exchange taking this su3et
! up as a body and endoayoring TO secure radical
/ reform 49,
The following buildings may he cited rs illustrations
OF the great increase that been put upon the taxable
value Of property tho downtown business wards ana
the small corrections OF the assessors list HE APPENDED
table compares their assessed value I'm l74 aud 1882
and gives the reductions allowed on appeal 10 the com
/ iui4HlOncrs: