New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1886-11-04

WHAT Mr. pEPEw SAYS RESPECTING THE VALUE
AGREED ON FOR THE VANDERBILT ESTATE.
long story was printed in The World yes
terdsy to the efecs that the Tax Commissioners had
failed in their duty in assessing the taxable personal
property OF wealthy citizens at far below the actual
value The Vanderbilt estate was selected as an ex-
ample OF their delinquency. The assessment was placed
at 80 600 O0o while The World figured IL out that the
assessanle of the property was S3399l soo ac-
cordins TO the taxable securities specified william a.
Vandarbilts will
with respect to the matter Cbauncey NJ Depew
counsel Of the Vanderbilt family sad last evenings
The question whether tue Vanderbilt heirs have
violated any law done any wrong The estate came
into their hands nearly mouth before the assessment
neriod OF The city OF SewYork and during that month
rhey had the right do they pleased with H. The
property was 20 assessed January L. 1885, by the
Tax Commissioners of New-YOrk City for the coming
wear the tax assessment TO be levied IN the July
following and to be paid in the next November Some
Of the heirs and trustees were nonesdents OF the city
| NJ New-York and therefore not taxable here The
for the estate advised the heirs that assuming
their country places be their residences as all OF them
cond do they could the entire estate OUT OF the
city OF New York and have 1t taxed elsewhere where
the tax on OF the limited requirements OF the
Mace where their residences would be 80 small as
anonpt practically to not ons-tenth OF it would
| bnye amounted 20 in NeT-York CITY, Or they tine
heirs couI the S15o00O0O taxable bonds In trust
Ne Government bonds ami The remainder into sthe
stocks companies wnere the Ioraous ana not the
4 individuals take the TAX -. -, r,. .,a
alan take in,o consideration what they could do volun
tary on Of the position OF tue FAMILY II the eJ
\ ~ Neyy-YOrk The answer was that they would DO
wiling voluntarily to TO the largest e'sment
ever made personal property 10 the eey anu county
nresented to the Commissioners statement OF the
Condition the estate OF tile law OF me auty OF Tue
heirs to 90 thsse things ana " the oner when tney
made The Tax Commissioners recognzod tne aointy OF
fms heir. under law take The properly entirely
our of their taxing jurisiicton Al Tue same Tune they
wanted get the largest amount OF A Ior tne clJ y.
New York and the amount MAS finally compromised at
81 600 OOO which, believe 10 Msner by @3oOO'OOo
tn "a any assessment ever rved and which In ropor
ron 10 the propcry taxable, larger thaD any Ooiy OF
either great ANAL means pays on MS taxaDe person.
atty. . 49, vo,, n, anv cons,asrabla WEALTH
bas rvn In the city, one in the country
=, he a not actively engaged In business be spends ne
Chooses to make that his legal residence Tor az put
hosea Including taxation on perona properly SnIe 70
no law to compel hin TO elect the CITY Oh %
.ha nj ee where he shall reside
President Coleman aud Commissioners Donnely OF the
Tax Department. we're seen 6y IRiBg NJ reporter e9n
earning the alleged undervaluation Mr. DDnneuy did
70 ,.iknS ne said tnat estimating the personal
estts at 100000 the Department mad acted IN tue
best aud according 70 ts soos uagSens as 70
~er.ona property is assessed" he continued stupid
End wrongful law IL permits eyasions OF AL sorts
which readily succeed IN na Wy the hanss % one
trustee He can claim residence where his summer
home Personal estate Io9~s I.e nc vi h oie
tort,Sne ont OF NewYorx for taxation purposes. Or
The securt es could be reinvestd IN non taxable Sc
curtes We had every reason to believe that II we
taxad the estate for any thing like it fun value. some
Of these evasons would be practi-ed and the entire
properly lost TO US tb IN I Peb best we coa and
reaIzed about 81 10000, sum not TO be sneezed az
The law must be changed, or we must ether lose an
,aIua don or continue our present policy oi DONG
the best We can win them