The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1888-11-01
REAL ESTATE IN GOTHAM.
1t Sells at Sis Square Foot-So1ne Big
Taxpayers.

[Richard Wheatley, in Harper's Mag
azine for November
The total assessed valuation ofreal es-
tate in the city of New York in 1856 was
81, ,203, 941 ,O65 ; in 1887, of 16l 1874 plots
of real estate, sl,254, 49l ,S49-showing
an increase in one year Of $50, $50, 7S4.
But as the assessed is less than two
thirds Of the market value, the whole
is not worth less than two billion dol
lars. Real and personal property with
in the municipality has grown through
out the past decade more than $40, ,0OO,-
900 per annum. The books in the
office Of the Commissioners Of Taxes
and Assessments state the amount Of
taxes paid by every real estate holder at
the rate of S2-l6-l00 on every hundred
OF the assessed valuation. But these
figures do not constitute trustworthy
standard in the determination of
market values, for the asserted reason
that some assessments in downtown
wards, are of more than market value
in other wards of only one-third, others
one-half, and still others two-thirds. Va
cant lots are assessed at from % to sc
per cent, improved property from Sc
to 20 per cent, of real value. 1neqult-
abe as the assessments are, 1t is yet
true, as affirmed by eX-Mayor William
R. Grace, that ''upoD no species of
property can taxes be levied with more
equality as to value, nor with better
chances of speedy and equitable collec-
ton, than upon real property" "The
valuation placed upon personal estate
from all sources is rot more than nine
teen per cent. of the valuation placed
upon real property, and taxes from this
source are most difficult of collection.
Of the annual city budget, which gen.
orally amounts to from thirty-one to
thirty-four millions Of dollars, the tax
alton imposed upon real estate supplies
more than four-tifths."
HOW REAL ESTATE Is MADE TO SEEM
WORTH MORE THAN IT IS.
Some affirm that not more than
twenty-five per cent. of all the deeds
recorded express the bona Jfde consid-
Grafton paid by each buyer for his
property. With an eye to future gains,
he is wont to insert, or cause to be In
serted, figures other than those which
denote the real amount of cash trans
ferred. Unprincipled dealers arrange
matters so that deeds Of property
bought shall express purchase-money
at higher sums than were actually paid,
and cause them to be made out to
dummies who are probably clerks
in their own offices. The dummy then
borrows money, as much as or more
than what was paid upon the property,
and secures the lender by bond and
mortgage. This done, lie transfers the
property to the real buyer, who puts it
on the market at still higher price
loudly asserverates that it worth all he
asks, and points to the amount Of the
mortgage in proof Of his protestations.
Lenders, he says, do not loan to the
full value of the security. This device
is often successful.
The price nominally paid for real es-
tate in New York is by no means a
sure guide to its actual worth. This is
contingent upon locality, improve
ments, and residential or commercial
advantages. 1t depends greatly upon
adventitious circumstances, which the
intending purchaser should judiciously
consider upon the spot. Unlike the Sc
curities manipulated at the Stock Ex-
change, or the merchandise handled by
the Produce Exchange, it has no tenn
porarily fixed or quotaole value. In
the judgment of dealers it is worth
what the owner or broker can sell it
for. Sunshine and shadow are factors
Of value. Property on the west side
of the avenues ana on the south side
of cross streets is worth on the average
about twenty-five per cent, more than
similar property on the opposite side,
because i is shaded in the afternoons,
when women are wont to make their
purchases. The northerlv side of streets
and the easterly side Of avenues are for
that reason and for lower rentals pre-
ferred for donlicileS.