Evening star. [volume] (Washington, D.C.) 1854-1972, 1889-03-13

i
WILL BRING AT FORCED sALE-No REASON TO
INCREASE TAXATION.
The instructions issued by Assessor Fish to
the assessors, who will soon begin the triennial
assessment Of property, taken in connection
with the suggestions in his annual report, have
given rise to the opinion that the taxes are to
be increased A STAR reporter talked with q
number Of citizens who are familiar with prop
erty values, and their views in relation to the
proper basis for taxation assessment are given
below.
VIEWS OF MR. JOHN JOY EDISON.
The secretary of the Equitable building asso-
citation, MIR. John Joy Edison, said: "As / un-
derstsnd it the assessor proposes to interpret
at its full current market value-the price at
which it il held. That Is to say, one-third
more than the present assessment, which is, as
rule, in my opinion, the true value in money.
The true value Of real estate is that which it
viii bring in any financial condition Of the
country. Money-loaning institutions, You well
know, loan on about two-thirds Of the current
market value at the time Of the loan. The
amount loaned really indicates the true
money value placed upon it by the
lenders. For example; piece Of property to-
day may be valued in the present market rating
at $4,000. A loan could be secured on it Of
about e., 600 or q, 700. This margin is con-
sidered necessary, because in case the property
should be forced 10 a sale ii might not bring
more than the amount Of the loan. The mar
gin Is calculated to cover the effect OF fiuctua-
tions in values, and represents the estimated
value Of the property in depressed times. If
the assessment IL greater than this valuation
in depressed times, which occurs every four
years the owner Of the property would be ex-
cessively taxed There Ii no doubt that
INEQUALITIES IN ASSESSMENTS
exist both In city property and suburban. 1
have known Of property in two different Sec
tions Of the city where the market value was
the same, but the District assessment widely
differed. Such inequalities should be remedied,
but il has nothing to do with the question of
Increasing the assessable value Of property and
taxation Any proper effort made by the as
sessor In the direction OF correcting inequali-
ties would be approved aud commended by all.
In my opinion the recommendations Of the as
SCISSOR on this subject in his annual report dis
play . lack Of Judgment and il unfortunate.
There IL no need for an increase in taxation.
The revenues OF the District are now 80 large
that for several years past Congress has not
appropriated the full amount and there IL
q considerable balance, understand left un-
expended. Tbs increase OF taxation, Mr. Fish
says, can be remedied by reducing the rate,
but a. this can only be accomplished through
congressional legislation, the people of the
District are likely to be burdened BY needless
and excessive taxation and disturbing elements
In real estate values, providing the assessors
ideas are carried out. II IL unnecessary 10
speak Of the injury 10 the interests Of the Dis.
trict which will be caused by an increase in
taxation under the present conditions"
TO oLoRrrY RIOS TIsH.
Mr.. John A. Prescott said he thought that 9
two-third's valuation Of the market value OF
property was the true basis of taxation. I,
prevented excessive taxation. There was nc
need, he thought, TO increase the present taxa
ton. People were already sufficiently taxed
He thought that the entire proposition was q
part of plan 10 glorify Ros Fish.
Nh. LOUIS d. WINE ON THE PROPER WAT.
Gin my opinion" said Louis d. Wine, 'ths
proper way to assess property for taxation Is te
place value upon il which il would have under
the most adverse circumstance, a. for instance
at . sale on stormy day. This ID the method
pursued In determining the amont which car
be safely loaned upon property. There 10 nc
doubt but that there are inequalities in the
present assessment. In some localities prop
srty 10 taxed too high and In others too low
There u no reason on this ground or on AM
other that am aware Of to warrant q genera
increase throughout the District In taxation
WE'VE or orHxR BUSINESS MEN.
Nj. John =. 0lmsted. who wss one of the frv
assessors under the present Law, said to SRA,