The morning news. [volume] (Savannah, Ga.) 1887-1900, 1889-11-16

OF exemption from taxation,
which is one Of the claims made by these
parties, then the exemption OF $500 Of its
value would fully meet the so-called good
faith requirements The original pur-
chaser. or bis heirs or successors, however,
have sold the lot to a new party at $4,000.
| The city did not get this $40 900 the owner
of the lot got, and cannot, by the ex-
| tremeSt stretch of faith discover any
even moral obligation on the part of the
city % exempt from taxation the 81, 500 Of
the value Of the lot which the seller Of the
lot git as personal profit, and which the
| buyer holds as his own.
IL is fair to assume, the alderman says,
| that such a lot has been worth an average
value of $1,000 during the 100 years. The
taxes which the city should have gotten
during that time at ~ per cent. would
have been s., 500, and this being paid at an
annual average, the interest on these pay
ments would be equal to fifty years use Of
1880. which, at 6 Der cent, would be
S270 per annum for fifty years. or SIS, 800 ia
gross.
TIE LOSS TO THE PEOPLE.
Adding the $l3, 500 of accumulated inter
| ESQ TO the e., 500 OF taxes which should have
been paid during the 100 years, you are pre-
scented with the startling exhibit that, by not
| performing its duty according TO justice, the
| city council of Savannah has caused the
people of Savannah 10 lose on single lot
such as l have described, in the 100 years,
the enormous amount OF $4,000, and on
/ which they have never received but 500 Of
the purchase money.
The 100 payments of $50 would be 81, 900:
so years interest on $1,000 at per cent.
would be SO 900; the two together would be
IS, 900. This is the benefit the city has
actually received. But if the city had OBJ
tanned both taxes and interest Tor ground
remit, TO which it was entitled, the combined
benefit would have been SlS. 000-l-S,0 900,
or SEQ, 600, of which, as l have above shown,
SIS, 900 was lost. This system of calcula-
tion will apply pro rata as to length of
time and amount Of exemption to every
similar lot in the city.
Nov let us examine as to what the city
has lost in the last fifty years, not counting
what it lost prior to that time. 1t is fair
and reasonable to assume that this class Of
property has averaged $l,000,0 600 in value
during that period, aud that at an average
annual tax of IA per cent, the
annum, or s750,000 in the aggre-
gate But it must be recollected that
$4,000 per annum means that the CITY
would have enjoyed an additional benefit
OF % years interest on the whole snm.
which at z per cent would have been
equal to $52,5OO per annum, or 81, 3l2, 500
for twenty-five years, which, when the
$780, is added, makes a clear loss to the
city treasury of 5000. 500 within fifty
years"
There is still another view to take Of this
matter from Alderman Falligant's stand
point. The $3.50, 900 or more which by the
countenance of consecutive councils has not
been collected from those who ought TO have
paid it, has been unlawfully wrested in ex-
cess from those who were made to pay their
own shares also, and would have been worth,
with It's interest accumulations, to those
from whom it was thus wrested, the enor-
NOUS sum of 50, 062. 500