The record-union., 1892-09-02

de had a lot of figures made up for him
by his private secretary, and he proceeded
one by one to cite cases where lots and
city property were valued too high by
the Assessor, and why, IN his Judgment,
the assessment ought to be reduced.
Mr.. Afagee quoted the Blythe estate to
start with, claiming that it was the larg
est piece of property of high value III the
city, and that it was assessed at valua-
ton of 81 ,277 $50, and it's improvements
were mainly a lot of ragged shanties. The
property rents for Sl2,6S5 per month, and
pays S26, $50 in taxes per annum, or one
sixth of its income. This income would
be totally destroyed by a fire. He did
not think the property was worth over
81 ,O0O,O 600 above its assessment.
Mr.. Magee then went on and cited lot
after To- and many parcels of land, some
of which he owned or had bought and
sold, and upon which assessments were too
high. He said there was not wholesale
business lot in the city worth over $1,000
per front foot, basing his estimate on thein-
come derived from them. In many cases
property-owners paid in taxes three
months rent from property, and he
thought one-fourth of the income 100
much to go for taxes. Many landlords
were fighting to get tenants, and he
thought things were getting down to
Henry Georges theory, where tenants
would be dictators.
Would any of you gentlemen buy
such property" queried Mr.. Magee.
he cited piece after piece of property
that was not worth much aboveltS assess
ment, and which had been depreciating
III value instead of appreciating. Mr..
Magee thought that when the Assessor
raised last years assessment $50, 900
he raised it above it's real value and did a
very unfortunate thing.
AT this point Mr.. Siebe explained that
ha hoI ri 70 +ho -,
crease Systematically and judiciously.
We'll" insisted Magee, lit was one of
the most unfortunate acts an Assessor
ever did"
Mr.. Morehouse wanted to know il a
piece OF property was assessed for one
fourth Of its value if it was not right for
the Assessor to correct it.
Mr.. Magee replied warily that he knew
OF no case of that kind.
"Ihe fact Is, there is no market value
there, SIR" He thought this implied no
disaster, but there had been natural de-
cline-buyers had been supplied When
this is the case there is sure to be fall in
property, Outside property might be
doomed, but inside property was worth
just so much.
illustrating the effect of booms in prices
of outside land Mr.. Magee stated that he
had advised people who had invested and
paid % per cent. down to forfeit it rather
Inan complete the purchase.
After Mr.. Magee had gone into values
at great length, and had been questioned
by every member of the board, Mr.
Morehouse and Mr.. Beamer suddenly
opened up a file of the san Francisco
Real Estate Circular edited by Mr.
Magee, and went through its record of
real estate sales and transactions Mr..
Morehouse wanted to know if that publi-
cation for the past eighteen months ought
not to give correct idea of the valua of
property.
This led to hot discussion of figures
given in the paper, which Mr.. Magee
said were reliable, but he qualified the
statements given in many ways. He
thought the board was a very intelligent
body, but had not known that they had
taken his circular" for so long.
In its search for piece of city property
that would be criterion of values the
board suggested the new Postoffice site.
This raised an immediate protest from
Mr.. Magee and others, who at once stated
that 1t had been purchased at an ex-
orbitant price by the Government.
In summing up long discussion Mr..
Magee stated that he thought San Fran
cisco was assessed for 20 per cent. of its
real value, and claimed that this was too
much. Values, he said, were falling, and
he would rather have IS per cent. levied
on rising market than so per cent. on a
Mr.. Hebron here again sprang the
circular to show that values were
quoted in it which showed apparently
different tone from the market.
Mr.. Magee was thoroughly diplomatic
in his replies, however, and had way of
modifying almost any proposition into
apparent conformity with the statements
OF his paper.
The conference and long siege of uues-
tioning finally began to tell upon the real
estate Napoleon, and when the members
of the board brought out a long list of
mortgages, showing a startlingly low as
sessment, as compared with them, he got
slightly irritable.
He gave vent to his feelings by saving
that 1.-The real estate owner was the uni
versal jackass, and had to pay the taxes
all the time" He was finally forced to
admit that he was not specially familiar
with State values in general.
Before taking a recess Mr.. Beamer
moved that the application Of San Fran
cisco for reduction of 30 per cent on
her assessment be denied
The motion was seconded by Mr.. Heb
bron. and on calling the roll all voted ave
except Mr.. Swan, who voted no.
The application was announced as de-
MED. and the board took recess until 7
o'clock in the evening.