Evening star. [volume] (Washington, D.C.) 1854-1972, 1892-04-30
Is Rent the Only Basis of valuc9

To the Editor Of The Evening Star:
The committee on assessment and the general
public have lately been advised that the value
of real estate can be estimated only by its
capacity to produce rent and nth such state
ment as premises the conclusion is sought to
be reached that assessments of property can be
obtained by seeking first to know the rental
value thereof Now, is that a fair, honest critic
rion for the assessors?
1 believe that every owner should pay his
proportion OF taxes, not on what income he
receives from his property, but on what his
property Is honestly worth-the dollars and
cents it represents. Should a man with prop
erty on a street where he could easily sell for
$50 per foot. but which he is willing to rent if
it pays him 2 per cent on the value pay no
more for taxes than another who owns on a
small street or alley where no more than so
cents per foot could be obtained, yet where,
for obvious reasons, he receives rent at per
cent of the value?
Should the Per cent rent Of the rich man
| be rated as the basis of value in one case and
per cent rent of the poor man be rated in the
other case? That would be benefting the poor
man with u vengeance!
At the present time the basis Of all taxes ID
not the value of the ground alone, but the
value of the who'll property, and man who
has $4,000 an improved property is expected
| TO pay as much, 10 more, no less, than the man
who has $40 600 worth OF unimproyed property
The improved property VIII command a
| rental; the unimproved, as a rule, will not. Il
| there are thirty lots on a street and one oil
| the lots is improved by fine house, the otheI
lots remaining unimproved, surely it would
NO. be fair to say that the other twenty-nine
| lots should pay twenty-nine times the tar
| of the improved lot merely because the
rental value Of that piece can bt
| easily ascertained I avoid the argument that
| land should be the basis of taxation-the law
| does not recognize that theory. We are sup
| posed to be taxed on the value of our entire
| property, and it seems to me the only fair anG
| Just way TO reach the values is to be governed
| by several considerations. just in the same way
that we would do if We were about to purchase
q property.
Rent might be one consideration, but not thu
| only one. Remember the large mill at Alexan
| dria? 1t has value, but not based on tho
rent, for it has not been rented for an age
| The bricks and timbers have a value, however
| The assessors should be conversant with values
| OF buildings. what they cost to build or what
| The materials in them are worth. What value
| the owner places on it? Is there any; thing il
| the surroundings to affect its value? Whaa
| would it sell for at public sale?
As to unimproved property the considera-
| tons would be: Has this lot rental value for
| business purposes? What are similar lots sold
! for or how docs this differ from other lots thai
have been recently sold? What would this lo
bring IL put upat auction? There are other
| inquiries that might suggest themselves to any
l intelligent person. WithSthe appointment o.
permanent assessors, men OF ability and o.
| character, the values of properties could be as
/ certained and their true value is what the wore
implies, the price at winch they could be sold