Evening star. [volume] (Washington, D.C.) 1854-1972, 1892-06-11

| PresPeet4vo Changes In Property Along
Psnnsylvanis Avenue.
MODERN sTnUuruHzs 10 Be IlxorID on THE
onxAT rHoRouoHFARE OF TIE cIrY-THE AS
sKssxKNT AND ITS PROBABLE EFFECT on THE
REAL ESTATE HAaKN-oTAKR MATHIS OF
INTEREST.
LONE OF THE RUMORS OF THE WEEK
" to the effect that the Palais ROYAL
building ut the corner Of Pennsylvania avenue
and 18th street had been sold Messrs.
Schwing and Clark, who formerly conducted q
restaurant business at the corner of It'll and G
streets, were said to be the principals in the
Transaction, the intention being to open there .
hotel and restaurant. The agent Of the prop
erty, Mr.. Thomas E. waggaman, however,
stated that he had not heard Of such PROPOSE
ton and thought that he would have known
something about it If one had been made.
However, there are q number Of people who
keep posted on current events in the real estate
market and they seemed to know all about it.
They even were able to mention the price,
which was said to be about $780,
900, and one man who claimed he
had made the calculation estimated
that the rate per foot was about $40. As the
property, which has q frontage OF some forty
six feet on the avenue, contains about 5 ,260
square feet, such per foot price would place q
rather low valuation on the building. Mr.. Lis
ner, who has occupied the building for many
years, has under contemplation the erection Of
building on the site which he purchased some
time ago at 11th and G streets. If Improperly
passes into other hands ii Is probable that some
changes will be made In the exterior of the
building. This will be in line with what the
Calls are now doing with their store building
the same block
Next month the Willard Hotel property will
be offered at public sale. The general opinion
is that II this property changes hands that
fine improvement will be made.
The new power house will be q rather slightly
pile from an architectural standpoint, while
the city post Office building will be decided
ornament. All this Is in the direction of max
ing Pennsylvania avenue what it ought to be, |
one Of the best improved thoroughfares in the
city.
THE NEW ASSESSMENT.
The details Of the new assessment are not az
yet known generally to the property holders,
and there has been 30 far but little expression
of opinion in regard to the work Of the assessors
1t may be said In general as to taxes the aver
age citizens holds the position that it Is one Of
the necessary evils to be endured. In cases |
where taxation becomes onerous or is tinged |
with INJUSTICE, the citizen feels called upon to
raise his voice in protest, and he generally per-
forms that duty. No doubt between this time |
and the first Of August the assessors will receive
sufficient complaints to justify the belief that |
the lmmemorial right Of an American citizen to |
complain is still preserved intact in this Dis
trict From what is known Of the work of the |
assessors it Ia evident that they have adhered |
very closely to the lines laid down bv |
them at the outset. They have by means Of the |
best information at hand and by a personal |
view determined what, in their opinion, is the |
market price Of property. Then in order to |
forced sale under adverse circumstances they |
have as a rule deducted about 80 per cent from |
the market value. The practical application Of |
this rule can be tested by any property holder
who will deduct 80 per cent from what would |
be considered the fair market price for his |
property. He will find that the figures are |
about the same as those which the new ASSESS
ment give as the value Of the property.
WHEN OPINIONS DIFFER
No doubt there will be cases showing quite |
marked discrepancies between the results thus |
reached, but that will be due to a difference of |
judgment as to the market value of the prop
erty. The assessors in their work frequently |
came face to face with this difficulty and a con-
clusion was reached only by majority vote
two assessors against one. In such event the |
minority member made a record Of his price, |
go that it Is possible for the assessors now sit
ting as u board Of equalization to tell at a |
glance just how the three members stood in /
the valuation Of each piece of property
1t Is understood that the aggregate of the |
present assessment will show an advance of so !
per cent over that Of the previous assessment.
The advance in land values is estimated to be |
about 100 per cent. What effect this increase |
In the taxation will have upon property interests
Is as yet only matter of conjecture Some |
take the view that it win depress the market; |
others hold the opinion that it will have |
stimulating effect and will result in greater |
activity in building, because it will be commended
that the LAND must be improved in order to |
make it a profitable inv sstment.
The board Of equalization may, when the ap-
peals considered. take such action DC to |
materially alter the valuations Of the assess
ment.
A BUSINESS IMPROVEMENT.
Plans have been prepared by W. NJ Poindex- |
ter, architect, for the building which will be (
erected by the new real estate title company at
610 18Th street. The front Will be built of blue |
marble and will have u substantial and hand |
some appearance A large back building will |
be erected, where the vaults will be located