The San Francisco call., 1896-09-12

Association. This letter reads:
SAN FRANCISCO, August 2s, 1896.
F. " Dohrmdnn, Esq, President Merchants
Association, San FrdRcisco-DEAR SIR: Inclosed
is a list of over assessments. have My had
two days time to give TO the matter but for
that fact l could easily fu rnish you many
more. Of course you will understand tina in
presenting figures 10 the State Board OF Equal.
iZat1on it is in order to present only facts and
not opinion because the correctness OF opin-
ions may be disputed, therefore l have only
given you actual sales or the prices asked for
propertl es for sale or the prices which know
would be accepted for some OF the latter
1t would take month, st least, TO do justice
to the subject of showing TO what extent real
estate is over-assessed in the City, but that
time not being at command, l make this gem
eral assertion, that if any considerable guam
tity of vacant property were now offered at
auction, as was that OF the gas company (real
estate, too, is much duller now than when
that sale was made) 1t would not bring over
between 75 per cent OF to its full assessed
value.
I also want to call the special attention of
the Merchants Association. the State Board OF
Equalization, the Assessor, the Board of Super
vlsors, and the general public OF this CITY, TO
one important TACT, which cannot, think, be
controverted-that last year the real estate
ana Improvements thereon, OF this City and
Count Y, were assessed at $265 100000; that
the City and State tax rates thereon were 70
per cent; that. therefore, real estate alone paid
to City and State 50, ,962, 500.
/ estimate, that III area, not over one-third
of our land has any Kind OF building or dwell
ing upon il, and that of the total assessment
las year of 1865 100000 for real estate and
improvem ents, $50, 100000 may be taken 10
represent the assessed value of vacant land.
We then have left $210, 100000 as represent
ing our improved real estate, from which is
derived all the rents paid here, or chargeable
as such when owners occupy their own prop
erty. If we allow that all of this improved
property paid , per cent gross last year we
would have total rent product if all of the
pied, Of $40 500, 600; but last year
was one OF the worst in the history of the
City for vacancies, and if we deduct for them,
for repairs, foT street assessments and insur-
ance, feel fully justif in saying that there
very little left net from the rents of the
City and County as a whole, after City and
State taxes were paid. Of course, lowered
rents and many vacancies made last years
showing much poorer one than usual, and
that iaet WaS Wen known; yet IL was the year
posed IN the history of this City. 1t is only
when these facts are remembered that the as
seTtion that taxes last year approached confis-
cation is seen to be but too painfully true.
Thanking you with the deepest sincerity for
the work you have done personally as presi-
dent OF the Merchants Association, in the in
terest of good government, clean streets and
reasonable taxes, am very respectfully and
sincerely yours, THOMAS MAGEE.
Mr.. Magee's statement is as follows:
West side second street, from Townsend to
King, 275 feet on Second street by 400 on
King street Lot ana building assessed at
$138, ,260. Has been for sale for three months
for $l20,000 q whole, and the best offer
made was 10000 for 275 feet on Second by
165 on King and Townsend streets.
Northwest side Howard, 81 g southwest of
Steuart, southwest 45:10x137: :6. Assessed at
SS480; SIC, $50 asked, and less would buy it.
West side Valencia, 1S5 north of Sixteenth,
north % :6x9O. Sold for $1,000. Assessed at
$3.50. Would not to-day bring more than its
assessed value.
West side Kearny, 112 north of sutter, thence
north on Kearny % :6x50:5 :5. Lately sold for
$50, 800. Assessed at $46,0 900.
Lot on north side of North Point street, SO 81
81 paS CT dx1 inst S0ld
$1,000; assessed at $500.
Lot on north side of Washington street
137 :6 west OF Cough. west 65x127:S; building
assessed for $4,000; before its alteration it
was not worth over $4,000.
Lot on northwest corner of Lombard and
Franklin streets, so vera; assessed at S. 100;
asking price 5000; best offer made on it as q
whole $1,000.
Lot on southwest corner of Golden Gate
avenue and Polk street, 50-vara lot and build
ings; assessed for $3S, 500; is for sale; best
offer made 10000.
The Heydenfeldt property on the north side
of California street, west OF Kearny 89x1 ~ e
and on the southeast corner of sacramento
and Leidesdorf streets, cas-: 45x9S :6 The
loan on said properties was $40 900. There is
now due on them about $57 900, now bein
foreclosed. Both are assessed at S43, $50
Southeast line of Market street. 12O south
west of First, thence southwest 40xSO. Sold
in May, 1896, for SOL 800. Assessed at S49,-
40. The next property adjoining on the
southwest on Market street, 60xSO, bought by
the adjoining owner for $4,000. Assessed at
South side of Lombard street, 1876 west of
Devisadero west 137 :6x137:6 Assessed at
$4,000. VIII be sold for $4,000, the assessed
price.
Southwest corner of Howard and Caroline
streets, between Ninth and Tenth, Al 3 on
Howard By $50 on Caroline, with two-story
building in fats. Lots and building assessed
at $S340. Just been sold for $4,000.
West side of Second street, from King to
Berry street, 240 on Second by 275 on Berry
and King Lot and building assessed at
$4,000. This property has been offered for
three months at that price with no sign of
buyer.
kin, west 0S :Sx12O, covered with houses front
and rear. Lot and buildings assessed at $685.
56O. have had this property for sale for two
years, and have been asking $4,000 for ii,
without sign of q buyer to pay that price,
North side Washington street 127 east of
First avenue east 6e:s front by 256 and 25s
deep, through TO Jackson street with 80 feet
on Jackson. have been Offering this lot for
about year, asking $4,000. 1t is assessed at
1880. This is its full value to-day
Southeast line OF Howard street, i57 Is south
west of Hubbard, southwest 25x16O to Tehama
street in rear. Lot aud building assessed at
Sl4 900. This is as much as 1t is worth to-day.
Northerly corner of Townsend and Second
streets, 137 IS feet square. Lot assessed at
S22, 500. Is not worth to-day over $40, 900, as
shown above.
southeast line of Market street, 81 "A north
east OF Fremont, northeast 81 :4x137 IS. Build
ing and lot assessed at $4,000. This is as
much as the property would bring to-day.
North side of Pine street, 1874 west ofLeav-
enworth. west 81 by 1876. with the old Raj
ston, out-of-date dwelling; lot and dwelling
assessed at $3OIZoo would not to-day bring
over $50, 900.
Half-block, north side of Lombard street,
from DeVisadero to Broderick, 412 :6x275;
assessed at $4,000; can now be bought Tor
$4,000.
Southeast corner of Ellis and Mason streets,
east 87:6x100, with building; assessed at
S95, $40: was sold for $130.000.
East side of Montgomery street, :6 north
of California, north 24:4x97:6; was sold
about eight months ago for $50, 900 10 the ad-
joining owner; assessed at 500, $50; would not
to-day sell to the general public for over $685.
600.
Northwest corner of Broadway and Davis
Streets 59-vara lot; half-interest sold lately at
execuioI's sale for $1S054; the property is as
sessed at $35, $40.
Middle 5O-vara south side Flbert street, be-
tween Scott and Devisadero, part CT ii Q10 |
fee lately sold at 1886 foot. Assessed at $39
a foot The part sold was sold 10 the adjoln-
ing owner, or it would not have brought this
price.