Spirit of the age. [volume] (Woodstock, Vt.) 1845-1913, 1898-07-16
REAL ESTATE APPRAISAL.

In the Standard of July 18th APP
/ pears an article signed ID. q. Spaul-
DING, chairman of the Board of Lis
tiers, sustaining and attempting to
justify the extraordinary appraisal OF
real estate in the village of Wood
stock. He does not state the rule Of
appraisal upon which they acted to
Tx the value of real estate and APP
portion 1t among the taxpayers.
The object Of the appraisal is to
cqualize taxation. Their late APP
praisal is in many cases too high
and unequal. Most Of the dwelling
houses in the village are occupied
by their owners, and in many cases
by widows. These houses are not
for sale; but if they were to be rent
ed, what rent would they bring:
There is no business III the village
by which 4 person can pay tor Il
dwelling house as rent more than
from 500 to $Ioo; very difficult to
get the latter figure. Houses should
be called 5 per cent to tho owner
over taxes, insurance and repairs.
A house worth $1,000 should be
rented for $Ioo. Most of the
houses occupied by tenants are rent
ed for less than that and for all the
tenants can afford to pay. There is
no demand for rent of houses worth
from $500 to $1,000, and no bust
ness in the village can afford to pay
fair rent for such houses. If the
houses were for sale they would
probably not bring over the above
figures There is no demand for
high-priced houses; occasionally if
man wants house in particular
locality he will pay more than it is
worth, but this is not a rule to act
upon.
The appraisal of business places
should be governed by the same
rule.
Mr.. Spaulding has taken pantlc-
ular pains to state about my block.
| am glad he has, as the whole facts
will show fully the wrong and in
justice of the list.
Mr.. Fairbanks purchased the lots
of Gilman Henry in 1872, when real
estate was on its top wave. He had
an cxtravagant idea about the value
of corner lots, and paid more than
the lots were regarded worth at the
time. He put up the building, but
before it was finished mortgaged to
Edward Dana. They went upon
the mortgages to Mr.. Dana, at a
loss of over $4,000 to MIR. Fair
banks, and Mr.. Dana's estate lost
over $4,000 on the block. Much of
the time since owned the block the
second story has not been occupied.
! have had to fix up the other parts
OF the block in order to rent. Have
had difficulty III getting 5 per cent
on the costs and pay taxes, insnr-
ance and repairs.
But what has the original cost OF
this block IN 1872 to do with the
present value: Does MIR. Spauld-
ing intend to put up the value OF
real estate in the village so that the
owners will come out as Mr.. FAIR
banks and Mr.. Dana did: If any
farms are too high, put them down,
but do not ruin the village by put
ting the value OF real estate so high
that no man will dare come here to
buy or rent real estate.
He says nothing about the APP
praisal being unequal. Why should
Mr.. Whitcomb's new block he val
ued $500 less than my old block,
when he can permanently rent it for
third more than can, and when
my second story is vacant, for twice
as much9
do not think the business men of
the village are doing rs well as four
years ago. is it advantageous to the
farmers that they should be driven
out of business, as one has recently
W. &. +.