Evening bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1895-1912, 1902-08-06
VALUES WERE S|FTED
OAHU COLLEGE PROPERTY
in TAX APPEAL COURT
CLAIM OF EXEMPTION OF Ole
PUNAHoU SCHOOL LOT COM.
BATEp - OTHER CASES
HEARD YESTERDAY.


ed before the Tax Appeal Court yester-
day. The appeal was that of the Oahu
College Trustees from assessment of
s233,1S0 instead of the returned val
uation of s65,O2O. The increase was
on the College Hills tract of town lots,
returned at SCI 900 and raised to sl64,-
900 by Assessor Pratt.
Percy NJ. Pond, real estate man for
II. Warehouse & Co, who for a time
was the agent of the property, was the
principal witness called by A. +. Judd.
who appeared for the trustees. Pond
testified that he considered the full
cash value of the unsold portions Of
the College Hills tract to be 100000. He
based his conclusions on the fact that
the unsold lots were the culls; the less
| desirable pieces. The prices brought
at the auction were remarkably good,
owing to the fact that the bidders were
wealthy men who had an interest in
| Oahu College. Among these he men
TONED p. c. Jones, II. p. Baldwin, j.
b. Anterior, ETC., some of whom were
now DESTROYS Of disposing Of the same
property. He admitted that the
scheduled prices set by the trustees
made the total of $4,000 but said this
figure was too high, as II could not be
obtained, unless the lots were sold
, singly. Even taken singly the lots
were not worth over $4,000 and il
purchased as whole by any syndicate
not one-half of that price could be
obtained. Other similar tracts held by
syndicates were costing as much as
sixteen per cent annually and at the
present outlook the College Hills tract
would remain unsold for FIVE years or
more. Pond said that he personally
would not undertake the sale for less
than ten per cent, which would leave
five per cent for his commission and Il
similar amount for advertising and
other expenses. Taking this into con-
sideration and also the cost of water,
taxes, a reasonable profit on the in
vestment, etc, he did not consider the
tract taken as a whole to be worth
set upon it, 100000.
Mr.. Pond said that his wife had pur-
chased lot q short time ago, at ten
! cents per foot, but she had to take It
because of other investments. The wa
ter works upon the land were not en-
tirely satisfactory and cost the college
$500 per year, but he had allowed 500
per acre for il. Without the water
the land could not be used as residence
lots. Speaking of other tracts Of land
the witness said that the Hawaiian
Board had been offered a tract of land
of 2ih acres at the crest Of Waialae
Ridge, Kaimuki for $4,000 by the
GearL Lansing syndicate but had refus-
ed 1t. This land was square and better
| located, and there was a guarantee OF
rapid transit. Besides the Hawaiian
| Board was very anxious to secure a
tract of land but would not pay such ar
amount.
L. c. Ables stated that, comparing
the lots still remaining with those al
ready sold, he did not believe the land
In the hands of the trustees was worth
twenty-five per cent less. This was the
general depreciation all over the city
on suburban property, though he d'd
not believe there had been such a de-
probation in the values Of city proper
ty, which is scarce and more desirable.
To sell the whole tract he thought
would be worth forty per cent, this in
addition to the twenty-five per cent
deduction already spoken Of. The hold
ing of the trustees at $4,000 he
thought was too high, and he did not
believe the value man puts upon his
land should be taken Off taxation pur-
poses, as II is not the market value.
The tax assessors claim was that
he is entitled to estimate the value OF
property for taxation purposes at the
figure set upon 1t by the owner.
An interesting question was raised
in regard to the college property At
Miller and Vineyard streets, which had
been returned for taxation at $500
and which had been increased to s4G.-
0G0. Professor French, principal OF
Punahou Preparatory School, testified
that the property had been used by the
school during the year. Property used
for educational purposes is exempt
from taxation under the statute. At
! torney Wilder for the assessor asked
that the court rule out all the evidence
given by Mr.. French on the ground
| that the college was not entitled to any
/ exemption, having failed to claim II In
the return to the assessor. He argued
that the return of the property at Sl920
was evidence that the trustees had not
| intended to claim the exemption, and
they could not make any deduction UNI
! less shown in the return. Mr.. Judd
claimed that the assessor could at any
time allow return to be amended. The
court reserved its decision until today
Regarding the Manoa pasture tract
OF land of 1876 acres, which had been
increased from $4,000 to $4,000 by the
assessor, there was evidence that the
land was steep, inaccessible and of no
value for cultivation, and worth little
for pasturage.
The Henry Smith case and one or
two other small appeals were also
heard.
Father-What? Fighting? Haven't
| told you If an enemy smite thee upon
one cheek you should turn the other to
! him