New-York tribune., 1903-01-18
THE WEEK IN REALTY.
Much Senseless Criticism Of Assess
ment ReTiSOn.

L would appear from the transactions reported
last week negotiations for the sale improve
ment of some OF the largest choice parcels on Man.
haitian Island. which to colloquial term,
have hanging fire for long time. have either
been abandoned they have encountered some OBJ
stacles. Like the preceding week there were some
big deals made public, but with several exceptions
they did not indicate any interesting movements
A number of real estate tried to give plausi-
bic reason for the apparent dulness in transac-
tions affecting what known the most
valuable and largest properties by expressing
opinion that work most of the large negotia-
tons had been postponed until the assessment lists
had been carefully examined and the feeling Of the
market the full assessment plan could be ascer-
tanned. Beyond comprehension are the ways of
many men! Every real estate broker, operator or
agent with average amount of gray matter
knows that the law on the subject of taxation is
written that its meaning cannot be miscon-
strued
II has been law for many years 1t says that
properties must be taxed for their value. Not for
30 per cent of their value 70 per cent of their
value. but their value which is he probable price
that the property would bring in the open market.
BY the carrying of this law. real estate experts
have said time and time again to Tribune re-
porter that the day when there would be as per
feet assessment lists as human minds could make
them would be nearer at hand Some of these
perts asked t. express these views over again
last week. brt though they have long been known
the strongest supporters of the full assessment
plan of them would say anything in favor
of the plan What caused them to make such
quick right about face is unknown. 1t is said that
they will once more be found vehemently support
ing the plans in the near future. None of the real
estate question for moment that millions
made each year from realty investments on
Manhattan Island, The Bronx Brooklyn. Queens
and Richmond. Each year large sums of money
are spent by the city in protecting this property
and in beautifyng the city. All this according to
realty experts. attracts the man of small large
means TO invest in realty here
If the city does much for land owners. is it
not fair for the land to give to the city
just compensation for what il does for him? When
the city laid aside that magnificent tract of land,
Central Park for park. who benefited most
by this action. the owners of adjoining property
the city. from a real estate point of view? These
are questions which real estate students have
tried to answer in a satisfactory way. And how
much money placed in the strong boxes of
owners of property in the Riverside Drive section
by the building of that great drive? 1t seems that
the majority of real estate men are born kickers-
No mule from the Blue Grass region kick
effectively, figuratively speaking. than large
number of brokers who are familiar figures at the
auction rooms in the Trinity Building, No. Ill
Broadway.
Ask these same brokers If they have heard of any
good. sales having been made rumors of big deals
pending. and they likely to assume a detected
air as If the backbone of the real estate market
had snapped i'll two. Visit these brokers with
large roll of money and whisper TO them that you
thinking of investing There will be gloomy
lines their faces. They will not speak with
voice that would end In minstrel
show TO cease to laugh and 10 begin TO weep. No.
they will picture the real estate situation in the
glowing terms; they will emphatically say
that the full assessment plan IS an equitable plan;
that if any owner is called upon pay higher
assessment his property than the value of the
property he can get redress by going the Tax
Department and showing how his property has
been overvalued. Under the old method of as
sessing property, If property owner asked to
pay taxes 90 per cent valuation of his prop
ertv while OF adjoining parcel of
similar type had his property assessed at 60 per
cent of its valuation. the law did give the for
mer property owner the right to ask that the as
sessed valuation OF his property be reduced
So far as known, real estate expected to
have the first assessment under the order of
things perfect. No sane broker expects that
the assessment rolls will be satisfactory all
PAYERS. But it Is a fact which cannot be proved
now that many of the leaders in real estate sin
cerely think that the Tax Department in carrying
out the law relating to taxes has taken a step
which viii be beneficial to the majority Of the
owners OF realty.
The carrying out of this law its letter will IN
douhtedly be severely felt by many persons who
have connected themselves with too large prop
critics The attractions Of the real estate market
to many persons are so overpowering that their
Judgment is dwarfed and they buy properties val
nod at MANY thousand dollars on capital of a few,
Every disturbance in the realty market is severely
felt by the investor, and II he survives two
neriods of depression he is indeed fortunate. The
wise investor always thinks when purchasing about
stormy 1aVs. and If ne encounters such times he
Is prepared to meet them. Soon after the assess
ment rolls were opened TO the pubic II was learned
we're likely cause the owners of those properties
Ia offer the parcels for sale Under the old methods
they had Just been barely able tn carry the prop
critics: now the properties were too expensive for
their purse
The Real Estate Record and Guide" Of January
II saws in part regarding the assessment revision:
During the early part OF the last week transac-