New-York tribune., 1903-01-20
4 TEST OF ASSESSMENT.

Ii may perhaps be profitable for the people
of this ctg 10 turn from the sort Of criticism OF
the new assessments which has generally been
violent IN proportion TO its lack of instruction
to the study of calm statement of the charac-
Ter of the work done. "The Record and Guide,
which is the real estate specialists journal, and
has 10 pcltical cause to advocate and no preJu-
dices except such as may be inherent in It's de-
votinn to real estate distinguished from
other property interests. has been making
careful examination of the valuations Of vari-
Gus classes Of real estate. 1t is by no means
fndiscriminate in praise Of the work done by
the assessors. 1t has no belief in the special
virtue Of approximating q 100 per cent assess
r1ent. and thinks the change merely one of
policy. justifable only because Of the necessity
for larger margin Of debt for public improve
ments The plan is to be considered good SO
far as il really equalizes values.
The Record and Guide frankly criticises
many specific valuations as unjust, and urges
that they be corrected, saying that, while II
fully appreciates the enormous difficulties OF
tbe task confronting the assessors, it can see
no excuse for such mistakes as the assessment
of pieces OF property at 130 and 1876 per cent of
their actual value. Such mistakes Of overvalu-
alton can. of course, be corrected at hearing
this year. and if the actual values are as quoted
1hey doubtless VIII DE. Alter dhOh-
snce for these defects The Record and Guide
oounends the general fairness of the assess
rnen+ pointing out that the largest increase is
in speculative properties, which have advanced
in value far beyond their old assessments. The
great body Of small property owners will, IL be-
Ijeves be benefited. As the result of exanina-
ron Of large number Of typical properties, 1t
reaches the following conclusion:
In the cases considered the assessments of last
year averaged 90 per cent Of the value for
tenement houses, 63 per cent for residences, 63
Der cent for the business property. 45 per cent
for +he property round about the centres OF
specuIation. and % per cent for the vacant
parcels The corresponding percentages for the
new provisional assessment are % per cent for
about "a per cent for business property. 81 per
cent for the parcels in the speculative districts,
and I07 per for the vacant lots In both
wears the highest percentages occur In the
vacant lots; and the discrepancy is so consid-
era BILE that Il looks il the cases which have
been selected are for some accidental reason
not entirely representative. for IL is obvious
that in several important instances the value
Of the property has advanced since the sale
from which the value is taken was consunl-
mated. The vacant property apart, it will be
seen that the percentages of the new assessed
valuation 70 the selling valuation in the differ
ent classes of properly vary only between 81
and 95 per cent whereas the corresponding
per cent from which facts two inferences may
fairly be drawn. One is that, individual cases
apart the new assessment averages about ten
elevenths of the selling value of the property,
and the Other is that speaking generally, the
most glaring Inequality Of the former list has
been removed
Apparently the assessors, IN trying 10 keep up