The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-06-26
TAX RATE TO BE- CUT 81 CENTS
WILL NOT BE MORE THAN $40
ON 500, AGAINST S2.27.

The Higher Valuation Of Real Estate
Accounts for Most Of This. Tax on
Personality and Transfer o. Sinking
Fund Surplus Income for the Rest
The tax rate to be levied next month, II
was learned yesterday will not be more
than $40 on 500, a cut Of 81 cents from
last year. The Tax Commissioners have
finished their work on this years books,
and the results are better than was ex-
pected. The amounts held this year for
taxation on both personal and real property
show great increases over last year.
Last year the final assessments for per-
eonal property amounted to 3525 900 900,
while the figures this year are So7s 900 900,
or an increase of $l53, 600, 900. The as
sessed value OF last year was t3 $40 900 O00
This year 1t will be N,7sO, oOo, 900, an
increase Of $l,4oO.0oo.o0o.
The latter increase Is due, Of course, to
the policy adopted by the present admin
istration OF assessing property at its full
market value. When this departure was
dete rmined upon 1t was computed that the
tax rate would be brought down to 100, as
opposed to last years rate OF 2.27. The
transfer Of Is, 500 900 surplus income Of the
sinking fund to the general fund reduced
the estimates made by Comptroller sGrout
and the Tax Commissioners Of the probable
rate for 1908 to 1.42, but now 1t appears that
this was not low enough.
At the Tax Department It was said yes
terday that the Commissioners, when they
began their task Of revising the personal
assessments, did not expect to hold more
than $500, 900 900. OF the increase over
last year more than 3l25 900 900 comes
from Manhattan and The Bronx. In Rich
mond there has been a small falling of
Queens remains about the same, while the
rest of the increase has been made up In
Brooklyn.
The tentative assessments made on real
property at the beginning OF the year
amounted to A,75e. OOO, 900 and all Of this,
except about $4,000, 900, has been retained
on the books,
Commissioner strassbourger. in COM
menting yesterday on these results, said
that the gratifying increase in the per-
sonal assessments was largely due to the
fact that people who objected to paying
a levy OF 227 had shown willingness to
pay on a rate which they were informed
would be less than $50. While 4 long step
ing about a fair and equitable. system Of
taxation, yet an absolutely Just basis could
not be brought about for two or three
years
SPY that time he said, IL the policy we
have begun ia continued. there will be in
operation perfect system Of tax assessing
that will prevent the inequalities so much
complained Of in the past. The only people
who will be hurt by. the new policy will be
those people who, by pulls and other in
fuences managed to have their property
valued at an absurdly low figure. The
people who paid on 90 or 10 per cent. OF the
value, Of their holdings will have to pay
less this year than last"
BY putting up the real estate valuations
OF the city the municipality next month
will have its debt borrowing margin ex.
banded to about $4,000, 900. The bond
issues asked for by heads Of departments
amount to about $40 900 900, but not more
than $50 900 900 will be granted, so that
there will be a balance left to the city OF
public improvements which are contem-
plated by the present administration.