The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-06-04
FIRST TAX SALE IN II YEARS.
Well Known Individuals and Concerns In
Debt 70 the CITY.


The tax sale on June Il will be the frst
Of its kind to be held by the city In seven
teen years. The law says that such sales
shall be held every thirteen years. the
theory being that with the penalty OF Z
per cent. a year added for delinquency
taxes double In that time, and 1t Is not
prudent or businesslike to extend credit
beyond that period. 1t Is customary
however. to adjourn these sales from time
to time. "a happened in the present case.
The property that will be offered at the
coming sale Is confined exclusively to the
borough Of Manhattan. It comprises every
parcel on which taxes or water rent 10 un-
paid from 1885 to 1901 inclusive. 1t also
embraces the property Of all public service
corporations which have not paid the fran
ohise tax for 1900, the year In which the
law went into effect, and 1901.
This item alone mounts UP into the mil
lions. 1t ID thought, however. that the
corporations will settle before the day Of
the sale rather than have their property
tied up by such proceeding which would
tail the payment Of heavy fees and might
result In endless litigation.
Some Of the most valuable and best
paying property in the city is included in
the advertisement of tho sale and tho
owners are among the richest citizens.
est ates and corporations In New York.
Among them are the Broadway Realty
Company, St. Peters Church in Barclay
street, the Gould Hoyt estate, the New
York Steam Heating Company. j. c. Bre-
wort. the John Petit Realty Company,
P. Lorillard estate, William Rhinelander
Cosmopolitan Hotel, st. Andrews par
sonage, ex Mayor Smith Ely, William B.
Aston estate, C. V. S. Roosevelt, Dry Dock
Rolling Mill, the New York Historical So
ciety, old st. Marks Church, J. q. X. Law
renee. j. B. Ireland. Cooper Union, the
Protestant Episcopal Church house in
Lafayette place. Courtlapdt Palmer estate,
the Grosvenor apart ment hotel, j. j. Coogan.
Goelet estate. the Salvation Army, A. T..
Van Cortland, the New York Central and
West Shore railroads, the General Theo-
10 gical Seminary. Robert A. Chesebrough,
John c. Sheehan. st. Mary's Hospit al.
the Mort hwestern Dispensary, the Asylum
for the Blind, c. W. Vanderbilt, A. B. Ham
ersley, the Spingler estate. the New York
Hospital. l.. l.. Delafleld, Samuel d. Coy
kendall. George c. Boldt, John M. Dodge,
G. w. Pell St. Leo's Church, the Union
Square Hotel, the Madison Square Church
House. Church Of the Epiphany, the Lying
In Hospital, c. E. Rector, Church Of st.
Mary the Virgin, E. c. Benedict, J. W. de
Peyster, Roosevelt Hospital. Phelps, Dodge
4 Co., the Hoffman Arns apartment house,
Il sbSar T. T. !G e crmmns Caroline w Asel
Sohermerhorn estate, the William Rhine
lander estate, 8. NJ. Milliken, the j. j. Aston
estate and James Everard.
Against some Of the property the charges
are insignificant, but In many instances
the amount due from individuals and
is large. The largest amount due from
q single person or Institution is the charge
against the Lenox Library.
This institution owes in the neighborhood
Of $500 900 for taxes exclusive Of the interest,
as much again The library, being q public
institution, has endeavored to have a bill
paused by the Legislature exempting it
from taxation. but thus far 1t has not been
successful. 1t is said that failure OF
individuals have some kind Of shadowy
claim to an equity in the vacant property
to rear Of the library.
.There arc many reasons why taxes are
allowed to fall into arrears,' said an official
Of the Bureau for tho Collection OF Asses 9,
course, it is due to lack OF funds on the part
Of the owners.
THE man may be land poor-that is he
may be carrying more real estate than he
is able to take care Of. The Interest on the
out But he can let his taxes run from year
to year without troubling his head much
about them.
4But in the case Of rich individuals,
estates and corporations It is different
ontI h4a HHA
trustee for the property puts the money
in his owprpocket. You see. we send out no
notices or bills for taxes on real estate, and
people for whom property is held IN trust
may be in blissful ignorance that the city
has got claim against them.
wish to improve property under his care.
The courts as rule won't let him borrow
the necessary cash, 80 instead of paying
taxes he uses the money in improving the
property. He has to pay the city per
cent. a year for it's use, but he may be able
to make 100 per cent. by using 1t for i'm
proyements.
Then it may happen that man is DESTROYS
of selling some o. his holdings. but before
he can do so he must make certain i'm
provements. Instead Of putting a mort
gage. on the property he uses the money
This is simple way Of ra ising loan.
and it leaves the property without appar-
ent incumbrance. 1t also saves the neces-
sity Of scar ching the title and the expense
Of drawing and recording q mortgage.
When the property Is sold the former
owner can Immediately discharge the obi
CATION without going through any other
than paying us the cash for the
ia xes plus the penalty.
1T also happens often that certain prop
erty is offered for sale by us because the
tenant has failed to pay the taxes or water
rents, or both. as agreed when the lease is
made. In practically an these cases the
owners are not aware that there are char ges
Of this kind against the property
Since the announcement OF the sale many
owners who were In arrears have paid up.
to gether with per cent. interest and their
share OF the cost Of advertis-
ing. When the sale is held the city will
be found to be the purchaser Of
pra ctically every holding offered.
This does not mean that the municipality
will Ike title to the property, but will bid
it in pending a settlement OF the claims.
bought outright at these sales. 1t is knocked
down to the bidder. Offering 70 take It Tor
the least number Of years. The successful
bidder has to pay all the char ges.
The owner then has the right to redeem
the property within two years by paying
the buyer what he spent on 1t, plus IL per
cent. interest II the property il redeemed
the day after the sale the owner must pay
the interest for two years at the rate OF
per cent. Just the same. At the end OF two
years the owner still has ak months grace,
in which time he may redeem his prop