The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-08-30
THE REAL ESTATE MARKET.
NEW TAN ASSESSMENT ROLL Pun
LISHED BY THE CITY.

Marry II. Kutner Buys q Plot, OF Five Lots
ON Seventeenth street Near Eighth
Ayenue-New Five story Efreproof
Apartment House Changes Ownership
The annual record OF the assessed valua
ton OF real estate in New York city 1as.
according TO Law, been published by the
Citu Record since lsG4.} Ii is contained in
forty-six numbers, which are, sold at 70
cents each. The eight numbers covering
Manhattan appeared last week. The num-
bers for the other b~oroughs, except Brook
lyn, have since been issued. These for
Brooklyn will be published In a few days.
The record Is the revised assessment roll,
confirmed in July, and comprises the assess-
ments on which taxes will be Paid this fall.
The valuatioIs placed en- rites and on build
ines are stated separately. -
The law Of 1908, which called for the
separation Of the assessments on land and
ON improvements. and which provided for
the publication Of the aesesement roll, was
adopted with q view TO reducing the system
Of real estate taxation as far as possible to
a scientific basis. Property owners can
now follow the FORK Of the Tax Department
with intelligence. and it is said tina the
many elaring inequalities Of taxation which
were formerly complained OF nave largely
disappeared.
ME inequalities that are now noted
are not generally open to the suspicion
OF fraud. They are not as a rule discreP-
apcies between Individual parcels IN the
same ,neighborhood, but differences be-
tween the levels Of valuation prevailing
in district localities. Thus the assess
ments in speculative sections are gen.
orally much lower, compared with market
values, than the assessments in non-speou-
latiye sections. ~, l,-
This difference may bs explained on
hhe theory that the Tax Department does
not regard current speculative prices as
permanent and that u r. 70
after a reaction has set In. Assuming
nat this explanation is correct, the equi-
tablenees Of the policy which IL implies
NAV we'll be Questioned II y certainly
unfair to make investment owners con-
which when ACCOMPANIED by extensive
building dspreciate older improvements.
The law requires that, all property shall
be assessed at its full market value. There
Is Of course room for 2 good deal OF latitude
be fhe price which property would bring att
private sale or II may be the prizes that
would be realized al auction. AZ present
Il Ia almost impossible 70 get q line on private
ale prices, as few deeds, except deeds
affecting property sold by ordero court,
express tho consideration Involved For
tbs reason, II for no other, the TaxNDepart-
ment would be justified N accepting auction
prices as a criterion. aR,
It is evident, however. that Current tax
assessments fell below market value
even il this Ia interpreted 10 mean auction
prices. The Record and Guide. In publish
ing the deeds filed in the Registers Office
quotes both the price named In, the con-
veyanoe and the taI' assessment. SO far
this wear i6,a72 conyeyanoes have Keen
recorded, OF which onR ss2 stated the price
paid. These we're almost exclusively deeds
TO property that had been cold In the auction
which they indicate "A SS00ooJoo 100, while the
aggregate tax valuation op the property
Evidently tax assessments are TAT from
representing market value,y whatever tho
Interpretation placed on that term, Under
valuation, however, W6rkbl no injustice,
provided IL Is uniform. and Ia no doubt
regarded in many quarters - an equitable
offset against tho loN. ssaeesrnents pre-
vailina il other parts Of the State But II
apparently leaves room for much Inequality
Of taxation In the city, 2 cohditiSn which
taxpayers can remedy only by Insisting on
q literal compliance with the law.