Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1906-11-09
WATERST.VALUES
G. E. hoxie Submits List
To the Commissioners.
Valuations Do Not Vary Mate
rally from the Assessors.
Discrimination Of c. 4. MesseI
Occupies Forenoon.


llg prices at the Edwards tax
amlent hearing. Nearly the entire
Of c. was devoted to the cross-eX-
Co. TIL, and redirect examination
opinion tsser of the Messer-Perley
for lots foiss stated that in his
residential seS little actual demand
told that peopling purposes in the
over into houses,t the city. When
there were few whGai altering STABLES
buy lots to build on. l 'hought ina
! In the opinion of the \, wanted 70
street being almost entl.
property, tended to reduce in DiI.e
the value OF home properties a.
,ehded TO reduce in a measui =,
value of home property as the loca,
approached the street.
he was asked what he con
sldered the market was for home
costing over $3O0O, and replied that
was very small. such property move
slowly.
On cross-examination the witnes
was asked concerning the condition
surrounding specific properties in ;
large measure He showed quite a gen
eral knowledge Of property about tn
city during this examination.
In conclusion Mr.. Messer stated tina
ms relations with the petitionins cor
poratlon We're of the friendliest char
acter and that he had worked for AM
voted for the fixed valuation when !,
was agitated.
w. Frank Herrick, coachman who
mas been a resident of Augusta during
me past 10 years, testified that he own.
ca d place at 10 Green street which he
bought three years ago last June and
Tor which he gave $3.50 Since it came
INTO his possession he has paid out S4Nj
IN repairs. One portion of the house
rented for S. per month. Mr.. Herrick
occupies the other part, but he sail
that he did not consider il worth az
much as the part that is occupied by the
tenant. 1t is assessed for $1,000.
e. r. HoXie, contractor and builder
was the next witness. He has been
resident of the city for the past 20
years and during his business career
has remodelled or built nearly every
ou'lolng on Water street During the
past few years he has remodelied the
frantic Bank building, Sherburne
\ Dailey's, Russell & WestOns and the
tones block. the Quimby block and 9TH
RS. He is now at work on the block
N the corner of Winthrop and Water
streets. that Is to be entirely remodel
ed inside. He has also had charge
Il the repairs for the Augusta Real
1State Association. In connection with
he business for the association he has
ecently made up listof all the prop
rty IN their hands, valued it and
earned what the net income was
The property on Water street is
irgely investment property, that is.
Is occupied by tenants and upon the
ass Of what these tenants paid in
ents, Mr. Hoxie's valuations were
lade. He said that he took into con-
Iteration what the owners could earn
nth their money, when it was invest
i in this property.
As Mr.. Hoxie went over his list, he
ehnarked on the conditions about the
ulldlngs and their availability as
lrning units. The Augusta steam
undry lot, he said, was a very expen-
We site to erect building upon. ow-
S to the position and the contour of |
lie land. Concerning the Maine Farm
building, upon which he placed a
ilue of $4,000. he said that even if
le building had cost from $4,000 to |
900 more, he should not consider it |
orth any more, for that extra money
as expended in fitting the building
i 4 special purpose which might or
lght not be valuable in case the
Hiding was occupied by other ten +,
It's.
AS an investment. owners Of Water I
rect property, in his opinion, ought
get a gross income Of II per cent. :
order to get a net income of from ]
% per cent. Against the gross in !
me he would charge 25 per cent T
: taxes. l per cent for insurance, Is
: repairs, l per cent. for depreciation |
d per cent. for the collection of
ltS. Many of the owners of property
Water street find that with a gross
ONE of IL per cent. they get but a
cent net. The Augusta Real Es-
e Association holds about $4,000
nth of property along the street and
h gross of 10 per cent, realize e;
per cent. Ii
he cross-eXamination Of the witness ii
$ conducted by Attorney Baker. 1t Il
1t largely with specific instances Ial
the witness was asked the actual lie,
tails of a number of blocks These pl
said. that he could not give. He sc
) asked whether in his opinion, prop
r along Water street had increased tn
in value in the past 10 tn
rs. He replied that he did not think Il
it had done either to any great | ga
ant. The cross-eXamination had not | so
n concluded when court adjourned De
IL 10 o'clock this morning.
r. Hoxie's valuations follow: ,ot
TER STREET, WEST SIDE. BE- la.
INNING AT RAILROAD PRIncE Ila.