The Washington times., 1911-12-02
BROKERS DISCUSS
PLAN TO GIVE TRUE
CONSIDERATIONS
Proposal Advanced to Make
Il Assessments More
az Equitable.
By GEORGE H. GALL.

Whether or not to give true considera-
tions In real estate transactions has
been discussed recently in connection
With the proposed change from trien-
NAL to annual assessments Of real
Real estate men are by no means a
unit on the proposition. but many of
ohem agree that II these considera atoms
were given to the assessors az q pri-
vate record upon which to base assess
ments, the result would naturally be
within short time a more accurate
exists under present conditions OF ap-
II q law were enacted, II is pointed out,
requiring affidSvits containing the true
ofa SR in ssty sny
for the private information and gui-
dance OF the assessors, the whole realty
structure would be placed on f1rmer
confidence in realty investments.
The Present Difficulty.
As It is now, assessors have to rely in
many instances upon Information which
u no more than hearsay, and not in
frequently on fictitious values which
work an injury on neighboring property,
- their influence Is such as to direct
the making of assessments more often
unfair than not.
At tax conference in Utica, N. T.,
this year, an agreement was reached to
support q bill introduced in the. State
assembly and senate. which had in view
sns. e Of an w ssas dsfa Of the exss
price at which the property was sold
which affidavit was to be forwarded to
the tax department as a private record
This was the only one Of ten bills
isiisd but nsended asain to ~arse nrse
its adoption at q conference of various
matters. which will probably occur in
Such an Innovation, after years of
real estate trading in secrecy, 1t is felt,
would naturally arouse opposition, but
many fair-minded realty men are OF the
opinion that eventually 1t would work
for the greatest good of real estate, as
the placing Of property on a standard
and dissolve much of the fear q pur-
chaser has when buying property who
gropes in the dark, upIess thoroughly
paying an excessive price.
- It is argued by those who favor ex-
pressing true values that they may be
kept. not as a record for the public to
probe, but solely for guide in the
making Of assessments However, after
a few years. in which conveyances
would include true values, the ASSESS
ment maps of the District would form
q
which to determine the value Of given
- II IS contended by many realty men.
and more particularly SPECTATORS, that
property. as would eventually result at.
ter a perfod OF five or ten years of com.
pulsory Ming Of true values, would ruiz
as as the land maps Of the District % woaid
be so revised by that time that most
sections would nearly all represent the
true value for the public to see, even
though the affidavits are not possible
in the affidavits will be transmitted to
the public records But on the other
hand, there are those who contend that
with the cost price public matter, such
Information would tend to quicken real
estate trading, particularly with timid
investors, and all are considered timid
save the speculator, who takes chances
because It is his business and he is
capable of doing SO.
1t is also thought that brokers would
pront more under the change than under
the present system, because the ranks
q investors would increase more rap
!ion. However, that may be-, specula.
tors buy Of each other when times are
propitious, and just as large profit,
price they paS sysa sa weI
1t was their secret. Another argument
advanced in favor Of adopting the tru.
value bills 10 that much capital would
be attracted for investment IN real es
tate mortgages in the same manner
1 that the cost of stock and bond price.
determines the minds Of investors.
After Auction Sales.
Properties sold at auction, which ne
4 cessaidly places their cost price as
! PUBLIC record. have been sold subse
I Quently at private sale advantageously
N more than one occasion.
One difficulty in connection with max
I ing afhdayits its indicated by q we'll
known exchange operator. He show,
that In Washington many deals ar,
| purely trades of property, in whicl
| practically arbitrary values are place,
as basis et exchange. If. indeed, an!
| at al are cspsidered. Just how thii
could be overcNne is not clear. unless
simply the term of the trade We're Sc
I assessors. VIZ
On the whole. hoWSer, 1t is believed
that the true considsfStions viii conn
mend themselves eventihiin 20 hrot.ers So.s
investors. and speculatorsS alike.