Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-08-21

board feels safe in saying that high-class
residences. taken whole, are as
sessed at a higher rate than the small
homes. There Is practically no market
| for the very high-claSs houses, and the
| worth of such property is we'll known in
a publication by Richard Hunt of New
York on Principles of Land Values.
Concerning the statement that suburban
areas of large extent are assessed at 20
per cent of their full value. ! submit a few
examples of worth of high-class property.
| The Eastern Park of the = ubbard tract,
north of Woodley road, was lately sold at
| S., 600 an acre. The basis of assessment
was 500 an acre.
Mclean Tract.
| Great stress is laid on the assessment
of the Mclean tract on Wisconsin avenue
with the intimation that the tract is
| worth 10000 an acre. Nevertheless the
Nourse property, directly opposite. which
has a beautiful situation and is we'll
adapted to a large suburban home. is
offered at less than 5000 an acre With
| out any takers.
Attention is also invited to the fact
that property along Connecticut ave
nue. is now assessed at about ten times
the amount of the assessment fifteen
years ago. although there has been no
/ such raise in values during that time
/ 1t Is DelleEeQ the present assessment IL
| correct. although the assessors have
/ very few sales to guide them in that
| locality.
| There are certain books used by the
board of assessors known as field books.
| They are kept in pencil. are subject to
| erasure and various additions. but in
| order to provide against error or change.
| two copies are made by a clerk to the
/ board of assistant assessors, these copies
/ being in ink
Discussed by Business Men.
| In business and realty circles of the city
opinion is divided regarding the report
made yesterday by Representative Henry
| George. jr. of New York on the assess
ment of property in the District Many
prominent business men and realty DrOk-
erS believe there are many good points 10
| the report. None could be found. however.
| that agrees with 1t in its entirety Many
of the recommendations made in the re-
| port are excellent, they say. while others
are dangerous and unjust.
| While they believe that many pieces of
| property are not properly assessed the
| business men of the city maintain that
such cases are due to errors or misjudg-
ment and not to discrimination in favor
| of the wealthy. as charged by MI.
| George They declare that. taken as a
whole the assessment figures compiled
4 by the District assessor more ac-
curate than those stated by Mr.. George.
| One recommendation of the report on
which opinion differs greatly is that per-
tanning to the number of assessors.
| Many business men maintain that the
board of assessors, who now number
| three, should not be changed, while
others feel that more accurate assess
ments could be made if there We're five
| times that number.
Regarded as Ubiquitous.
The report is Ubiquitous from start to
| finish. The information in ii is mis-
| leading. In these certain terms Jesse
| l.. Heiskell. real estate broker, expressed
| his opinion in regard to the report of
1 Representative George.
| There is question: said Hr. HeiS-
kell, but that many of the assessments
| of the valuation of property In the
| District. as made by the assessors Of
| fice are far from being accurate, but. on
| the other hand. the assessors figures
are far nearer being accurate than those
OF the George committee. l do not
know where the committee got it's in
| formation. but the report appears to be
| the result of the work of number of
| theorists.
/ Men who make it business of loan
| ing money on real estate are in "a position
| To put a value on property. These men
i flgure out as exact as possible the value
| of property, and lend the money or the
value of the property alone. without re-
| gard to the standing of the borrower
! The value of business property can be
determined by the amount of revenue it
/ brings in.
| NO property has permanent value I'M
| less 1t is productive Some residential
values are the result of the fashionable
! fantastic or capricious ideas of the ultra
rich. The owners of the property often
make il valuable but in such cases the
values are not at all stable. would
1 be found if the homes of many wealthy
residents were put on the market for
| sale.
/ THE high values of some of the homes
| are due to q popularity of location or to
| some fancy of the owner. Some men will
pay high prices simply because they want
a certain piece of property. Much of the
assessed, which is due to fancy buyers
who discount the future. / do not wish
ut to be inferred that l think the work of
| the assessors perfect. but it is SO much
nearer accurate than that of the commit
| tee that there can be no comparison"
MAN, Points Disapproved.
/ There are many points about the re-
| port that / favor, but on the other hand
/ disagree with many Of the recommended
i tions of the committee" said John Joy
/ Edson president of the Washington Loan
| and Trust Company.
| In the first place l believe the men,
bershp of the board of assessors should
| not be increased, as | believe three men
will be able to arrive at fairer assess
| ments than twelve men, / disagree with
the recommendation that the assessments
should be made every year instead Of
/ every three years. / believe there should
be no set rule in such matters. Assess
ment should be made whenever existing
The board should always stand ready 20
increase or decrease assessments.