The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1912-01-26
TRUE VALUE BILL
STRONGLY ENDORSED
BEFORE committee
Advocates q Measure Sub
nit Reasons for Its
Adoption.
(continued a.Mm First Page.l

Continued GMm First Page.)
fAirer assessment VI property in the
District.
He declared that, under existing con.
ditions. the rich property owners are
being taxed only on a small percentage
of the value of their property, while
the poor are paying taxes. on from 70
to 15O per cent Of the value. The law
would lead to honest and equitable as.
sessment of property in the District, he
concluded.
Congressman Redfield of New York
interrupted Mr.. Monohan to say he had
New York and that in every case thu
values of property under discussion
were traced back for ten years by the
prices Of transfer Of adjacent property
custom Of stating true consideration,
had been followed, and had been a grea,
assistance In aiding the condemnation
proceedings. He said the question. Of
not stating true considerations hat
never been raised. and wondered VIII,
II should be here.
Congressman johnson read a letter
addressed to Congressman Henry
Purdy, president of the board Of taxes
ana assessments OF New York, who, Mr.
George wrote and Mr.. Redfeld said. Is
The highest authority on municipal tax,
States. Mr.. Redfield added he had beer
retained by successive opposite politi.
cal Administrations because of his
ability and knowledge.
Of Immense Value.
II believe this bill will accomplish
the results desired" wrote Mr.. Purdy
1t will be of immense value to other
parts Of the country to have that sort
of q bill enacted IN the District of CO.
iumbia-'' --
Mr.. Purdy inclosed a letter from
james L. Wells. former president Of the
Department of Taxation and Assess
ment of New York city. and now re-
ferred to as leading real estate brok-
er and appraiser of the borough Of the
Bronx. which Mr.. Johnson also read
The letter dealt with similar bill IN
the New York Legislature.
1T Ia my opinion, as property own
er and q real estate broker, auctioneer
and appraiser in active business for the
that the enactment of your bill viii
be decidedly advantageous to real es-
tate interests generally. 1t will not, in
my opinion, impose an additional bur-
den upon that kind of property, but, On
your bill viii restore the old and
honest method Of naming the true con-
sideration in conveyances. 1t will tend
to stop dishonest practices Of inserting
inflated prices In deeds for the purpose
creating fictitious bookkeeping assets.
and misleading purchasers of real es-
tate and loanors on bonds and mort
'It win restore confidence in real es-
tate transactions, stimulate invest
ments, and promote reliable building
operations. Ignorance and uncertainty
regarding true values OF real property.
ers. and from having confidence in it
Mr.. Browne followed and told the
committee he had lived in the Dis
than $4,000 in rent in that time. He
said the bill was good as far as 1t
goes, but suggested an amendment
De included requiring the Recorder
classification periodically OF the va
rious classes of deeds filed. in order
that Information about property
might be had.
Steadying Tendency.
He declared the bill would have a
steadying tendency upon values. He
admitted that houses sold to small
home buyers are usually sold on small
margins of profit to the builders, but
that the values of the ground upon
which they are built Is overestimated.
Inc true Value OF the mouse and lot,
he declared, is brought out when
these houses are sold at auction after
foreclosure proceedings j..
III brokers are willing to give In
formation as to values from their books,
a. they say" he said, II can't see why
they object to this BILL
Aie commended for full publicity In
very transaction in which the Govern
Mr.. Browne told Of conditions in Ger
many. and England, and at the request
Of members of the committee agreed to
Give the committee full written infor-
nation