Newark evening star and Newark advertiser., 1912-12-18
4PRU' ASSESSMENT
IS CUT 100000
BYCOUNTY BOARD
Insurance. Co. Asked
for Reduction of
$l,243,95O.
PROPERTY VALUATION
INCREASED S245, 900
Several Complaints Regarding
Values Made by Secre-
tary J. A. MungIe.


The County Board of Taxation to-
day rendered decision that reduces
the Prudential Insurance Company's
tax assessment on property owned
by 1t in the block bounded by Broad
and Halsey, Market and Academy
streets by approximately 100000, and,
at the same time. received twenty
two complaints against alleged un-
er-assessment of property on the
east side of Broad street, between
Commerce and Mechanic streets. in
Guiding the National State Bank
building on the latter corner, and on
properly in Branford place, Clinton
street. Bank street and the north side
of Academy street.
Ihere is sure to be merry storm
OF protest over the attempt to make
such a widespread increase in land
values in the downtown section, and,
while no action may be taken this
year. it is believed that information
will be gained that will be of vast
value to the city assessors and that
VIII help them in making up the tax
rolls next spring. when the assess
ments for 1918 will be levied.
The reduction on the Prudential
property is less than one-sixth that
asked for by the company. They
asked for a decrease of 81, ,243, $50, and
get less than 100000. The city as
SCISSORS only increaed the Prudential
assessment $245, 600 this year over the
figure for 1912
Complaints by j. A. MunEIe.
The complaints are made by James
A. Mungle, secretary OF the County
Tax Board, and arise out of testi-
mony brought at the hearing of the
Prudential appeal last month, when
1t developed that property on the
cast side of Broad street directly op-
posite from the Prudential holdings
was in some instances assessed at
practically one-half of the foot 'front.'
age assessment of the Prudential
holdings
A similar decrease in foot frontage
value was brought out on all other
property in the vicinity of the Pru-
Dental, and 1t is for the purpose Of
determining what the real value of
land in the centre of the city is,
whether owned by the Prudential or
not, that the present complaints of
under assessment are made.
The County Tax Board will hold q
public hearing at the Court House
on Friday, December 81, in order to
give all interested parties a chance
to be present and be heard. 1t is
expected that there will be some
lively times at this hearing. as there
is a widely y-diyerging opinion among
real estate men and others familiar
with property values as to the rela-
tive values of property on the east
and west sides of Broad street within
two blocks either way of the Four
Corners.
All of the frontage on the west side
of Broad between Market and Acad-
emy streets is owned by the Pru-
Dental, while ten different owners
are represented in the holdings on
the east side between Market and
Commerce streets.
In reducing the Prudential assess
ment the County Tax Board took into
consideration only three sections of
the plot extending from 1877 Market
street, a full block on Broad and all
hut 20 feet on Bank street running
toward Halsey street. The property
at 1877 Market street had been as
sessed by the city at rate of $1l,OOO
per foot frontage on unit basis of
lots 25x10O in size. The County Tax
Board Topped $1,000 foot off this as
sessment, making a total reduction
of $4,000.
Reduction on Drug Store.
The next reduction made was on
the Holzhauer drug store corner, and
the three lots adjoining it on Broad |
street, Nos. 1877, 1856, 7S3 and 7S1 Broad |
street, respectively.
On the unit basis the city has as !
sessed this property at $4,000 per foot |
front, with an added valuation of so |
per cent. for the Holzhauer twenty |
foot plot, owing to it being cor
Iier property. The tax board made |
the assessment on the entire plot |
$4,000 a foot frontage. allowing the |
so per cent. increase for the corner to |
stand. This will result in approx |
mately $4,000 being taken off this as
sessment.
The city assessment of $4,000 a |
foot frontage on unit plan is allowed |
to stand for the property from 761 to |
77s Broad street, including the main |
building of the Prudential and the old |
Fidelity Trust building adjoining, but |
n change is made in the assessment |
of property abutting in Bank street, |
where the city assessment had |
ranged from $4,000 per foot frontage |
down to $2,2S0. This property, with'a |
frontage of 164 feet in three parcels. |
was placed at $4,000 foot frontage
hv rhe board, a reduction in the total |
assessment of approximately $50, 800 |
rrhis with cancellation of S21 900 on |
two pieces of property In Library |
court. which had been assessed |
acainst the Prudential but which aro /
owned by the Stoutenburgh estate,
makes the entire reduction about |
sle7.ool. The figures are approximate
&c several of the plots have irregu-
lar dimensions. The figures given are
within 81 ,OG0 OF the ultimate reduce
t!on.
In the complaints made oy Mr.. |
MuusIe the Flremen's Insurance
nus,Aing X not included. as that