New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-12-21
New W0y to Appraise
Waterfront Property

premises Income results from utilization,
and the more profitable the use Of prop
erty the larger is the income likely 10 be.
These facts are TO be found IN every
primer on apprais!ns.
Some experts have a broad gauge ~
the development and needs Of industrial
communities. of business conditions which
cause those and other communities 10 con-
tract or expand other experts seldom
have comprehensive view OF such
conditions. The same refers to real
estate buyers and improyers Of land. THIS
explains why one man will pay what
many persons think is a fabulous price
for property and so improve it or man
age it as TO make it such a realty invest
ment Of the best type as TO have many
shrewd buyers willing to pay him hand
some profit for his investment.
One person may be able 10 say how
valuable Is a certain parcel for office
purposes, another for manufacturing
uses. another for home building, and still
another for the right Of way Of the rail
road, each being in his respective line an
expert II realty buyers, builders and
appraisers were all OF one mind on realty
matters, saw things from the same point
Of view, had the same grasp on all kinds
of affairs. all would reach, with the new
method OF appraising waterfront prop
erty the same figures Such a state OF
affairs might be a welcome relief TO city
officials with numerous civic perpleXities,
but II would be considered calamity in
the realty sphere. II would be almost
akin to a world with human beings Of
similar temperaments, hopes and aspira-
tons.
The new method Of the Tax Depart
ment i'm appraising waterfront property
has been I'm effect several years. 1t Is
already used by large number of pri-
vate appraisers, and will eventually re-
place all the Anticipated methods Of fgur-
ing the market price OF shore property
and contiguous sites.
To understand the Tax Department sys-
tenn, it is absolutely necessary 10 be
familiar with the terms used. Among the
words used to designate various parts OF
waterfront property are
| Bukhead line. pierhead line, land under
water, marginal or parallel street. up
land, contiguous streets and buildings.
They are simple and easy expressions.
! Perhaps the definition for upland in re-
lation to rivers, bay and streams may
! not be widely known. 1t is the land ad-
| jacent to the shore line or bulkhead line.
and generally extends TO the first public
| street in the rear. Now, an expression
which is not at all familiar is incorporeal
! hereditament. two words which do not
roll easily off the tongue. Legally it is
! just as bothersome. The rights OF large
( numbers Of property owners are based on
incorporeal hereditament. and conse-
| quently fortunes arise from IT.
The incorpOreal hereditament is the
! bulkhead line or the right of franchise 10
/ collect wharfage fees. cranage fees. etc.
| A little thing, isn't IL? Yet how impor-
tant! Physically il may be no more
tangible than the equator or 1t may be
readily recognizable.
This incorporeal hereditament. or bulk
head line, is the starting or principal
point from which the Tax Department In
nine cases out OF ten computes the value
OF waterfront property. II is the weight
| lest factor I'm reaching fair appraise-
ment of the worth OF shore line parcels.
Land fronting on the waters OF the bay
lacking this bulkhead right would not be
useful for shipping purposes. Such prop
critics would have TO be classified under
| other headings.
Every shore line is not a bulknead line.
The bulkhead line in this city is estab-
lished by the Department Of Docks and
Ferries. and Ii the extreme point below
the high water line which can be raised
or filled for docking or other shipping