Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1914-03-06
BASSET CONv|NCES
LEXOW COMMITTEE
Property-owner, of Summit,
Shows How Assessment of
$4,000 Is Not Unfair.
Especial TO the Evening stsr.l

/
SUMMIT. March 6.--Carroll r. Bas-
set, head of the Commonwealth
Water and Light Company. appa-
rently convinced the tax investigating
committee last night that the assess
ment of S19, 200 on part of his property
in Summit is a fair one. He OWNS
eleven and a half acres in Hobart
avenue.
Mr.. Basset made full statement to
the committee of just what his in
Vestment in his property represented
He showed that he had acquired the
handsome estate during a period OF
four years In 1907 he purchased
eleven lots of the tract at cost or
$3.50. in 1905 he secured another
parcel at cost of $1,000. in 1909 he
purchased two small pieces of the
property for 81. 400 and in 1911 he Sc
cured the last tract of the acreage for
$1,000, making total cost for the
land of So, $50.
MIR. Basset explained that for at
least two tracts of the eleven and
one-half acres he paid considerably
more than the land was worth, owing
to the fact that the acquisition of the
property was necessary to carry out
plans which he had made for the lay
ing out of the estate. He also showed
that he had made large expenditures
in ouieting a liferight held by the oc-
cupants of the property and in other
ways to obtain a clear title.
Total Tax Is $78,200
The assessment on his home is $685.
600, and Mr. Bassett pays $4,000 per-
sonal taxes, making his total pay
ment in taxes SIS, 200. That his out
IF iS homo
the Identification of his land was con-
siderable more than the assessments
levied Mr.. Bassett freely admitted,
and he stated he plans to expend
considerable sum still In further ad-
ding to the attractiveness of his es-
tate.
Mr. Bassett contended that because
of the expenditure of 100000 on q
piece of property it does not follow
that that property Will sell for that
sum, or perhaps half that amount
He declared that a market for the
small tract of land can be found in
every case more readily than can
large estate AS an illustration, Mr.
Bassett said the Ward estate, in
Florham borough, near Madison,
which had been valued at one million
dollars was recently sold for $4,000
No Comparison in Estates.
Relative to the charges which have
been made that in assessing Mr..
Bassett's land at about $1,000 an acre
while Henry b. Twombly's property
adjoining is assessed at $500 and
for which he paid $4,000 and the as
sessment on portion of the William
II. Risk estate at $500, Mr.. Bassett
declared there was absolutely no
basis for comparison in their values.
hn
his land long before he, Mr.. Bassett,
had acquired his estate and there
fore Mr. Bassett said Mr.. Twombly
had established value on his, Bas-
sets land. In paying $4,000 Mr.. Bas-
sett said he believed Mr.. TWombly
had paid more than the true market
value of the property. but this was
so merely because the land appealed
particularly to Mr.. Twombly as a
home site. The Risk property, Mr..
Bassett said, is largely unusable
The water and light company's head
declared that he doubted if he could
find a purchaser for his property who
would pay fer ii what he .QayS in tax
alton. He ridiculed the theory of
Herman De Selding, a member of
the committee, who held that the
proper way to assess all property is
by the square foot. Mr.. Bassett said
tnaI WIFI suburban. property tIllS
theory is impossible.
Assessor Schuyler n. Cady. and
William Grow were unable to explain
to the satisfaction of the committee
just how they assessed two lots in
Essex road which had been sold from
the acreage of A. r. Nicol in Spring.
field avenue at $40 per front foot,
while the land on which Mr. Nicors
home is located, and considered one
of the most valuable home sites in
the city, is assessed at only 81 per
foot. Across the street the property
is assessed at $50 per front foot. 1t
is likely that this question will be
further threshed out at the next meet
ing of the committee.
Mr.. Bassett informed the committee
that he resented rumors and charges
thta he had been favored by the as
SCISSORS. He insisted that the Council
sould not butt in with the assessors"
"You can't afford to compel prop
erty-owner, by increasing his assess
ment arbitrarily, to put his land on
the market when by holding the
property which ought not be sold for
q reasonable length of time he might
find more desirable buyer said Mr.
Bassett.