Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1914-01-28
BROAD STREET TAX
APPEALS BEFORE
THE STATE BOARD
Reduction of Assessments Is
SOught-Argument to Be
Heard on Tuesday.

For the purpose of hearing appeals
made from the 1912 assessments of
the County Board of Taxation on
property on the east side of Broad
street, within few feet of the Four
Corners, the State Board of Equaliza-
ton of Taxes met in the Council
chambers in the City Hall today.
The appeals were made In the name
of the Progressive Investment Com
street, the Broad Street Realty and
Improvement Company. at TIA Broad
street; the Mercantile Realty and I'm
provement Company. at 776-778 Broad
street, and the German Savings
Bank, at 772 Broad street.
The four appellants through their
counsel, Conover English, of McCar-
ter & English, sought to have the ad-
ditional assessment made by the
County Tax Board in 1912 set aside.
This additional amount in the case of
each was as follows: Progressive In
vestment Company, $216, 1000; Broad
Street Realty Company, $22, ZOO; Mer-
camille Realty and Improvement Com
pany, $31, 900, and the German Savings
Bank, s57,700.
At the very outset of the hearing
Mr.. English explained that Mr.. Nc
Carter would be unable to be present
owing to the fact that he was ap-
pearing elsewhere in q legal mater
and asked that date be set for ar
gument on the Broad street appeals
before the board In Trenton. He
merely wished them to hear the tes-
timony of the witnesses today, Mr..
English said. The board acquiesced
and set next Tuesday as the day for
the argument.
The first witness called by Mr.. Eng
lish was Thomas ]. Gray, who quail
fled as an expert in the Macknet ap-
peals heard by the board some time
ago.
During his examination by Mr..
English and by City Attorney Her
bert Boggs, representing the city, Mr..
Gray declared that property north
of the corner of Market and Broad
streets was, in his estimation, worth
twice as much as property the same
distances south. The property on
the corner of Broad and Mechanic
streets was valued by Mr.. Gray at
$4,000 front foot, while the property
at 776 Broad street, known as the
Byrne building, he considered worth
from $4,000 to $4,000 front foot.
On question of Mr.. Boggs as to the
manner in which he arrived at the
valuation of property, Mr.. Gray said
he based his valuation on the market
value of the property. Property on
the west side of Broad street was
worth % per cent. more than prop
erty on the east side of the street,
Mr.. Gray said. Later Owen F. Con-
lon, another witness called by Mr.
English. gave as his opinion that
property on the west side of the street
was worth 80 per cent. more than
that on the east side.
Mr.. English objected to a question
put by Mr. Boggs to both witnesses as
to whether they considered there was
any increase in the value of property
on Broad street since 1912.
Mr.. Boggs contended, however, that
the question was a relevant one and It
was allowed by the State Board.
Neither witness was of the opinion
that there had been any appreciable
Increase in valution since 1912
Other witnesses called before the
noon recess We're Tax Commissioner
John Howe, of this city, and Mayer
Krasner, president of the Progressive
Investment Company. Mr.. Howe ex-
pressed the opinion that property on
the west side of Broad street is worth
one-third more than property on the
east side.
Commissioner Howe said in answer
to a question of Mr.. Bouton that
property at Market and Broad streets
was peculiar. He admitted that the
speculative bidder was in the as
tendency. Asked by Mr.. Bouton if
he knew of any recessions in price of
property in that vicinity, Mr. Howe
said that he himself had made an
offer of $215 MO for the Bonnell build |
ing on Mark street, which was re- |
jected. TIE property subsequently |
sold for $175,000 Mr.. Howe said.
Mr.. Krasner testified as to the price
paid by the Progressive Investment |
Company for its property and as to |
the amount needed to run the building |
annually. The board adjourned after |
Mr.. Krasner's testimony had been |
finished until 2 o'clock.
When the hearing was resumed |
this afternoon Lathrop Anderson, |
real estate dealer, with offices near |
the -Four Corners" was called MS |
the first witness, and said that prop |
erty on the west side of Broad street !
was at least 20 per cent. more valu- |
able than on the east. He said that |
he had noticed an ever increasing !
boost in the price of property near |
the -Four Corners" on Broad street |
ayarv &-nnr