The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-08-08
CHANCE TO SAVE
MILLIONS EACH
YEAR IN TAXES
Constitutional Convention Has Plan
to Aid Realty.-.Local Inter.
ests Fail in Support

should be accorded him from city mem.
bcrs. In consequence the tax article Is
having hard shedding every time IL
comes up for consideration In general
orders. and its fate certainly Is prob
itmatical unless the New York city
real estate interests get behind Chair
man sake II demand relief from the
constitutional convention.
The next important constitutional
amendment pending affecting New York
city real estate interests is the Stimson
plan r~carranElng payments to the state
sinking funds. In several ~ these funds
there mas been paid in n total of $29,-
600, 600 more than scientific banking
requires. senator Robert f. Wagner
believes this excess should be used In
paying the interest on the state bonds
as well as the contribution to
to rhe sinking funds which would lessen
the direct State tax upon New York
city rea. estate about $1,000 900 a year
for five years. Under the Stimson plan
this surplus IL only TO be used TOWARD
paying the annual contribution TO the
sinking funds. which would lessen the
direct tax on New York city real estate
about $1,000. GOO for IA period OF per-
haps seventeen years. Senator Wagner
ant the present generation to get the
full benefit 81 this excess because II
BaNAtt ~ WAihtN ttfett ~. shh' Khs''s
the return payments might run into
another generation. Senator Wagncrs
plan to mango the Stimson ndm
according to his idea was voted down.
not even sach prominent New York city
Democratic delegates as John Il.
S~tanchfcld. Morgan J. O'Brien and DE
Lancey Nicoll voting for IL.
Perhaps the neat important amend
ncnt pending In general orders which
.gA,l1 In. rAAgA tho nnnnnl tnxRS mn
New York city real estate several MILL
!oh dc lars Is The one which would per-
nit the New York city school board
to hN the anialii tn@ TO raise money
for the chools independent Of the
Board of Estimate and Apportionment.
the MAY or and the Board Of Aldermen.
city real estate would be saved $780,
900 In annual taxes II the convention
and people adopt an amendment OF As
se;nblyman Alfred Il. Smith permitting
the state TAX Commission instead Of
local assessors to fix the tax bic value
of AshoSan dam lands In the Catskill
iog.on and the Croton watershed lands,
which are now assessed az many times
the value by !oca! assessors. But To on
SET t,!s will come the 100000 Increase
In the salaries and expenses OF the lesis-
latofs annually, as New York city would
haze to pay ;wc-th rds of 1t. The con-
vent m II ST! or ly In favor OF this In
crease.
Another pending amendment affecting
New York ici. estate permits tie
Les!slature TO prohibit ~ nufactur.ng In
dwellings. and II this SHOULD be o II II
would n crease the dcmand for lofts ard
hep !c.ts IL that respect.
Th,r: Is an amendment pending COM
m.t''rg thc state to an anaua, expendi-
tI,t of $500 Geo for twenty yeas 10 pur-
"hIsc mere lands in the Adirondack n
c.: XII state PARKS. and OF this sl0.'
0t1,0,u New York would have TO pay
81 COO. 200.
OF course New York city would ma
ter!Rlly benefit during the next forty
years THROUGH the sSO, 900. 900 which Is to
he saved the state In paying on the
s2Tj, 700. eco state debt through the
cI or ..on OF :he S;lmson plan whereby
ser.al bonds are to BE- used instead OF
G'.y year sinking furd bonds, thus ie-
GuclUs the Interest, on the principal each
year,