New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-08-29
BY the Advisory Council Of Real Es-
tate Interests.

tate interests.
There is prevalent a sentiment in
real estate circles that property has
been over assessed this year by the
Department of Taxes and Assessments.
Undoubtedly this belief has been in
tensiied because of several conspicu-
Gus requests for reductions by well
known persons and prominent corpora
tions.
In one day owners of property val
ued at sS,500,000 were reported to have
applied for reductions, almost one-half
OF which was accounted for by single
building. Due to the encouragement
and formal invitation of the assessing
authorities, there were also members
of modest properties listed for reduc-
ton, but frequently such cases are
used to obtain material for correction
of under assessments, since each COM
plant If over assessment is a sugges-
ton OF under assessment Of all others
whose burden is relatively lighter. The
Advisory Council of Real Estate In
terests, approaching the heavy tax
burden now sustained by real estate
owners, addressed inquiries to Mr.. Law
son Purdy, president of the Depart
ment of Taxes and Assessments,
which, with Mr.. Purdy's replies, may be
of interest to taxpayers at this time,
and, in substance, are as follows:
"The number of petitions submitted
TO the Tax Department for reduction
of assessed value of real estate this
year was 1921, as compared with
iO,620 for 1914, 10,O99 for 1918, 1920
for 1912, 20,2l6 for 1911 and 5,233
for 1910. This year the depart
ment has urgently requested indl-
vidual owners to personally file petit
tons for reductions, which fact may
account in part for an increase in their
actual number. From this number
there have been obtained 302 writs of
certiorari for 1915, as compared to 3S9
for 1914.
"To indicate whether the general
average of assessed valuations upon
real estate contrasts favorably with
actual market value, these figures are
cited. For 1913 there were 1871 sales
where the consideration was stated,
amounting in the aggregate to S69,-
1873. 729, while the assessed value was
S70.1l2.972. For 1914 there were 2,699
such sales: consideration S56,9S2,lO0,
the assessed value sec, 553,Sl9. If fore
closures were omitted from both years,
the ratio of assessed value TO the
considerations quoted would be slightly
less than 100 per cent. In this par
ticular it might be observed that fore
closure sales are usually below actual!
market values.
"To facilitate and expedite final ac-
ton upon all petitions that are submit
ted to the department for reduction,
and which must be filed between Octo-
Der and November 1, it is stated that
they are always acted upon within the
time allowed by law, which is the end
of January. If reductions are war
ranted as many cases as possible are
compromised or justifiable requests
are approved. When market conditions
indicate actual depreciation of prop
erty. the commissioners have confer
ences with the deputies concerning as.
sessments for the following year, and
in particular concerning those sections
of the city where the commissioners
think values are falling.
an many sections of Manhattan
large decreases have been made in the
assessment rolls for 1915, although real