New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-03-19
Conference Tuesday on
Pay Go Measure
and for New Tax Dates.
MAYOR mitchell TO
MEET OFFICIALS
Opposition Has Arisen to Chang
ing Days for Collecting
Property Levies.

A conference between Mayor Mitchell,
Controller Prendergast, Lawson Purdy,
Martin SAKE and members Of the Ad-
visory Council Of Real Estate Inter
ests will be held next Tuesday TO con-
slder the effect which the two Brown
bills, establishing pay-as-you-go
policy for this city and moving back
tie tax dates from May and November
to January and July will have upon
the real estate conditions here in New
York City. Considerable opposition
has arisen from different associations
TO these bills. It is said that the pres
ent tax burden is so onerous that any
legislation which would increase this
burden would be unwise at the present
time.
II Il should be found that these two
bills would Impose heavy burden on
property owners, 10 Is quite likely mat
before they were long on the statute
books they might be repealed. kather
than encourage the enactment OF legls-
latiOn during enc session and It's re-
peal during another, as has quite ire
quently been The case with laws eiiec--
ing real estate. the Advisory Council
thought Il would be wise % thoroughly
consider the various aspects presented
al this time. and possibly some modi-
fcations in the bills might be obtained,
whereby their requirements would not
be so exacting. With regard TO the
bill providing for the establishment OF
the pay-as-yOu-go policy, 10 primarily
imposes, 10 is said, mandatory leglsla-
tion upon the city az a time "nen c''y
officials have been decrying Leg auol
Of a mandatory character and oeseech-
ing the Legislature Tor home rule.
With reference TO the bill for NOV
ing back the tax date, 10 has been esti-
mated that. although a saving OF IN
terest or money borrowed by the city
between the dates suggested Tor collec-
ton and the dates now observed WouId
be approximately s2,500.0OO. yet the
city would actually lose $3.5OO,OOO by
such a procedure, Il Is ayerred, be-
cause the increase In land values be-
tween the two dates would bring 90 the
city increased taxes. The larger per
centage Of city tax comes from real
estate. Since the property owner re-
ceives his income usually through
monthly instruments, II Is necessary
quite frequently for him to borrow
money 70 pay his taxes. The individual
owner would, therefore, have 20 pay o
per cent upon his money, IN comparison
with the city's being required 20 pay
but from per cent 10 per cent IN
case it borrowed the money. Realty
experts further say IL might be open
10 question whether It would be wise
policy 20 make the property owner pay
this difference in interest charges,
whereas in reality the saving Of the
city in obtaining lower interest
charge results peculiarly 20 his benefit
I'm principle these two measures OF
Senator Brown are OF conside able
value" adds the Advisory Council, "and
probably after certain MODIFICATION
the objections raised can be entirely
eliminated The entire programme OF
Senator Brown marks progressive
step in fiscal legislation, and these two
measures in particular may prove TO
be of inestimable benefit 20 real estate
and taxpayers In general