Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1917-05-21

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dustry in Richmond has grown IN leaps
and bounds within the past few years.
and in keeping with this commercial
and industrial development there has
been a corresponding growth and eX-
pansion of the city proper, with a tre-
mendous increase In tho taxable values
in Richmond. For instance, the tax
able real estate values have Increased
more than 100 per cent within the past
ten years.
Property values in Richmond gained
s45.sS3.T22, or GO per cent, in the five
year period from 1910 to 1915. In 1905.
when real estate was ssessed, tho
values in Richmond were s59.425.273.
which increased to Sl20.0000 900. in
round figures, under the assessment
| made in 1915. The State laws require
that real estate be assessed every five
years. The last assessment fixed the
values upon which property for last
year were assessed. although II. L.
Tresnon. Commissioner Of Revenue, as
sesses from time to time improvements
made TO real estate.
TOTAL TAXABLE VALUES
! NOW AMOUNT TO S29",I55.50i
Figures compiled by City Auditor
George S. Crenshaw show that in 1916
there was real estate in Richmond sub
Ject TO taxation aGgregating Sl25,65l,
4SI. which. with personal property of
s76.524.014. brings the total taxable
values in this city up to s202. 55,50l.
This figure compares with S1SO.959.324
in 1915, and sl6S.024352 in 1914. show
ing the tremendous growth Of this city
in the past three years. Real estate
men assert that the year 1917 will be
a record breaker.
The assessed value OF real estate, to-
gether with improvements. does not
show, however, the value of property
I In the city. for in practically every in
| stance. real estate Is under-assesscd
Business property in the downtown
business section is assessed at from
80 to 40 per cent of its sale or marke,
value. while residential real estate
pays on higher rate, the assessments
| usually running from so to 75 per cent
of sale value. This fact. however. is
attractive TO investors in Richmond
real estate. which has taken on added
impetus within the past eighteen
months.
MARKET is STEADY
AND ON CASH BASIS
1t is true, however. that there has
been no general boom on the real cs-
tate market similar to that expert
enced in 1912. which was Il record
breaker. that the trading in the past
two years has been more normal and
of substantial nature. The 1912
boom. when property values were
| placed at highly fictitious figures. was
| largely responsible for the ensuing
dull period in 1913 and 1914. In the
F.! war in Europe broke out. trading on
I the realty market was practically at
4 standstill. Since that time a great
readjustment has taken place. and
| Richmond real estate has again been
| placed on IL firm. sound and substan-
| In IN at I'D
| the greater part OF the trading has
| been for cash
Within the past eighteen months
there has also been substantial build
ing In all sections of the city, i'm
proving much property acquired sew
eral years ago. especially in the sub
urban sections. With the unprecedent-
ed prosperity experienced In this city
| In recent months, the growth OF the
| city has been greater In the subur-
| ban residential sections than In any
| other part. Hundreds Of moderate
priced homes have been erected TO care
| for the Increased population OCCASION
| ed by the enlarged manufacturing
plants giving employment to more
workmen.
TOTALS ARE IN EXCESS
OF SAME PERIOD LAST YEAR
Real estate sales during tho past
few weeks have been confined mainly
10 small property, yet the number Of
transfers and the money involved is
far in excess OF the totals for the
business at the same time Of last year.
But there has not been, with one or
two exceptions. any large or eXpen-
sire structures erected, or largo sales
OF real estate, the records showing
that the tremendous increase in vol
ume has more than offset the absence
Of large transactions.
This activity. however, has not been
confined to amy one or moro sections
of the city. but has been general. Fig
ures show that Madison Ward is the
wealthier of the four: Under the 1915
assessment, the real estate in that
ward was valued at S2S.50O.000 with
improvements Of about $l6.000.00 Lee
came next. with Clay Ward third. South
Richmond. which is located i'm Madi-
son Ward. but for which separate tax
books are kept, also makes an excel
lent showing. Property owned by ne
groes. which is in addition to the fig
ures just mentioned. is greatest in
Madison Ward. totalinE an even $1,000
000 in round figures. with Lee Ward
second and South Richmond slightly
under Jefferson.
COMPARATIVE SHOWING
OF VARIOUS WARDS
Richmond's taxable values In real
estate owned by white people Ia dis
tributed by wards as follows:
Real with Inn
Estate. provements.
Madison 23.500.000 $4,000. 900
Lee .......... 1a.5oo.oo0 as.20o.oOo
Clay ........... 100000 1s.500.o00
Jefferson ...... 100000 l3.5o0.0oO
South Richmond 100000 100000
Property owned by negroes for the
same wards. which are listed separate
~ on the books of II. II. Tresnon, Com
missioner of Revenue. is as follows:
Real With Inn.
Estate. provements.
Madison ......,....S40o.0o0 100000
! Lee ......:.......... $4,000 100000