The evening world., 1917-11-10
REALTY FIGHTS TO
SHIFT s3O,OOO,OOO
Of OVERTAXAT|ON
Leaders Want Quick Fulfil.
ment Of Prediction Prom
iSes Of Politicians.

Election results are stirring realty
leaders IN q vide movement FOR tar
adjustment.
Taxpayers Of all classes have been
complaining for several years ~
siaring injustice. They a1y realty
IN the Greater city is assessed far
shove a fair level of vnluo. They
estimate that fully $4,000 900 year
and possibly 10000 600. has been
levied against thom unjuatly. tn"
winning candidates promised 70 cor
root this inequality and realty repre-
sentatIves are determined 70 hold tho
politicians to their word.
Experts OF the realty organizations
nguro that assessed valuations Of the
Greater City are a round Si,O0o,0o0.-
900 higher than legal requirements
They verify their calculations with a
long list OF current sales which ave
rage at least 10 per cent. under the
city's tax figures. Records for the
year 20 date, showing s6s convey
ances in which sale prices are stated.
give a total t3b.s32.12O. whereas as
sessed valuations OF the same par
cells on the tax rolls total Si,63i,l50.
Auction sales show a similar lower
price level than that on the tax
books. The same percentages car
ried out for the entire eight billions
OF oity realty would leave It's market
value at seven billions.
A 2 per cent. tax rate on the extra
billion would lay yearly tribute OF
S2O, ,O00, 900 against realty above It's
current sale value.
But real estate also Is forced TO pay
another S10,0O0,000 as a result OF this
inflated city valuation. IL comes from
the state budget.
The State levies against the city
on it's 10 per cent. realty valuations
when collecting taxes for payment OF
state expenses, but at the same time
the holdings OF realty in up State
districts are assessed on only an ave-
rage valuation OF so per cent. In
some country districts assessors have
recorded valuations as low as 30 per
cent. of current market prices. They
have maintained this low level per-
sistently in spite of repeated efforts
on the part OF State assessors TO
correct the inequalities.
"In order to head OF the threatened
rise In city home rents" said Presi-
dent Laurence Mcclure OF the Real
Estate Board to-day. I'VE must
hasten to relieve realty OF as much
tax burden as possible without fur
ther delay. There Is a new increase
OF si37. 10000 on the tentative tax
rolls for the coming year. Our mem
bers have decided that the time is
here for opposing this condition. We
intend TO replace ineffective COM
plant with effective action"
/ Secretary Thomas L. Graham OF
/ the board ls sending notices and
blank forms TO members and taxpay-
ers generally with instructions how 20
apply for reductions on parcels which
are overassessed. The applications
must be filed with the Tax Board be-
fore Nov. l5. The Appraisal Com
mittee OF the Real Estate Board
will consult and cooperate with own
ers who seek lower assessments. the
board declaring that relief from
| present conditions and a still moro
| dangerous situation can be obtained
| only through concerted action.
Our board deems II a duty TO press
this matter TO an issue at this time"
said Secretary Graham. 1T is a weIl
known fact that city real estate has
borne more than It's fair burden OF
taxation In comparison with other
forms of property and with other Sec
tions of the State. In many instances
inequalities and inaccuracies in as
sessment infiict inequitable taxes
upon individual owners. While many
properties are overassessed, many
others are underassessed. a condition
which imposes an unfair proportion
| oil nNh
Every taxpayer has the right to