The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1918-09-23
TAXES ON HOMES
ON PRE-WAR BASIS
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The law says that assessments for
taxation must be made at a fair mar
ket value. The courts have supplied
the meaning of fair market value"
not forced to buy from a man who
It IS what a man will pay who is
wants to sell and is not forced to
sell. 800
The necessities of the war in this
city have boosted some classes OF
property far beyond what is regarded
as fair market value. On other
classes-notably vacant land and
acreage tracts-the conditions have
had a depressing effect.
Because some people have been
forced to buy homes at fancy war
prices does not mean to the board
that the poor mans home, which
would bring little above prewar
prices, is TO be taxed upon a war
boost" basis. So the boards policy
is to be that OF equalization of
values.
War Prices Far Too High.
The selling value OF the property
previous to the declaration of war,
together with a certain allowance for
the probable condition OF the market
after the war. is to be the clue that
is to be followed. -..
II haA been obvious TO the board
that to give full weight to war prices
would raise the assessment value OF
nearly every home in the District.
large and small. and put prices on
them far above what could be OBJ
tanned even in the present market
Assessor Richards. in his annual
report to the Commissioners, empha-
sizes the idea that war prices are
not to be the basis for the forth
coming assessment
He has informed the Commission
ers that the assessors are confronted
with the choice OF two propositions
appraisal OF dwellings at abnormal
prices or at what would be considered
fair values under normal conditions.
They adopted the latter course.
In the case OF vacant land the as
SCISSOR finds that although the most
OF this land is almost without a mar
ket at the present time, its value
rests on its probable use several
years from now. Sales from neces-
sity now would be a misfortune 10
the owners. This policy means that
there will be little change in land
value assessments, and the Commits
sioners have been so informed.
Some Speculative Prices.
The assessors office has many in
stances of speculative war prices paid
for homes by persons who felt they
were compelled to buy. In Chevy
Chase Heights a dwelling purchased
in October, 1917, for $500 at an ad-
vance over the price it could have
been bought for a year before, sold
in June OF this year for $II 500. In
the vicinity of Piney Branch and
Mill roads a dwelling sold in
November. 1916, for $4,000. and in
April OF this year for S21 900.
Prices show increases OF from 10 to
40 per cent, with high figures pre-
vailing for newly constructed houses,
which have had to bring fancy prices |
to allow for cost.
In many portions OF the city, as the
assessor is aware, there has been no |
demand for houses, and, consequent |
Iy. little or no increase in prices at |
which they may be bought
The assessors have a field force OF |
i've men preparing cards showing |
transfers OF nearly 5000 pieces of |
property in the last year. The true |
amounts paid have been obtained |
These field workers are also meas
Iring the cubic contents OF buildings |
In the business section and ascertain |
ing rents and leases OF properties.