New-York tribune., 1918-02-28
New Tax Rate to
Be Highest in
City's History
-~-------~-~------.-
Schedule To Be Adopted
Monday 30 Points Above
Last Year
Assessments Stay Up
All Property Listed at 100
Per Cent of Its
Real Value
Assessments Stay Up

The tax rate for 1918. TO be declared
=. special meetMg Of the Board OF
Aldermen next Monday, will be about
thirty points higher than last year. and
higher than any rate in the history of
the city when the basis of assessed
valuations is considered. The new rate
for Manhattan will be 2.30 cents on the
dollar. or thereabouts, on assessed val
uations OF full 100 per cent value.
In 1899 the tax rate for the Borough
Of Manhattan was 2.l4. but the assessed
valuations then were on basis OF abou,
80 per cent, which comparatively SPEAK
ing, would be equivalent to ~ II the
assessed valuations that year had been
on the same basis as they are this year.
Hard to Keep Rate Down
The rate was held down to 230 this
wear only by strong arm methods on
The part of the new Tax Board. A large
number of reductions made by the out
going Tax Board on their merits, as
understood by the old board. were put
back to the tentative figures by the new
Hylan board. with no other purpose
than to keep the tax rate down as much
as possible. The owners OF many par
cells thus treated will take out writs of
certiorari in the hope of compelling
the city through the courts to give
lower assessments to them. This viii
throw extra work upon the tax division
of the Law Department ana doubtless
will result in the city refundiNg taxes
plus interest
The principal contributing cause to
the net decrease of about So 900 900
IN taxable values as compared with
last year is the drop in special fran
chise valuations OF about $4,000. 600
and the loss of personal assessments
on account of the operations of the
new Emerson law taxing the income
of mercantile and indu.trial corpora
tions. collected by the state under the
new law this year for the first time.
Queens taxpayers will have a still
heavier burden on account of the cost
Of the greensboro Boulevard, due and
payable this year. Special legislation
now pending is expected to cut this
sibly by two thirds If the bill gets
through and is signed by Monday next.
before the Aldermen declare the rate.
he extra burden in Queens can be
distributed over two or three years;
but. if not, the entire item will go into
the budget against that borough. in
creasing the rate another twenty
points.
Realty Owners Protest
The real estate brokers, landlords
ard others have bills at Albany linn
ting the tax on realty to 1.75, and pro
viding that taxes needed in excess Of
what that arbitrary rate Will produce
shall be collected from personal prop
erty.
The tax rate for Manhattan last
year was 2.02; The Bronx, 2.0S; Brook
lyn. 2.07; Queens, 2.09; Richmond, PIP
The Equitable Office building heads
VIE list of single structures on the
1918 tax books, and it likewise holds
the record for an increase of assessed
valuation for this year. the city rails
ing it $4,000, 900, making the total for
land and building S25 100000. The
land under the Equitable Building is
assessed at S13,OOO,O00. The building
is assessed by the city at $500 a
square foot for the entire floor area.