The sun., 1918-10-06

estate standpoint; since real estate is
primarily based upon tho net income
from the structure upon the land or
which might be placed thereon. The
principle applying to the small dwelling
also applies 30 multi-family houses,
which previously contained q fewer
number and larger suites. and which
have since been made over into smaller
apartments.
There were several operations which
were completed this year. which in the
previous year were not assessed at their
full valuation. Some Of these buildings
pany's structure at Tenth avenue. Six
teenth to Seventeenth streets. assessed
at s2,600.000. which was taken over by
the Government: the Pennsylvania Ho-
tel. in progress of construction. was as
sessed ut s4.s50.000, and the Commo-
dore. also under construction, at $6.600,-
900. The Equitable Trust Company
building at Madison avenue and Forty
fifth street is assessed at $a,i50 zoo,
and the Woolworth Building at Fifth
avenue and Fortieth street at $2.500.-
900. An apartment house at Park ave-
nue. and Stxty-second street Is valued
at $1.310.000. These valuations add
nearly s2o.ooo.000 to the assessment
rolls.
The nth. sixth, seventh and eighth
districts. which roughly comprise the
central section of the city. where the
greatest increase Is noted. are assessed
at 3s.4s6.7oo, Sa.e54,40o, s1I.626, 800
and $17.752,sso respectively or a total
Of s3s,615.s50.
Mr.. Cantor revealed one Of the sources
from which the higher valuations came
when he explained that the Govern.
ments activities in this city were a
means of supplying considerable infor-
nation upon which to base actual val
| ues. Leases Of great areas of space ir
buildings and along the waterfronts, re.
vealed what valuations owners placed
upon their properties and in many cases
| these figures were used as a basis FOR
| making up the assessments. The figures
thus revealed. were of considerable in.
terest, Mr.. Cantor citing one instance
where a water front property formerly
valued at $500 a front foot had beer
leased to the Government at $500 q
front foot 1t Is fair assumption, III
indicated, that II the property is worth
| that much to the owner when he leases
1t to the Government. II Is equally worti
that amount when he Is called upon t.
pay taxation to the city. This method
Of fixing valuations. II followed to any
| great extent, 10 almost sure TO eilmlnalt
any great reductions in the totals al
they now stand. It is not likely that al
owner who has charged the Government
$1,000 a foot for land will attempt t
plead poverty and ask for a reduction t.
something near the former figure. H,
would be patriotically conscienc,
stricken.
| Another means which the Tax De
partment has followed in determining
valuations was to obtain from public
records at Albany the valuations of i'm
| provements and land, which corporation!
| filed there over sworn statements. Thes.
proceedings are compulsory. and sine,
The records of the State Tax Board ar,
open to the public the city Tax Depart
ment did not overreach when 1t dui
into them to learn what the corporal,
owners themselves thought their prop
| critics were worth. These figures, Will,
they do not become available as a basi
for placing a valuation upon the land
give the assessor some foundations TO
working out that valuation. from tn
figure set upon the Improvement whicl
Is standing upon the land. the primar.
principal OF income and worth OF tn
structure, on any piece Of property
being applicable in such cases.
Contrary to the general expectation
In the lower section Of the city, especi
ally along lower Broadway, where New
York's greatest buildings stand, ther
was little change In assessed valuations