The sun., 1919-10-05

which Il must transmit IN certified form
to the Board Of Aldermen on March 1.
The Board Of Aldermen will NIX the
tax rate at its first meeting Con the
nrst Monday In March,, and certify Il
back to the Tax Department which
thereupon extends the amount of the tax
on the rolls against each item of prop
erty taxed. The Tax Department has
until March rs to finish this work. when
the completed rolls must be sent to the
receiver Of Taxes. who from and after
April 10 will be prepared to render bills
to taxpayers in order OF application for
them. The taxes become a lien on May
L, ana may be paid in semi-annual in
stalments. in May and November. with
out penalty.
Increase IL Really Modest.
The tentative valuation Of realty
alone for 1890 IL ;s,271.157,eos. This
shows an increase OF s252.51s,t5s over
last year. or about per cent All things
considered. this il modest increase for
the period assessed although the "field
work. was begun by the deputies on
April and presumably did not en-
brace much Of the notable Improvement
In market values recorded during the
calendar year.
| Statistics show that realty was actu-
ally selling at 10 per cent. below the
assessed valuations before the close Of
hostilities In the great war. and has
been selling some 80 per cent. above as
sessed valuations during this first year Of
tentative peace. In the historic view,
land values in New York city increase In
the average at the rate Of about 4 per
cent net per annum.
During the war real property suffered
an enormous depression. IN common
with. II not to the full extent of, other
properties. 1t taxes the memory at this
time to recall that just a year ago Ger
man submarines were prowling or the
shores of this city and threatening the
financial section with q rain of high ex-
plosives. Five weeks later came the
great victory, the value Of which to
New York city has never been and can
never be stated.
!. That the $3.50, 200, 900 increase in the
assessed value OF its realty records
only a small part Of the value of that
victory will hardly be denied. The mar
ket we have been enjoying all this year,
and are going to enjoy for many years
more, proves that.
But the assessed valuation does not
indicate to the taxpayer what his tax
bill Is going to be- That will be de-
termined entirely by the price demanded
by Mayor Hylan and his associates on
the Board of Estimate for carrying on
the city government. II the Hylan ad-
ministration Is unduly extravagant the
tax rate will be high: II economical, It
will be low. Some increase in the rate
Is expected because of the increases of
pay Of the police. the firemen. the school
teachers. the white wings and other
municipal employees, demanded by the
universal high cost OF living" and by
the loss of tax revenue from some
s610.ooo.oo0 OF personally.
This last was occasioned by the oper-
alton OF the new income tax law. by
which taxation Of such property was d.
verified to State systems. When the
returns from the income system OF tax
| alton come in, some time next sum-
mer. this particular loss and something
! more will probably be made good to the
: city. But no estimates that would be
at all reliable can be made of the
amount OF the State and municipal rev.
enue that will be derived from the oper-
: ations OF the income tax law at this
time.
Z strsngle Mortgage Companies.
One thing. however. is known of the
operation of the income tax laws, ma
uonal and State-they have all but
strangled the mortgage branch of the
market BY taxing the income from
mortgages they have driven private in.
vestors entirely out of the market and
. nave imposed upon the mortgage guar
anty companies the obligation to employ
all their resources In the liquidation Of
maturing mortgages.
: So there has been little or no money
Tor building loans for the large and
better classes of tenements and apart.
I ments, nor will there be until mortgage
money Is released from this burden
TIE Mclaughlin bill now In the Ways
!. and Means Committee of Congress
Congressman Joseph w. Fordney
chairman) is intended to afford The
{ building and mortgage branches of tn,
market a modicum of relief along tina
{ line and 1t is very clearly apparent tha
there Is no other so simple or inexpen
s.ve means whereby the housing famin,
|. can be relieved and rents Standardized
= than by the enactment of the McI.augh
{ lin bill at the earliest possible moment