New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-10-19
Higher Property Assessments and Indicated Advance Tax
Rate NAV Cause Further Increase i'm Cost of
Resden taI and Commercial Space

Announcement was made recently by
Federal government department that
more than 200 American cities were
financially in distress. The list does
not include the City of New York, how
ever, and will not SO long as the real
estate in the five boroughs maintains
the course of steady increment which
started away back in 1893, when the
British. then rulers of this city, ele
lated New York above the position of a
trading post and instituted property
tax, the first ever levied on the real
estate of this town. That real estate,
which provided for the operation of
provincial New York, is function,ng to-
day, giving to Father Knickerbocker the
wherewithal to make this city the
finest, safest and most comfortable in
he entire world.
Real estate has been the 'old depend
able" of the City Fathers. always com
ing through with a fat contribution to
The treasure chest of the municipal
government For many years it was the
only dependable source of income
Other streams of revenue, like the river
let's in the mountains, were dry occa-
sionally, and produced nothing for the
operation and civic development Of New
York.
President Jacob A. Cantor OF the De
partnent of Taxes and Assessments,
l.. I,,c
estate wealth under the present admin
istration, reported recently 20 the
BOARD of Estimate and Apportionment
that the value of real property in Man
haitian, The Bronx, Brook n, Queens
and Richmond had increased in value
$685., 516,459, of which S44,000.000 rep
rescnts the increase in the worth OF
property held by the rational govern
ment, which is free from taxation. AL
though this increase reported by Presi-
dent Cantor is double that which he re-
ported for the previous year, the great
gain was expected by real estate men
and economists because of the wonder
ful enhancement of property values as
y result of condition which had never
been known in this city.
The shortage in accommodations
which is directly responsible fo'
zealty's greatest year, is not the only
factor that made values. President
Cantor said that little attention was
given to rent protiteering, estimates Of
worth being based on unrefutabls
grounds, which indicates that in tn,
opinion of the Tax Department the in
crease of s2o8, 100000 reported is q nat
ural increase.
Values on Upward Grade
Mr. Cantor said that the law does
not permit his department to levy &C.
cordlng to rental income. and the val
iatlons arrived at were obtained in the
usual way-by determining the intrin-
sic value Of property based on sale.
records. The commissioner admitted
that values in New York City have fol
lowed an alpine grade since the fact.
were established on which the prescn
assessments were made. The estimate
reported are based on market condi
.ions in the latter part Of last white
and in early spring. 1t will be rccalle
that the market then was more or les
spotty; that is, the demand for prop
erty was not so general nor Of sue
ride range.
The trading which has made thi
ear the busiest in realty history for
long time back was only gaining mo
aentun while Mr.. Cantor's deputie
5ere in the field looking for new rea
state wealth. II the herculean task o
Estimating every one Of the 1906
buildings and sites in the five Dor
sUghs could be accomplished in wcel
the increase reported by the Tax De
pastmcnt president would be consider
ably more than 1903, 500 900.
200 Per Cent Increase In 20 Years
The tentative valuation placed on III,
property vaIus Of the greater city 70,
ms purpose IF tie 1920 tax levy il
5s.zD ,lo7 500, = tremendous valuation
all viii admit, ana particularly 40 whcf