Norwich bulletin., 1922-07-06

The real estate business and values in Norwich, .and how the business is af- fected by the present method Of assess- ing property was the subject discussed by Richard. L. sEarrant, who had charge of the latter part of the meeting of t.te Norwich Rotary club on Wednesday noon at the Wauregan hotel MT. Tar- rants talk was highly interesting and gave clear and concise outline of the real estate and taxation situation nj Norwich.s.
 MT. Tarrant sasd that as far as the records of Norwich show the first real estate transaction occurred on June S; 1859. when three Indian chiefs Uncas. oueco and Attawahood, deeded to the small hand of settlers a; tract of land containing s1. square miles This land included the present towns of Norwich. Preston. Lebanon, Bozrah, Lisbon and Sprague, and the purchase price was 70 pounds sterling or at the present rate of exchange about $340. Tn compari- son to this. Mfr Tarrant gave the ap- proximate cost of a piece of property To- cated in the heart of2the business district in Norwich which was recently sod, the purchase price being about $S,75 per square foot. The same property was bought from the Indians for about one and nine-tenths cents per foot.
 spec ulative and 1t Is my belief that while real estate prhces are now considered high they will go higher. The popula- tion of the city has not increased very remarkably during the past few years and nowhere in proportion to the vol tune of business done in the city. This is due largely to the ideal location of the city in the heart ofsa large selling area. Norwich has at least 150. 900 peo- pie to sell to and this makes "a wonder full Saturday business for local mer- chants. Real estate prices are regulated by the amount of business done fn the city This holds true to the business section of the city rather than to the residential sections. When business is gofd then real estate is up but when there is business slump X then real es- tate values dron in proportion
 There is one, thing in Norwich that is rs dical,y wrong nd that is the method of taxation. Really there is no system but hit-or-mlss system p-acticed nv the assessors in valuing property. We can not hold this up against the assess ors for they are elected politically and they fear to tread on someone's toes i if they boost the valuation here or cut are supposed to nay a just. tax on their property but this is not the case as practically everyone knows. l. have personal knowledge of 10 pieces of real estate sod in the last two years which totaled S320000 and at the .assessors office these same pieces of property are valued at total of S13g 900 or about 40 per cent. of their value. have al, so tried to buy for my clients foul pieces of real estate here and the tota- offered for these pieces was $37s.5ao which was fatty reflsed Yet the tota. value of the property as seen in tn, tax list is only st50.o0o. again 4o pei cent valuation. Under this system tn little fellow who saves and scrapes to
 gether s4,ooo or $ 900 and builds Z; home bears the burden. for his Is vaiue'
 to the limit. This is not fair and is ;
 condition that should be remedied. l1his was changed the business would b
 more active and also hetfer- prices coul
 he demanded, A rieee of spropert
 that yields an income of s5.0oo per yea
 Is worth about s50,o0o but when any
 one' goes to purchase and asks what tn
 propsrty is in the tax list at. he is tol
 a ridiculously low value and immediate.