The New York herald., 1922-10-03
Right to Exemption Under
New Building Law Must
Be Proved.
PERSONALITY $796,O5O,4OO
Dorothy Caruso Entered in
S1,000,O00 List With J. P.
Morgan and j. N. Hill.

city of New York has been assessed
for 1923 at n total of ST., 2,171.927.
This is what the tax books showed
by the Department of Taxes and AS
sessments in the Municipal Building
yesterday. These tentative figures,
subject to reductions, show an In
crease of s771,19s.257 over the 1922
tentative list
Special franchise assessments of cor
porations, which are fixed by the State,
will not be available before the first
of the year.
The total assessment on real estate
is $40. o.466, ,527. which is net in
crease over the figures for this year
of s642,626,s07.
The personal assessment total for
1923 is $796.05o,4o0. an increase over
a year ago of s12s. .569.450.
The increases are fairly we'll distrib-
uted throughout the five boroughs, being
the most numerous In the faster grow
ing sections of the city.
On the assessment books the leader
in realty Is the Equitable Building at
s30.o00.00O. and in personally by John
d. Rockefeller at $2.000.0o0. These fig
ures are unchanged from year ago.
Mrs. Caruso at s1,OOO,OOO.
Dorothy Park Benjamin Caruso. the
personal property mills. She is assessed
for S1,000,o0B.t
While most of the large Office build
ings are not Increased. here are n few
striking raises this year; 26 Broadway,
Standard Oil Building from s4.525.00
to s7,250,000: American Telephone and
Telegraph Building from s12.5Oo,o0o to
s17.S00, 900: New York Stock Exchange
from $10.S00.000 to s13.S00,000 Sub
stantial additions have been made to
these three buildings during the year.
Henry NJ. Goldfogle. president of the
Department of Taxes and Assessments.
announced that the Corporation Counsel
had decided the State tax must be paid
on amounts allowed for local tax ex-
amptions under the law providing par
tial exemptions on new dwelling houses.
Taxable Exemptions.
"The State tax rate for 1923 has not
yet been fixed" read Mr. Goldfogle's s
statement. Assuming. however. that
il will be, as II was for 1922, approx
mately one and three-eighth mills, each
$4,000 exemption would be chargeable
with $6.S7 OF the direct State tax. For
instance a $4,000 exemption on a two
family house would be chargeable with
s13.75 Of the State tax. The state tax
OH multi-family house exemption
\ would of course be proportionately
greater Last year the largest exemp-
ton for multi-family house in Man
haitian was $4,000, so that allowance
would be chargeable with State tax
Of s990.7S.
The total exemptions to be allowed
for new buildings for 1928 under the
tax exemption ordinances are not ascer-
tainable. but IL Is estimated roughly that
the total will reach $1S3. 100000. In
other words II is anticipated that in
addition to sS3,000.000 exempted for
1922 there will be another 100000
for additional new dwellings. Upon
this estimate there would be colectable
approximately S252,174 on the exempted
buildings to cover the State tax, which
otherwise would have to be borne by the
city and paid by us into the State treas
ury. The State tax at the rates an
nually fixed will be payable each year
while the exemption continues under the
law"
During the year total of 29,359
buildings have been put up in the city,
divided by boroughs ns follows: Man
haitian, 361 The Bronx. 1887: Brook
lyn, 9.073; Queens, 1884; Richmond,
2.3s4. Just what proportion Of this
numbc. are dwellings is not stated by
the Tax Department. IL is said. how
ever, that possibly about so per cent.
will seek partial tax exemption under
the law. In every case the buildings
have been assessed fully, and Il rests
with the owner to prove the right to
an exemption
The Tax Department continues TO
assess the shares OF national State
banks. although the latter are fghting
against IL. The Supreme Court deci-
sion sustaining the departments action
In that regard last year has been af-
flrmcd by the Appellate Division. The
banks now have an appeal pending
before the Court Of Appeals
nv ~