Iron County news. [volume] (Hurley, Wis.) 1913-1950, 1924-01-12
Board of Review Cuts
Assessed Value of Mines
Assessed Value of City of Hurley Property For 1922
Placed at $3.606.296 Odanah Iron Company
Valuation Cut ST .442 1877

The assessed value of all property
in the city of Hurley for 1922 is
$3,606,296. This figure was arriv-
ed at by City Assessor James
Flandrena yesterday after making
deductions from the original assess
ment of $5,961 ,423 in accordance
with the conclusions of the board of
review in determining the figures at
which the properties of the Tilden
Iron Mining company, the Odanah
Iron company and the Harmony Iron
company should be assessed for
1922.
After being in session four days
the special board of review appointed
to review the reassessment made by
Mr.. Bubar filed its conclusion with
the city clerk yesterday morning.
The board made total reduction of
$2,355,127 from the reassessment
figures of Mr.. Bubar.
The board determined the assessed
value of the mining company pro-
perties for 1922 as follows:
Tilden Iron Mining Co.'s $4,000
Odanah Iron Co. ....... 189,828
Harmony Iron Mining Co.. $4,000
The biggest cut was made in the
case of the Odanah Iron company,
operators of the Cary and Windsor
mines. Under the reassessment the
value of these properties was placed
at $1,631,9 55, cut of $1,442,12
The 0danah Iron company paid a
tax of a little more than $1,000
under protest in 1922 on an assess
ment of $205,00O fixed by the local
assessor. Hence, under the new
figures for 1922 the company will
receive refund.
In the opening paragraph of the
conclusion, which covers six type
written pages, the board declared
that it was bound by law to base
it's findings on the evidence present
ed.
The figure to be reached, the con-
clusion says, is what would
willing buyer have paid willing
seller in view of all facts and know
ledge known during the assessment
period of 1927"
Regarding the Finlay method of
valuing mines the board said that an
apparent criticism of this method is
in the testimony and records, but
that it knew of no other method
recognized commercially or by the
courts, declaring further that the
Finlay method is used in several
states, including Michigan, Mime
sofa and Wisconsin.
In making its conclusion the board
accepted the estimate of the state
geologist of 171,O36 70 ) as the
known and probable ore reserve in
the Cary Windsor mines during the
assessment period of 1922. The
assessors estimate of the ore reserve
in these properties during the same
period was 3,085,000 tons.
The value of the property OF the
Odanah Iron company was apportion-
ed as follows:
Ore in place ...........S 99,628
/ Prospective value ... $4,000
Surface value .......... 5000
Residences ............ 3Z,OOO
Total ..............S $3.50 ,82e
The assessors estimate Of the
surface and buildings value was
| s87, 200.
In the case of the Chequamegor
ice company, whose property was
originally assessed at $4,000, th'
board cut it to $4,000.
In the cases of other city propert!
owners who contested their assess
ments the board made but few
changes. A dozen or more Hurle!
| property owners appealed to tn
board for relief from what the.
declared was too high a Valuation
/ Of their properties, They, however