Evening star., 1935-05-26

financial center, the same window
displays and very nearly the same
prices asked for all sorts of COM
moditieS.
Population, while essential to
wealth. cannot always be found pro-
ductive of wealth Population at times
OF misfortune or through excess of
number, may even engender poverty.
However, population furnishes man
power which. If fairly and gainfully
employed, adds sustenance and prop
erty.
'It is apparently a difficult thing to
determine the exact real estate wealth
of a great city. Estimates OF the same
properties very greatly, and We know
that assessment values are always SUBJ
ject to doubt But sales under nor
NAL conditions between willing sellers
and willing buyers supply standard
proportion the assessment represents
full and true value.
Few Assessed Full Value.
"An examination of Bureau of Cen
sus figures disclose the fact that few
cities are assessed near full value and
many are below so per cent OF value
When the true value is resolved into
a per capita value the amounts are
surprisingly close in all large cities"
The important point to keep in
mind. when gauging the Washington
real estate assessment as compared
with that Of other cities, is that as
sessments here are close to 100 per
cent, as nearly full market value as
is practical, considering that assess
ment work is done ahead of most of
the sales, which are the major guide
to the assessments. Time and again,
Assessor Richards has produced sale
figures TO show that actual market
transactions have borne out the state
ment that Washington assessments are
on the 100 per cent basis.
In one of his comparisons Mr.. Rich
ards took a list of Is cities. selected
at random, and noted their population
in 1918 and 1927 and their assessment
for like dates. He added the total
population for 1913 and found it to be
1888, ,483. He found the population in
1927 was slightly in excess of 12000.-
900, or about 36 per cent greater.
The total assessment for 1913 for
these cities was $3.50 900, 600. Adding
SO per cent, the ratio of population
increase, and adding further so per
cent due to increase in rental or build
ing values, the total was brought up
to SIS, ,790 100000 He checked this
against the actual total assessment for
these cities for 1927 and found the
figure to be S15,531, ,0O0 900. The COM
parison was so close that even the as
SCISSOR was mildly surprised.
Tests Bring Same Result.
ANY number of such tests can be
made and the results would be sub
stantially uniform. said Mr.. Richards
For instance. he took New York City
assessments totaled So, 108, 760. .787. He
determined to test his principle with
| a comparison with 1928. He added %
per cent to the assessment to CORE
spond to a similar increase in popula-
ton. Then ne added so per cent due
to the known general increase in
rental prices. The result was $15.-
958 ,041 ,287 Checking this against
actual assessment records he found the
1928 assessment was SIG, ,761 800. .219.
test of the principle in the Dis
trict was made for the years 1915 and
1880.
In 1915 the population was $4,000
and in 1880 488, 1000, or an increase OF
! 36 per cent. Realty assessments here
then were by law on two-thirds basis
and by Transforming the assessment te
full value basis the total was brought
up to $544000,000. Adding 36 pei
cent to this, to correspond to the
population rise and adding 60 per cent
more for the increase in rentals be-
tween the two periods the figure re-
sulting was $1,183, ,744, 400. This i!
what the assessment total in 1885,
should have been If Mr.. Richards
principle worked. He checked thi'
against his assessment records anc
found the actual figure for 1880 to bt
$1,182, ,463, ,345.