The Waterbury Democrat., 1946-03-13

tContinued from Page l) atively new development. There, i've houses had an average sale price from 5000 to $6,l00. On the second of March one home, which had sold for S6,0OO last December, l945 was re-sold for S6,500-a$500 increase in sales values in three months.
 Al sales checked, the assessor said, were normal market sales, none of which were effected as the result of foreclosures, liQuidations of estates, sales to relatives, etc.
 Heavy Demand
 Tt indicates the normal heavy demand for homes, at this time" Mir. Jenks declared. People are willing to pay the price and the owners and agents, naturally do not hesitate to conform accordingly in such instances"
 Such a condition applies to all type homes, the assessor continued, two and three and multi-family dwellings, but in particular is re- veals itself in the transactions on one-family homes.
 This substantiates our claim that one-family homes in Water bury are not over-assessed and are not bearing the brunt of the in- creased assessed valuations" George B. Horan of the Horan Company which undertook the recent valua- ton. stated today.
 Two, three and multi-family house sales market is pretty well established by the ceilings on rents" 1" MT. Horan pointed out.
 Opponents of the revaluation of all Waterbury property, which re- suited in approximately a S30 mil- lion increase have contended that the one-family home has been dis proportionately increased in its as- SesSed valuations as compared to other type dwellings and struc- lures.
 In the case of bare land sales, it was pointed out that their sales are normally determined on a wholesale" basis. That is, a large tract of land is bought in bulk in an undeveloped area. Until the tract is developed upward to 50 per cent of its capacity by the sales of land parcels and the subsequent pur- chase of homes, the area is also as- sessed on a wholesale basis.
 That is why the percentage of assessment to sales is so low (66 percenD on bare land" MT. Jenks said.
 If We did not follow this whole sale" method of determining values our determinations would result in lop-sided and unfair values. For ex- ample, should an area be but par tially developed-say 20 percent and we determined the area value on the basis of such developments, there would exist an unbalanced assessment on the undeveloped por- tion; the latter might never be de- veloped due to economic conditions. The owner of the area therefore would be carrying a load out of pro- portion to it's actual value.
 once the area was 50 percent developed and indications were that subsequently the entire area would be deveolped, then the aSse ssed val- uation would be proportionately in- creased"
 Vets Anxious Buyers
 Indications are prevalent that the market rise. particularly on one. family houses. would continue, MT. Horan said. This will result from the steady return of veterans seek ing to purchase homes and willing to offer high prices.
 MT. Jenks again reaffirmed a previous statement made at a pub- lie meeting that the owners of the property create the market values not the assessor"
 Until the housing shortage is relieved or eliminated and as long as potential home buyers are will- ing to pay high prices and home owners are eager to accept them. there will be this soaring market" !" he said. Thus the increase in as- easements made by the Horan Com pany and approved by me and the Board of Tax Review was neces- sary and normal"
 The proof lies here that the in- crease certainly Is not abnormal in ecmparison to the sales"