Evening star. [volume] (Washington, D.C.) 1854-1972, 1956-05-12
Realty Value
Triples in Area
SinceWar'sE SIND

0IIIVV UUI SEIIUI
Assessed valuation of real es-
tate in Prince Georges County
has more than 'tripled since
World War II.
Actual worth is far greater.
The base on which the county
figures its tax yield now totals a
record $526.8 million-more than
$38 million over last year.
Figures released by County As
SCISSOR Louis w. Kutsch show that
in 1945 land was valued at $685.
059.49 and buildings at $40, 987,-
435 BY 1850. the assessed valu-
alton reached $41.737,475 on land
and $l45, 682,730 on buildings. In
1855. land was valued at $90.159,-
785 and buildings at 1929, 460, 265.
The 1856 assessable base of
$526,855,870 lists land now val
ued at SOL ,209,565 and buildings
at $685., 179.190. The remainder
represents the assessed valuation
of farm personal property. $738.-
275; business personal property.
$6,881 $40. and public utilities
and corporations, $50 BAT 900.
Business Tax Cut
The present base might even
have been some $8.7 million
higher, had it not been for a
measure authorized by the 1855
State Legislature. That action
permitted 40 per cent reduction
in the business inventory tax.
The county originally had esti-
mated the higher figure until it
re-computed the business and
corporation holdings.
AS a result of the re-check.
assessed valuation of public util-
tiles and corporations total about
ST. million less than last year
and the business personal prop
erty dropped some SIG million
under the former total.
There's a possibility the busi-
ness and corporation figures
could be slightly higher. but
county officials won't know this
until about next August when all
inventory reports are in. The
1856 figures, they said, were
reached by deducting 40 per cent
from the 1855 amounts.
Land Tax Easement
Another loss to the county's
assessable base is an estimated
$12,146,525 in tax-exempt land.
according to Mr.. Kutsch. The
Federal Government accounts
for more than so per cent OF this,
or some STA million. The rest is
for schools, churches and the
like. These figures are for land
valuation only, and do not in
cluGe the worth of buildings.
The $526.8 million asseSsable
base could present a problem to
county officials. This is the one
upon which the county commits
sioners based their $2.15 county
tax rate for the fiscal year start
ing July l.
The problem lies in the amount
the county tries to raise through
bond issues. Bankers and invest
ment brokers have advised
county officials that Z per cent
of the assessable base is the safe
limit" upon which to base the
issuance of bonds.
Based on this, Z per cent of the
assessable base would total $685.
879,910.
Already. the county's bonded
Indebtedness includes $31 ,600,390
for general bonds and $2.206,000
for metropolitan district i'm
provement bonds. Together. they
total $33.806,390.
Two other large bond issues
also have been authorized by the
State Legislature for issuance by
the county. One would be for
$1.15 million for a badly-needed
addition to the County Court
House at Upper Marlboro, and
other county Office facilities. and
$2.5 million for an expansion
program at the Prince Georges
General Hospital.
Would Exceed safety"
Their issuance now would raise
the county's bonded indebtedness
to $37 ,456, 390-over the so-callec
safe limit"
What makes the situation more
serious is that only about $2.2
million in bonds are scheduled to
mature next year. and the county
School Board estimates it will
need some $40 million a year
during the next six years for new
construction.
It's a problem which county
officials say won't be solved un-
less something is done to provide
more funds. One possibility
would be aid from the Fedora,
Government. At present. Mr.
Kutsch noted, the Government
does nothing to compensate the
county for its land in the county
Another would be to raise the
tax base. Mr.. Kutsch said this
could be done by either higher
reassessments or by increasing
the base through attracting in
dustry and other new businesses
to the county.