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June 13, 1914
RECORD AND GUIDE
1053
the value of a square foot as the unit.
The assessors of the other cities do not
report any rule. Here again students of
assessments agree that the unit system
is the best plan, as it is the only one
which admits of convenient comparison
of values throughout the city.
Eight cities of the State have lots ot
the uniform depth of one hundred feet,
five either one hundred and thirty or one
hundred and thirty-two feet, four—one
hundred and twenty feet, and two—one
hundred and fifty feet. Where these
standard lots exist it is possible to use
a rule for determining the value of lots
which happen to be longer or shorter
than standard by using a table worked
out in percentages of standard size and
computing the value of the longer or
shorter lots by multiplying by the per¬
centage. Fourteen cities use such a
rule; two use the Hoffman-Neill rule;
two use the Somers rule; one uses
a combination of the various rules
which were worked out after a consulta¬
tion with the City Engineer and mem¬
bers of the Board of -Assessors; three
cities have worked out special rules
which fit local conditions, and three cities
do not state what their rule is.
The assessors of six cities keep rec¬
ords of the sizes of buildings; thirty-
eight do not. Your committee recom¬
mends to the assessors of the cities of
the State that they employ a system
which will furnish them with ready in¬
formation in this particular as soon as
feasible. All buildings should be meas¬
ured and the sizes recorded.
In the determination of value what
can be a better guide than the knowl¬
edge of what is paid for property when
sold? True there are forced sales which
do not indicate at all the true value, and
there are at times reasons why one man
in a peculiar situation may pay more
than a property may be worth, but tak¬
ing it by and large there cannot be a
better indication of the value of prop¬
erty than what willing buyers, who do
not have to buy, will pay, and what wil¬
ling sellers, who do not have'to sell, will
take for property.
It is safe to say that the great bulk
of the transfers comply with the last
condition. These actual prices, how¬
ever, are hidden from the assessor under
the nominal figures $1.00 and other valu¬
able considerations. The assessor is
charged with the duty of determining
the values of property and is precluded
from the best information possible to
guide him in his work.
In their suggestion for improvement
in the system, seven cities want the true
consideration in deeds, or at least the
information as to the actual considera¬
tion at the time of recording.
State legislation should be demanded
to make it possible for the assessors to
have this "best of all" guide to values.
Objection has been raised to such a
law on the ground that the assessor will
be misled if he takes the true considera¬
tion in every case. The committee has
faith that the intelligence and sound dis¬
cretion of the assessors will lead them
to ignore the exceptional cases and give
due weight to the evidence furnished by
the actual considerations for transfers.
The State Board of Tax Commission¬
ers in its report for 1911 has set forth
very effectively the reasons for the re¬
quirement that true considerations be
disclosed to the assessors, saying;
"The corner-stone of the structure is
a correct valuation by the local asses¬
sors. The general range of sales in a
locality is the best evidence of value. If
an assessor is not informed as to the
range of sales, how can he properly
make a valuation? The custom of late
years has become so general of insert¬
ing nominal considerations in convey¬
ances of real property that an examina¬
tion of those conveyances is of practic¬
ally no benefit to the assessor. He must
rely either upon sucli rare documents as
give the actual consideration, or upon
hearsay in the community. This hear¬
say is often most unreliable, and fre¬
quently is more of a deception than a
guide, as often fictitious considerations
are inserted for the purpose of, mislead¬
ing prospective purchasers.
"We earnestly recommend that a law
be passed requiring the disclosing to
local assessors of the actual considera¬
tions in any conveyance of real property,
either at or before the time of recording.
If necessary the assessor may be re¬
quired to keep secret the amount of such
consideration, if it is not disclosed by
the conveyance itself."
The State Conference on Taxation
held at Utica, January, 1911, adopted the
following resolution unanimottsly:
"Since the actual value of real prop¬
erty is the sum for which it will sell
under ordinary circumstances, and since
the best evidence of such value is the
record of actual sales under ordinary cir¬
cumstances,
"RESOLVED, That the true consider¬
ation in every deed, mortgage and lease
should be made known to the assessor
before such deed, mortgage or lease is
entitled to be recorded, and that the law
should be amended to require such in¬
formation."
AUCTION SALE WILL OPEN TRACT TO BUILDERS
SHOWING DEVELOPMENT OPPOSITE PROPERTY TO BE AUCTIONED-
WITH 291 lots in 69th street, be¬
tween Third and Sixth avenues,
and on Fifth avenue. Sixth and Bay
Ridge avenues, to be offered at auction
at the Brooklvn Academy of Music on
Tuesday night, June 16, by the Jere
Johnson, Jr., Companv. the Fleet estate
will dispose of its Brooklyn holdings,
after an ownership of about eighty
years. The sale will commence at 7.30
o'clock.
The outcome of the sale is awaited
with interest and it is expected that
the home-seeker will be as largely in
evidence as the builder and investor,
since Bay Ridge is principally a home
community of small dwellings. The sale
has attracted considerable attention to
that part of Brooklyn.
Bay Ridge was formerly a section of
the old town of New Utrecht. Its his¬
tory dates back to the time of Peter
Stuyvesant, who made the original
grants to the thirty Dutch patroons who
subsequently apportioned it among
themselves. Practically nothing of in¬
terest occurred nor was anything notice¬
able in its development until about half
a century ago. For many years it re¬
tained its old-fashioned, rural character
and was known as Yellow Hook. The
farms stretched along the old Gowanus
road, and transit facilities comprised a
stage coach, which started at Fulton
Ferry and followed the old road to
Van Brunt's lane, ending at Fort Ham¬
ilton.
Soon after, horse cars came into
vogue and to these were added a small
steamer which connected the district
at the foot of Bay Ridge avenue with
Wall street, Manhattan. Through all
these years and up to 1892, real estate
remained dormant. In that year the
first important connection with other
sections of the city was established
when a trolley line began service from
2Sth street to Fort Hamilton avenue.
The following year the Fifth avenue ele¬
vated was extended to Third avenue and
6Sth street.
Improvements followed in rapid suc¬
cession and with each addition came an
increase in population and rise in land
values. Work is being rushed on the
Fourth avenue subway, now in course
of construction, and it is expected to be
in operation by January 1, 191S. While
the development of Bay Ridge has not
been held back as have other outlying
sections by lack of transit facilities, the
establishment of such a line will prob¬
ably strengthen real estate conditions
throughout the section. In 190S the
first real estate boom was launched
when a syndicate, consisting of Patrick
J. Carley, John E. Sullivan, David Mey¬
er, John J. McGowan and J. O'Rourke,
purchased about $100,000 worth of un¬
improved property on Third avenue and
in the immediate neighborhood.