Brooklyn, Land and Improvement Values, 1918 and 1919.

47

Richmond, Land and Improvement Values, 1918 and 1919.

55

DEPARTMENT OF TAXES AND ASSESSMENTS

ANNUAL REPORT, 1919.

Hon. JOHN F. HYLAN, Mayor of the City of New York:

Sir-In compliance with the requirements of Section 1544 of the Greater New York Charter, we make the following report of the operation and action of the Department of Taxes and Assessments for the year ending March 31, 1919.

The Charter requires all Departments to make quarterly reports, but the work of this Department cannot be sufficiently set forth until the work for the year is completed and valuations determined after the statutory times expire for making corrections in the tax rolls of the City, both real estate and personal.

This is the first year that we have been in complete charge of all the transactions in this Department and the result of our labors will be found in the tables below.

The total assessed valuation of real and personal property for the years 1918 and 1919 is as follows:

The increase or decrease for each of the three classes of real estate

The decrease of $29,792,494 in Special Franchises assessed by the State Tax Commission is to be especially noted.

For the information of all who are interested in local taxation we submit in this report assessments for the past years, tax rates for City, County and State, bank taxes, the value and classes of property exempt from taxation, the number of various classes of buildings, the increase or decrease in the assessed value of land or buildings in different sections of the City, together with the special franchise values as assessed by the State Tax Commission and of real estate of corporations.

The land value maps, which are published annually by the Department, show the value of land per front foot on every side of every block in the City and the value per acre of large tracts. These maps are in great demand by property owners, and their value is not only shown in that respect, but it is spreading to other cities throughout the country.

Real Estate.

There was a tentative increase on the first of October, 1918 on real estate to the amount of $147,300,350 of which $84,834,105 was for new buildings and improvements. Large increases had been made on waterfront property in the Boroughs of Manhattan, Brooklyn, Queens and Richmond and a small increase on hotels and business property, the increase on apartments and residences having been negligible and only when necessary for equalization.

From the total assessments thus made, however, there were reductions to the amount of $28,823,954 on applications for reduction and exemption of property, acquirements by the City and statutory exemption on Churches, Parsonages, Clergy and Pensions.

By the final assessment rolls there was an increase for the whole City of $103,093,186 in the assessed value of ordinary real estate. There was an increase for improvements of $102,909,220; in real estate of corporations of $15,383,210 and in taxable land of $183,966, making a total increase of $118,476,396, but from this was to be deducted a decrease in Special Franchises of $29,792,494, as assessed by the State Tax Commission. The net increases remaining were by Boroughs as follows:

These changes are shown in more detail in the following summary for

each of the Boroughs.

It will be noted that the decrease in the value of taxable land was almost entirely in the Borough of Manhattan amounting to $14,208,150 of which $11,243,550 was in Section 2, the territory between Grand and 14th Street, river to river. The only two sections in that Borough in which a decrease was not made were Sections 4 and 5, or the territory on either side of Central Park between 40th and 96th Streets, an increase of $2,732,000 having been made in Section 4 west of Central Park and an increase of $2,219,600 in Section 5, the territory east of Central Park. In this last named section the total increase for land and improvement was $18,322,300.

The Boroughs of Brooklyn, Queens and Richmond show an increase in the value of both land and improvements.

There is a general belief among the property owners and others that assessed values are largely above the real market value. The following table will show the number of sales of real estate during the year 1918, the assessed value, the consideration paid, together with the percentage which the consideration bears to the assessed valuation. They show that when property is sold at private sale the average of those sales are not above assessed values, while executors, and foreclosure sales are not as a rule a fair test of market value, but should be considered by the appraisers. It cannot be contended that a foreclosure nor an executor's sale in the present emergency can or does represent true market value. These figures show a true consideration of all the facts and circumstances surrounding the various parcels a task of considerable magnitude.