Funds advanced by U. S. Housing Authority to local authorities and borrowings by local authorities from other sources for U. S. Housing Authority-aided projects, as of Dec. 31, 1941-Continued Funds advanced by U. S. Housing Authority to local authorities and borrowings by local authorities from other sources for U. S. Housing Authority-aided projects, as of Dec. 31, 1941-Continued Funds advanced by U. S. Housing Authority to local authorities and borrowings by local authorities from other sources for U. S. Housing Authority-aided projects, as of Dec. 31, 1941-Continued Mr. WIGGLESWORTH. I want to ask you about the table appearing on page 568 of the hearings of last year entitled "Federal Works Agency, United States Housing Authority, Recapitulation of Completed Land Acquisition for the Period July 1, 1939, to December 1, 1940." In that table I note in one column you give the assessed valuation for tax purposes; in another column, you give the amount paid or to be paid, based upon options or condemnation awards by courts. The amount in the latter column time and time again is very much in excess of that in the former column, including land located in the larger cities of this country. My experience has been that just the reverse is true, that the assessed valuations, particularly in the larger cities, are very much in excess of the market valuations. Mr. KEYSERLING. I think that is a reasonable question. What we would be very glad to do is to give you an analysis of any of the specific instances you want us to analyze. Of course, the tax and assessment systems in various localities throughout the country form such a crazy quilt pattern that unless you go to one particular place you can never tell what the real relationship is between value and assessment. In some places, they use a 100 percent assessment and base the tax rate on part of that; then, in other places, they use an 80 percent or 60 percent assessment; but, specifically, we will be glad to take any of these cases you refer to and analyze them for you. Mr. WIGGLESWORTH. Give us some sort of generalization? For instance, on the first page you have New Bedford, New Haven, Hartford, Bridgeport, Providence, Pawtucket, Newport, Camden, Trenton, Elizabeth, Newark, Atlantic City, Buffalo, Pittsburgh, Philadelphia, Harrisburg, Baltimore, and so on. In all of those instances the observation I have made holds true to a marked extent. Mr. KEYSERLING. We will be glad to do that. We will analyze those specific cases for you. Recapitulation of completed land acquisition for the period to Dec. 31, 1941 CONN-3-4. 141.40 169,978.00 $398, 855.00 $443, 850.00 Amount paid $437, 140.00 47,000.00 1 It is a matter of common knowledge in most cities that the assessed valuation of property for tax purposes does not actually reflect the amount paid for properties bought or sold Because the assessed valuation of property for tax purposes is not a reliable criterion for determining the actual value of property or the price to be paid for it, we have included The recapitulation on this page presents a complete summary picture of the relationship between the amount paid or to be paid (based on options or condemnation awards by Bridgeport, Conn.-1-2.-Local appraised values of this site! are approximately 10 percent below the cost. Ordinarily when purchasing properties from a large number of owners New Haven, Conn.-4-1.-In explanation of the excess of cost over the local appraisal, it is the opinion of the regional land adviser that the local appraised value of this site was A representative of the U. S. Housing Administration Land Division concurs in the opinion of the regional land adviser. were set by the court. the appraised value by 29 percent which would account for the excess cost over the local appraisal. Atlantic City, N. J.-14-1.-Seventy-five percent of this site was optioned at the appraised value and the remaining 25 percent condemned. Awards in condemnation exceeded appraisal by approximately 33 percent which accounts for the excess cost over local appraised values, Newport News, Va.-3-1.-Seventy percent of this site was optioned at the appraised value, the remaining 30 percent of the site was condemned. Court awards exceeded the |