8.—17b

130

represents the value that the lot would have if it were on grade. The same statement is true if there should be so much rook on a lot that its actual value is greatly depreciated below the unit. On some streets the lots may all be shorter than 100 ft. or deeper; nevertheless, the unit represents the value that the lots would have if exactly 100 ft. deep. Some blocks are so short that the value of every foot of land is influenced by proximity to a corner ; nevertheless, the unit represents the value that a lot would have at that location uninfluenced by proximity to a corner. When the units are thus properly determined every unit is comparable with every other unit, because peculiarities of depth, topography, and proximity to corners are eliminated, and all units are reduced to the same standard. When the value of any particular lot is determined proper account is taken, of depth, topography, and proximity to a corner ; also weight is given to variations from standard size. If a lot is but 50 ft. deep its value would ordinarily be reduced to two-thirds of value that it would have if 100 ft. deep, in accordance with the rule in common use known as the " Hoffman-Neill rule." This rule assigns a certain proportion of value of a lot 100 ft. deep to every depth less than 100 ft. deep. Neither this rule, however, nor any other, is regarded as controlling upon the judgment of the Deputy. In one section of the city a lot 50 ft. deep may be worth more than two-thirds the value of a standard lot, and other sections it may be worth less. The rule is valuable as furnishing a guide to the commonly accepted proportions of value. If a lot is more than 100 ft. in depth its value is computed and the judgment of the Deputy is guided by similar rules ; one such rule assigns the following proportions of value to greater depths :—

If the lot under consideration has rock upon it, its value is reduced by some proportion of the cost of rock removal. In some cases there may be sufficient demand for rook to render it probable that the owner of the lot could procure the removal of the rock for less than the cost of removal. In some cases the cost of rock removal would be greater than the value of a standard lot at grade; in such a case it does not follow that the lot has no market value, but its value is much less than the value of the lot at grade. If a lot is so much below grade as to require filling, its value is ordinarily depreciated, by the cost of filling it, but it may be so situated that its value is actually greater than that of a lot at grade, because payment may be obtained for the privilege of using the lot as a dumping-place. The question of the extent to which, a lot may be depreciated in value by being above, or below grade must be considered with reference to all the surrounding conditions. The unit, however, always represents the value that a lot would have if it lay normally with reference to the grade of the street. When a lot is situated at the corner of two intersecting streets, its value is greater than when it is at some distance from the corner. The appreciation due to its corner position varies in accordance with the relative value of the intersecting streets and the character of the neighbourhood. In a suburban section where tho appropriate development is by the erection of detached houses, the appreciation because of corner position may not be more than 25 per cent, for a lot 25 x 100 ; on the other hand, when the lot is at the corner of two streets, both of which are good retail-shopping streets, the increment of value of a lot 25 x 100 may be more than 200 per cent, over the value of an adjacent interior lot. Tho appropriate increment of value due to corner position must be considered with reference to the actual earning-power and consequent selling-value of corner lots in the particular section. The distance from a corner to which the influence upon value of proximity to the corner extends depends upon the character of development appropriate for the neighbourhood. Where a lot 1.00 ft. square is the appropriate size for a building the corner influence extends to the whole 100 ft. ; on the other hand, where a vacant plot 100 ft. square at a corner would be improved with four or more buildings, the corner influence extends no further than the width of the first lot. Where the appropriate improvement of a section demands lots of standard size, a lot of greater width than standard size has no more relative value than a lot of standard size ; but where the appropriate building for that section requires a plot of greater depth the larger plot has a greater relative value than the standard lot. In such cases an appropriate addition must be made to the value above that indicated by the unit according to the size of the particular lot to be valued. In a tenement-house section in Manhattan a lot 37| ft. wide is worth relatively more than a lot 25 ft. wide, because a tenement house under the law cannot profitably be built on a lot 25 ft. wide, whereas an economical tenement house can be erected, on a lot 37| ft. wide. In a territory suitable for lofts a lot 50 ft. wide is worth more than twice as much as a lot 25 ft. wide, and generally a lot 100 ft. wide would be worth more than twice as much as a lot 50 ft. wide. The appropriate increase for plottage must be considered with reference to the actual conditions prevailing in the section where the lot is situated. An addition for plottage may be as great as 20 per cent., or even more. Conversely, if an appropriate improvement cannot be erected on a lot less than 25 ft. in width a reduction must be made below the value which, would be produced by the unit, varying with the degree of depreciation due to the unusable character of the land in question.

In Addition to Value of Lot of Standard Size. For the first 25 ft. beyond 1.00 ft. .. For the second 25 ft. beyond 100 ft. For the third 25 ft. beyond 100 ft. .. For the fourth 25 ft. beyond 100 ft. 9 per cent. 8 per cent. 7 per cent. 6 per cent.