181 A. 854 | Pa. Super. Ct. | 1935
Argued October 9, 1935. This appeal is from an assessment of $23,000 by the board of revision of taxes on premises 229 West Walnut Lane, Philadelphia, for the year 1934, which was sustained by the court below.
The property in question was advertised for sale at a cost of $500 to $525 by Samuel T. Freeman, an auctioneer, through the medium of newspapers, circulars, etc. The advertisement stated that the property would be sold free of mortgages, and that fifty per cent of the purchase price could remain on a mortgage against the premises. A number of people went through the property, which was open for inspection, and eighty persons were present at the sale. The property was sold, May 25, 1933, to the highest of three or four active bidders for the price of $10,300, so that, here, as in Kaemmerling's Appeal,
The Act of May 15, 1841, P.L. 393, § 4 (72 P. S. § 5101), required the assessors to value all objects of taxation, "according to the actual value thereof, and at such rates and prices, for which the same would separately bona fide sell." The courts have frequently held that under this statute the assessor is required to assess property *71 on the basis of "market value," and have clearly defined that term.
In D., L. W.R.R. Co. v. Luz. Co. Commrs.,
The only testimony offered upon the part of the appellee was that of a real estate expert, who said that he valued the property at $26,975, basing that figure on its frontage and the number of square feet in the building; but he knew of no other sales in the neighborhood, and, therefore, his valuation was not determined by a sale — the best criterion of market value, but simply on his opinion, which cannot prevail in the face of existing facts. "Scientific formulas, arithmetical deductions, *72
and mental contemplations, have small value in making assessments under our practical system of taxation": D., L. W.R.R. Co. v. Luz. Co. Commrs., supra (
Doubtless, the market value of the property in this neighborhood, as practically all property, is depressed at the present time, but that does not warrant the fixing of a market value which does not exist. If, hereafter, prices of real estate are enhanced, which is the hope entertained by all, assessments can be readjusted; but, at the present time, assessments are compelled to be made in accordance with the mandates of the law.
The appellee has cited Westbury Apts., Inc., Appeal,
The learned court below did not give us the benefit of an opinion. Apparently he refused to accept the best test recognized of market value, to wit: a sale, and fixed a market value which we think was not warranted by the evidence. As in Kaemmerling's Appeal, supra (
The decree of the lower court is reversed, and the record is remitted in order that a reduced valuation may be made in accordance with the views expressed in this opinion; costs in this appeal to be paid by the appellee.