In re Melcroft Corp.

The proceeding is in certiorari, and was brought to review the 1936 assessment (for the 1937 tax) on the petitioner’s property. The properties had been assessed at $562,000 and $31,500, respectively. The assessments were divided as follows: Lots 1 and 21, land, $270,000; building, $292,000; total $562,000; and lot 2, vacant land, $31,500.

The referee determined that the value of lots 1 and 21, including the building thereon, was $435,000, and the value of the vacant land, comprising lot 2, was $20,000. The reductions made on the ground of overvaluation were substantial.

In the opinion of this…