Regarding Robert Morrison’s May 9 letter to the News-Press (“Other
letter writer ...”), I must continue my literary dalliance with him at
least one more time.
Mr. Morrison, you state that Gregg’s property went through a “period
primarily of depreciation” over the past dozen years. This must come as a
great shock to developers everywhere, not to mention appraisers and the
city of Glendale. The Greggs’ careful accumulation of properties in order
to present a unified development plan could have only appreciated in
value, and at many multiples of the “four times” you keep citing. And
please check with your CPA -- land cannot be depreciated, only the
improvements on the land.
Also, I am sorry you did not accept my offer to purchase your house
for “four times” its cost. I have in my possession an official document
verifying that you paid $103,500 for your home on June 16, 1978. Since
you claim that you actually paid 75% more, or $181,125, it appears the
shortfall in property taxes due over the past 24 years approximates
$20,000. I am sure a man of your integrity will do the right thing. The
address of the county tax collector is 225 N. Hill St., Los Angeles.