The Middlebury register and Addison County journal. [volume] (Middlebury, Vt.) 1883-1885, 1884-10-24

Two bills have been introduced at the
current session of the Legislature to dc
away with the manifest injustice of the
double taxation of mortgaged real estate
As it is now the holder of real estate thus
encountered pays upon the whole of it.
though in fact he really owns only
so much as he has paid for One of the
bills was reported adversely by the ju-
dietary committee; the other, introduced
by Mr.. Douglas of Whiting, has not yet
been acted upon. The text of his bill is
as follows:
SEC. l. Persons or parties holding real es-
tale subject to mortgage, may claim exemption
from taxation thereon to an amount not exceed
ing the amount remaining unpaid on the notes
secured by said mortgage, or mortgages, on the
LIST day of April of each year. Where such eN-
empuon Is claimed by a mortgagor, II shall be
the duty of sal claimant to present to the listers
OF the town in which the property is located II
sworn statement OF the amount remaining UNI
paid on said mortgage notes, exclusive of inter-
est thereon. He shall also state by whom such
mortgage or mortgages are held, or to whom
they were executed. 1t shall be the duty of
said listers, when these conditions shall have
been complied with, to deduct the amount thus
shown to remain unpaid on said mortgage notes
from the INST oil Salu claimant, provided the sum
so deducted shall not exceed the appraised value
OF said real estate. The amount thus deducted
from the list OF the mortgdgOr shall be set in the
grand list of the town where said real estate is
located to the mortgage, or holder of said mort
gage or mortgages.
SEC. .. Persons or parties holding mortgages
on real estate, on which exemption has been
granted, shall be entitled to exemption from tax
alton on personal property to an amount not eN-
ceeding the amount of exemption which has been
granted the mortgagOr. Where exemption is so
claimed by the holder of mortgages on real estate
not located in the town III which he resides, ii
shall be duty OF said claimant to procure certi-
lied statement OF the amount of exemption grant
ell IN favor OF the mortgagOr from the listers Of
the town where said real estate is located, and
transmit the same TO the listers of the town In
which SAID claimant resides, on or before the
10th day of April each year. 1t shall be the duty
of the listers of the town where such real estate
is located 10 furnish such certificate on applica-
ton OF said claimant.
SEC. 3. When the holders of mortgage on
real estate on which exemption has been granted
to thu mortgagOr and transferred to the list OF
the holder of SAID mortgage, is Il nonresident of
the state, or where his residence is unknown to
the collector of taxes in the town where said es-
tate is located, Or where he shall refuse or neg
lect to pay the taxes assessed upon the list rep
resenting said mortgage notes, it shall be the
duty OF the mOrtgagOr to pay said taxes. For
the sum 50 paid, the collector shall give his re-
ceipt in full to the sad mortgagor which receipt
shall have the full legal force and effect of a re.
celpt given by the holder of said mortgage notes,
for money received in payment Of principal OF
interest on said notes.
While it is probable TINT the above bill
may need amendment to make it prac-
teal, it seems to us that the theory is
right.