The state rights democrat. [volume] (Albany, Linn County, Oregon) 1865-1900, 1884-12-26
meRreAsE rAx LAW.

Supreme Court, The following bill win
be introduced 1t the com;Ag session of
lhe Lsgisiature By Hon. w. R Bilyen
of Linn county. L is rather strange
that the Supreme Court does net decide
the conslitutionality Of the present Law |
50 that the Legislature viii know
whether to make any change on the
subject Of taxinglmortgages
An Act to define the terms sland"
and s'real property. for the purpose Of
taxation, and 20 proyide where the
same shall be assessed and taxed, and
to declare what instruments whereby
land or real property i made security
for the payment Of debt shall BE- void.
Be i. enacted By the Legislative AS
sembly Of che State of Oregon:
SEerIsN |. The terms Gland" and
s'real property wherever used in this
Act, OF in any other of tae laws Of the
State OF Oregon, shall, for the purpose
Of assessment and taxation, be held 10
mean and include not only the land
itself, hui also all buildings, structures,
Improvements, trees, and other fixtures
Of whatever kind thereon, and al rights
and privileges belonging or in any wise
appcrtaining thsreeo. And mortgage,
deed Of trust, contract, or othse obliga-
tion whereby land or real pro fsrty Is
made security for the paYnent Of . debt,
together with such debt, shall, for the
purpose of assessment and taxation, be
deemed and treated Is land or real
property.
$50. 2. All lands shall be assessed
and taxed in che county whers the
sxme shall lie, and every person shall
be assessed in the county where ;ss rs-
sides when the assessment is made for
all real and personal property then
owned By him within such county and
unoccupied land, if the owner Is un-
knewn, may be assessed, as such, with
oat inserting the name Of any owner
and mortgage, deed Of trust, contract,
or other obligation whereby laad or real
property, sitrated in no more than one
county in this state, is made security
for the payment of G debs, SHALL be
assessed st its real cash value and Be
taxed to the owner of such secarity,
and tha debt thereby secured in the
county, city or district, in which tbs
land affected by such security is siEua-
ted. And If the security In the judg-
naent of the assessor is not worth II
many dollars As still appears from such
instrument to be unpaid, then such rsal
cash value shall not be desmed By the
assessor to exceed the real cash value
Of the land included in such instrument
And in no csse shall the real cash value
be deemed by the assessor to exceed
the amount that still appears from such
instrument to Be secured thereby. And
the taxes 50 assessed and levied on
aush security shall DO lien thereon
and also upon the debt 30 secured and
the debt together with such security
may bs sold for the payment Of any
taxes due on such security in the same
manner and with like effect that land
or real property Is sold in this State fol
the payment Of taxes due thereon.
SIC. 8. 4 mortgage, deed Of trust
contract, or other Obligation whereby
land OF real property, situated in NOR.
than one county in this State, il mad.
security for the payment Of debt, ,shal
be assessed and taxed to the ownei
thereof, and the debt thereby secured
Ia the counties, cities or districts il
which any Of the land or real property
contained in any such instrumsnt shaI
be situased, In the following manner
The assessor Of each county in which
such instrument is recorded shall i'm.
msdiately. upon recsixing from the
Clerk Of his county the abstract in thii
Act hereinafter provided for, value ths
land contained In such instrument anC
situated Ia his county at It's real cAsl
value, and forthwith thereafter trans
NIT By mail 10 the assessor Of ever
county in this State in which any Of th.
lands contained In such Instrument i
situated registered letter containing
aa abstract of such instrument, retain.
ing N his possession duplicate thsre
Of. The abstract required By this sec
ton TO be sent to assessors shall be sub
stantialIy in the following form:
Abstract Of an instrument recorded
in - County, Oregon, whereby Ian.
situated In more than oae county i
made security f,r tbs paJment of /
debt:
!. Name of Obligor
Name of 0bligee