The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1891-06-30
TO TRUST COMPANIES.
Board Of Equalization Say They
Must Pay Taxes on Their
Mortgages.
An Increase or Nearly Twonty
Millions to the Assessable
Valuation.
County Assessors Ordered to Make Re-
tnrn OF All Deeds OF Trust ON
Record.

Yesterday the state board of equalization
Issued a circular letter to all county asses-
sora in the state directing them to make re-
turn of all mortgages filed Of railroad COM
panies in their respective counties. Attor-
ney General Haskell, Que OF the members
of the board, said yesterday that under the
revenue law passed bv the legislature last
winter all mortgages held by individuals
were made liable to taxation, and that the
board proposed TO see that railroad mort
cages should be taxed also. He estimates
that by this means the assessable value of
property within the state will be increased
by something between $15, 0OO, 600 and $780,
100000. 1t is not yet known whether the
companies will attempt to resist this action
of the board. The roads affected are the
Great Northern, Montana Central. North
crn Pacific, Northern Pacific q Montana,
Great Falls d. Canada, Montana Union,
Oregon Short Line, Utah Northern. The
circular to the assessors is:
Dear Sir: This department is in receipt
of information that there is on file in your
county a mortgage given to secure the pay
ment of certain promissory notes or bonds
made, issued and signed by the ---
Railroad company, which mortgage in
cludes the roadway. roadbed, rails,
rolling stock and all machinery used by the
said road, and as we'll all buildings, depots,
station grounds, round-houses and work
shops belonging to such railroad company;
which said mortgage was given to some
trust or loan company doing business out
side of Montana. You nave returned to
this board no statement of the existence of
such mortgage. This is to request that you
make an examination of the records of the
office of the county clerk in your county,
n ascertain if there is Il mortgage en-
record against sue railroad company, to
secure the payment of any notes or bonds
issued by said company. Should it ap-
pear that our information is correct,
we suggest that you Immediately make
n demand upon the person. per-
sons, company or corporation named therein
rs mortgage, for a list thereof. as required
by section fourteen of an act concerning
revenue. When you shall have received q
reply from such person, persons, company
or corporation OF their Willingness or re-
tusal to list such property. and you shall
have, notwithstanding their action, made a
list thereof, you will then and there make
II return to, this department. of the amonnt
of t Q same. and all thereof, upon the
blanks prepa ed by this board and trans-
mitted herewith, in compliance with sec
tions sixty-six and sixty-seven of the act
and rule thirty-two of this board and cir
cular letter No. 10 issued from this depart
ment under date of May %, 1891. Upon re-
ceipt of this letter you will please notify
this department of your compliance or non
compliance with the request herein con-
tanned.
The section of the revenue not referred
requires assessors, among other things to.
make return of "all mortgages, deeds of
trust, contracts and other Obligations by
which q debt is secured and the property in
the county affected thereby. Section 66
mentioned in the circular makes it the duty
of the county clerk to annually transmit to
the assessor. on or before the first Monday
in March, a complete abstract of all mort
cages, deeds OF trust. contracts and other
obligations by which any debt is secured,
remaining unsatisfied on the records of his
Office, not barred by the statute of limita-
tion, at twelve O'Clock, meridian, on the
first Monday i'll March of said year. Such
abstract shall be written under appropriate
headings, to embrace all information requi-
site for the assessor, in a book or books to
be furnished by the board of county COM
mlss1oners upon the requisition of the as
SCISSOR. Should any such list be found to
contain any instrument relating to lands
situated i'll more than one county, it shall
be the duty OF the assessor to transmit to
the state board of equalization all informa-
tion relating thereto.
,ocSoAoI v IoauS' IL ID Uuo Ougy OF EalQ
state board of equalization to attach an
apportionment of valuation of such instru.
ment to be assessed in each county, and the
board must transmit to the assessor of
each county mentioned as effected in said
instrument a statement of valuation Of as
sessment to be levied against said instru-
ment in each county. The valuation so set
by said state board is final. md the asses
sor shall accept said valuation and charge
said assessment upon said instrument &C
cordlngly. Should the said list contain
any instrument mortgaging or pledging
two OF more subdivisions OF land, or land
assessed in two or more subdivisions in the
same county, district or city, the assessor
must appottion the amount of assessment
to be deducted from each subdivision on
account of assessment against said instru-
ment. When partial payments have been
made on a debt, secured by mortgage or
deed Of trust, the owner is authorized to
make the proper deduction, listing only
the balance due on the first Monday in
March.