The representative. [volume] (St. Paul, Minn.) 1893-1901, 1893-10-11

Quoted from such value. Actual value"
means the capital value for which the fee sim
pie Of land with all improvements If any,
could be purchased for cash. improvements
include houses and buildings. fencing, planting,
draining OF land, cleaning from timber, scrub or
fern, laying down in grass or pasture, and any
other improvements whatsoever, the benefit of
which is unexhausted at the time of valuation
When the assessed value Of all the land of
any owner, less the value of improvements
thereon three thousand pounds, and the amount
due or owing on mortgage as aforesaid does not
exceed one thousand five hundred pounds,
there shall be deducted by way Of exemption q
sum OF i've hundred pounds, after which the
amount OF such exemption shall diminish by
one pound for every two pounds that the as
sessed value OF the property increases, so as to
leave no exemption on assessed values of more
than two thousand five hundred pounds; pro-
vided that only one exemption shall be allowed
TO an owner OF land when such value and the
amount due or owing to him on mortgage do
not together exceed two thousand pounds, but
If the assessed value of such land and NOR gage,
less deductions, shall exceed two thousand five
hundred pounds then no exemption shall be
allowed; provided, further, that where the own.
er OF any land or mortgage which does not pro-
duce larger income than two hundred pounds
health or other cause from earning further in
come from business employment further
exemption, which, together with the sum of
five hundred pounds hereinbefore mentioned.
shall not exceed two thousand pounds, may be
allowed to such owner by the commissioner, on
his being satisfied that the payment OF tax in
full would entail hardship on such owner
B. Every purchaser of crown land on credit
or deferred payments. and the assignee or
transferee of any such purchaser. shall be
deemed to be the owner of such land for the
purpose OF this act, provided that every such
purchaser may deduct the amount due or pay
able to the crown by way of purchase money
from the assessed value Of such lands as if it
were mortgage thereon.
The owner of any leasehold in land other
than in Part VI of 1.-The land act 1885," shall
be liable to taxation under this act upon the
value OF his interest in such land. The deduc.
ton OF three thousand pounds for improve
ments shall, as between the owner and the les
see, be made in proportion to the interest of
them in such Improvements; and such proper
ton shall be ascertained and determined both
as between the owner and the original lessee,
or any sub-lessee, IN such manner as shall be
prescribed.
s. Where any land is wholly exempt from
liability to tax, every person or company being
In occupation of such land as tenant, or other
wise using or occupying the same, shall be
liza BILE to tax on the assessed value of the inter-
est held by such person company in such
land.
Every person being the holder or occupier
OF any crown lands for mining purposes
within the meaning of any act under which the
lands are held or occupied, shall be liable to
tax upon income from business, and not up
on the assessed value of the interest in such
land. This provision shall extend to any COM
pany being the holder or occupier of land for
the purposes aforesaid
Where land is sold on time or deferred pay
ment by any other than the crown, and money
is owing to the vendor in respect of such land,
the amount so owing shall, for the purposes Of
this act, be deemed to be registered mort
gage and shall be stated by the vendor accord
ingly in any return made by him under this act,
and the amount so owing NAV be deducted by
the purchaser OF such land as if it were secured
to the vendor upon registered mortgage.
THE TAX ON MORTGAGES.
1. Provided that so much of the moneys
which building society, registered under any
act in force lating to building societies, has
received on deposit at interest and invested on
mortgage of land in New Zealand, shall be de-
Quoted in any return Of such mortgages b; such
society under the said act; provided, further,
that all building societies not receiving ex-
emptions on their deposit accounts shall have
exemptions on their mortgage accounts up to
the sum OF six thousand pounds.
No mortgage shall be entitled to exemp-
ton from tax by reason only that the land in
Guided in such mortgage is exempt from taxa
ton.
3. No mortgage shall be liable to the grad
uated tax imposed upon land under Schedule
B to this act
4. If any owner of land shall be required I'M
der this act to pay tax on account of his land
which may be subject to any mortgage such
owner may require the mortgage, not being
banking company, to register such mortgage
in accordance with law; and if the mortgage
shall for the space of twenty one days after be-
ing so required neglect to register such mort
gage he shall be liable to such owner for the
tax paid on account of such mortgage as if
such mortgage had been duly registered
5. "MOrtgage' includes any charge whatsOev-
or upon land any interest therein, registered
under any law in force relating to the registra-
ton of title to land, of deeds, instruments,
against or in respect of such interest, and
Whether created by deed will or any other in
Strument or in any other manner 'MOrtgageos
includes the person or company entitled at law
or in equity to mortgage or any part thereof,
and tOreceive the interest or any part thereof
payable in respect Of any mortgage or other
instrument
{ SCHEDULE B-GRADUATED TAX ON LAND
In addition to the tax imposed upon all lands
under Schedule A, when the assessed value Of
land, after allowing for all improvements
thereon, is Of the value mentioned in the first
column of this schedule, and is less than the
amount mentioned in the second column
owner of such land shall be liable to further
graduated annual tax at the rate mentioned in
the third column Of this schedule.