Birmingham age-herald., 1895-07-20
Auditor Purifoy to Judge Wilkinson.

The following interesting letter has been written by Auditor Purifoy to Judge Wilkinson of Autauga:
 Montgomery July 19, 1895. Judge w. r. Wilkinson, Prattville, Ala
 Dear Sir: Replying to your favor of the 18th instant: You state that you have abstracted the mortgages filed in your office this year and have delivered the abstract book to the county board of equalization, with the statement also that the board desires some information. l do not think it was the purpose of the amended revenue law that this record should be delivered to the county boards of equalization during this year. The act provides (see section 28. page go, revenue code) that ''it shall be the fur ther duty of the probate judge on the first Monday in OctAher to file the afore- said record Teferring to the abstract book) in the office of the tax assessor. with a certificate appended thereto, etc" There is nothing in the act requiring such book to be turned over to the county board of equalization. The only purpose which this record can serve the assessing authorities, it seems to me is simply to aid them in discovering taxable property and arriving at proper valuations The f.ssessment lists cannot be made up iron, this record. nor can it be considered an absolute guide to the fixing of values. It is merely an aid to the proper dis 
 The mortgages which you have re- corded since the 1st of January are not taxable for the current year, unless they were executed prior to the list day of January last.
 Immediate answers to some of the questions propounded by you in behalf of the county board of equalization are nrecluded by the foregoing conclusions. Yet the answers to some of them may be of immediate service and the answers to all will be of use in it's future work and arc given below:
 l. Should these mortgages be assessed at their face value? If not, what per cent of their face value?
 The face or par value of a mortgage cannot be accepted as an absolute guide to it's value To illustrate if A execute es a mortgage to R, the face or par value of which is s10,000 the property to secure this mortgage is worth only $5000, and A has no other property that I} can reach by legal process, 1t is very evident that the mortgage is not worth it's face value or par value. On the other hand, if the mortgage of A, in B's favor, includes property which may be properly valued at $2o,000. while the amount covered is but half that sum. it seems to me that nhe assessor would be compelled to value 1t at it's face or par value for tax pur- poses. From this it will be seen that no inflcxible rule can be established for
  ty boards of equalizo rion in the discharge of such duties, except the actual cash value of the credit, established by tEe knowledge of these officials. obtained from the best ard most reliable sources of information at their command.
 "2. A large percentage of the parties holding these securities live outside the county Are they not taxable in this county, and if they should claim that they have listed such securities in the county where they live, what proof of >that fact ought the board in this county require?"
 This class of property, like money, is taxable only in the state and county of the residence of the owner. Notwith- standing the fact that some of these mort gages, or, as you state, large per centage of them, are owned by parties oGtside of the county. and are secured by property, owned by residents and tax payers of your county. and are in- cluded in your abstract book, required td be delivered to the assessor on the frs. Monday in October. there is no au- thorlty of law for subjecting them to taxation in your county. Only such propelty as belongs to resident tax pay CTS is taxable in your county.
 "3. If a merchant, after giving in his stock of goods for taxes. should make advances and take mortgages. and claim that the advances were made from his