Catoctin clarion. [volume] (Mechanicstown, Md.) 1871-1940, 1896-07-02
Facts for Taxpayers.
From the Baltimore SUN.

From the Baltimore SUN.
| During the past few days the assessors ap'
| pointed by Gov. Lowndes under the new
reassessment law have begun work actively
in their separate precincts, and many citizens
have received she blank forms upon which
they are expected to make statements Of
what they own, both real and personal prop
erty.
UNDER 800 EXEMPT.
Thousands of the persons with whom the
assessors leave blanks OWE no real estate and
their personal properly does not exceed in
value one hundred dollars. Although the
law expects them to fill out the schedules
they will not be taxed, as exemption is CIV
en-, as in the old law, to persons possessing
personal property less than 800, unless they
also own real estate, in which case they are
to haye no exemption upon their personal
property of any amount.
PERSONAL EXEMPTIONS.
The law cxempts from taxation as personal
property: a. Wearing apparel of every de-
scription except diamonds and other costly
iewelry not habtually worn upon the person;
(2,) provisions and fuel for use and consump.
ton; 49, the working tools ofmechanics and
artisans, moved or worked exclusively by
hand(4,) the first $500 in value ofthe farming
implements in the possession Of any farmer;
(5,) crops or produce in the hands OF the
producer or his agent; (6) fish while in the
possession of the fisherman or his agent
while yet unsold; az stocks, bonds and cyl
dences of Indebtedness of the United States
or of the State of Maryland; (s,) shares OF
stock IN Maryland steam railways, because
these railways already pay to the State tax
on their gross receipts; (9,) bills receivable or
evidences of debt for such accounts in the
passion ofpersons engaged in the commercial
business.
There are also exemptions of the furniture
of churches, hospitals, asylums, charitable
institutions and Incorporated educational
institutions, and Of the personal property OF
corporations whose shares are taxed, but
these are phases of the law IN which the
individual citizen has no direct interest.
HOW MORTGAGES ARE TAXED.
The taxation of mortgages is one of the
chief features in which the new law differs
from the old They are taxed in the hands
of the person lending the money and it is
expressly forbidden III the law that any
eli, I,, ,,oln in,
after June list, 1896, by which the payment
of the tax is assumed by the borrower
Mortgages made prior to that date, in which
such clause is inserted, will, ofcoursc, have
to be paid by the borrower, but provision is
made that the amount of the tax that he thus
pays shall be deducted from the tax that he
is required to pay upon the property upon
which his mortgage is placed. If he does
not pay the tax there is to be no reduction
The rate for the taxation of MORTGAGE is s
per cent. upon the interest covenanted to bt
paid and the tax is to be paid whether the
| holder of the mortgage receives his interest
or not.
Whether mortgages are to be returned
among the Inventories of personal property
is disputed question. Tax Commissioner
Heating, in his instructions to the assessors
| says that they need make no return OF mort
cages, as the taxation of such investments il
| provided for through lists of all unrcleasec
mortgages returned to the Appeal Tax Cour
by the clerks of the several courts. State
Senator John Writ Randall of Anne Arundel
who was instrumental in passing the reasscss
ment law, disagrccs with MIR. Heating or
this point, and in letter seLt to Governor
| Lowndcs has asked that this matter be prop
erly determined. Mr.. Randall's contention
is that the section in which this arrangement
was made was passed to furnish al aid il
asccrtalning the existence of mortgages, hu
was not intended 10 supersedc the plain pro
vision that each individual must make return
of all real and personal property owned by
him and subject to taxation. He says tina
under Mr.. Keating's instructions the Stat
will have trouble in learning the address o
those whom the records show as owners o
mortgages, that the assignments Of mort
cages are frequently made without being
recorded at once, and that partial payment
are also made which arc Endorsed upon TIT
note, but not recorded.
TAX ON MONEY DRAWING INTEREST.
Another point ofthe law which will arous'
much interest and inquiry among those callc'
upon to fill out the schedules is the fact tina
they are required to pay taxes on none.
drawing interest IN sayings bank or othc
institution. This is due to the fact that tn
blank book which they hold is an "evidenc
of Indebtedness" and so comes under tina
provision which taxes "stocks, bonds or evi
denccs of Indebtedness" Tax COMMISSIONS
Heating is of the opinion that the amount o
the tax upon money drawing interest will
vary according as to whether it Is deposited
with public institution or private firm
One of the supplemental reasscssment bill
makes the tax upon the money in a publ
institution amount to the regular State ia!
Of 17a cents and horizontal tax of 20 cent
additional. But the supplemental bill di'
not fully repeal the provision of The origina
measure, and interest bearing money in pri
vatc institutions is to be taxed by slidin
scale arranged according to the amount Q
interest received.
IMPORTANT STOCK EXEMPTIONS.
Two important exemptions which can b
claimed IN filling out schedules are shares i
Maryland building associations and all stock
bonds and evidences of Indebtedness Of an