Mexico Missouri message. (Mexico, Audrain County, Mo.) 1899-1918, 1900-12-06
Burden Simply Divided.

under the third constitutional IA
mendment, \ mortgage on real es
tate would be assessed at its full |
value in cities or counties where
the real estate included in the mort
gage was not assessed ut its full
value, but only at 30 or 40 per
cent thereon. Gen. Crow replied
that it was practical question
that affected the actual operation
of the third amendment.
"The third amendment simply
provides that legally the mortgage
should be assessed as n part of the
real estate it covers said he.
"The amendment itself provides
as follows: Provided, that in all
such cases the interest of the own
er of security, as well as that of
the owner of the property affected
by such mortgage, deed of trust,
contract or obligation, shall be
assessed on terms equally fair and
just.
"This means that the mortgage
and the land shall be assessed on
the same basis. The mortgage be-
ing made by tEa amendment, for
the purpose of taxation, a part of
the land, it must of necessity be
valued and assessed on the same
principle as the land.
1.-THE command of the constitu-
ton is direct that the amount of
the value of the security shall be
deducted from the value of the
property mortgaged, and the value
of the property incumbercd less
the value of the security shall be
assessed and taxed to the owner of
the property, and the value of the
security shall be assessed and tax
ed to the owner of said security.
"Of course | take the words,
The value of the property affected
by such mortgage, as used i'll the
constitutional amendment to mean
the assessed value and not the act
ual value. But if the words the
value of the property affected by
the mortgage be taken to mean
the full value the same ratio of
taxation to both borrower and
lender will be maintained.
"Of course, this amendment, if
adopted, will need some lcgisla
tiOn, perhaps, to assist i'll its OPP
Grafton. For instance, there should
perhaps, be Il provision i'll the
statute specifically providing that
the notes secured by the mortgage
thus taxed as part of the real eS-
tate. should not be assessed aS
personal property within the State
at the residence of the owner of
the notes. This would prevent
any possibility of IA double assess
ment.
1.-THE amendment, it will be no.
ticcd, fixed the location of the
mortgage, without regard to where
the mortgagee lives, for taxation
where the land it covers lies. This
will, perhaps have the effect of di-
minishing the amount Of personal
property for assessment of the
cities of the State and will not in
crease the assessment of real estate
anywhere. 1t is impossible, as
believe, for this amendment to in,
crease the amount of taxable prop.
crty on the assessment lists.
70 IF the amendment is adopted, il
will be necessary for the assessors
= to assess the interest in the LAND
, of the land owner and the money
t lender separately ut the next as
, scssmcnt. And whether or no
c this can be done in each instanc,
z will depend on the fact as to wheth
i cr or not the mortgage or deed o
t trust in existence at the time th
$ amendment becomes effective con
4 tanes provision that the borrow
S er shall pay all the taxes. If i
/. does, the separate assessment neeC
5 not be made because the amend
5 ment could not impair the obliga
C tiOn of contract to pay the take
existing at the time the amcndmen
was adopted.
= 1T has been suggested that th
federal supreme court might hol
the amendment No. 3 violativc O
! the federal constitution. In repl
&c to this Isuggest in 1863 L. 5. Rep.
& p. 42l, the federal supreme cour