Mexico weekly ledger. (Mexico, Mo.) 1855-1956, 1900-12-06
THIRD AMENDMENT WILL NOT
INCREASE AMOUNT OF as
sEsslBLE PROPERTY.
WILL ONLY DIVIDE THE BURDEN.
Money Lender Must Share With the
Property Owner the Cost of Taxes
for Which the Land Is
IS Liable.


Grow was asked to-day bya a Times re-
porter il, in his opinion, under the
third constltunal amendment, mort
gage on real estate would be assesse d
at its full value in cities or counties
where the real estate included in the
mortgage was not assessed at It's full
value, but only at 80 or 40 per cent
thereof. Gen. Grow replied that it
was practical question that affected
the actual operation of the third
amendment. "A
"Ihe third amendment simply pro-
yides that legally the mortgage should
be assessed as a part of the real estate
it covers, said he. 1.-THE amendment
itself provides as follows; Provided,
that in all such cases the interest of
the owner Of security, as well as that
Of the owner Of the property affected
by such mortgage, deed of trust, con-
tract 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 being made by
the 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.
'sThe command of the constitution
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 incum-
bered 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
taxed to the owner of said security.
"Of course take the words The
value Of The property affected by such
mortgage, as used in the constitutional
amendment to mean the assessed value
and not the actual value. But II the
words the value Of the property af-
fected by the mortgage be taken TO
mean the full value the same ratio Of
taxation Of both borrower and lender
will be maintained.
''0f course, this amendment, II
adopted, will need some legislation,
perhaps, to assist in its operation For
instance, there should, perhapt, be a
provision in the statute specifically
providing that the notes secured by
the mortgage thus taxed as part of
the real estate, 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 double assessment.
"The amendment,it it will be noticed,
fixed the location Of the mortgage,
without regard to where the mortga-
gee lives, for taxation where the land
it covers lies. This will perhaps, have
the effect of diminishing the amount
of personal property for assessment OF
the cities Of the state and will not in
crease the assessment OF thereal estate
anywhere. 1t is impossible, as l be-
lieve, for this amendment to increase
the amount Of taxable property on the
assessment lists
"If the amendment is adopted, 1t
will be necessary for the assessors to
assess the interest in the land of the
land owner and the money lender
separately at the next assessment
And whether or not this can be done
in. each instance will depend on the
fact as to whether or not the mort
gage or deed oftrust in existence at
the time the amendment becomes ef-
feetiye contains a provision that the
borrower shall pay all the taxesY lfit
does, the separate assessment need not
be made because the amendment
could not impair the obligation Of a
contract to pay the taxes existing at
| the time the amendment was adopt
ed.
at has been suggested that the
federal supreme court might hold the
amendment No. violatiye of the
federal constitution. In reply to this
| suggest in 1869 U. S. Rep, p. 42l, the
| federal supreme court upheld a statute
of Oregon taxing the mortgage In prac'
tically the same way this amendment
| No. 4 taxes them. / believe no trou'
| 80 -, the oronnd need be feared.