Northern Wisconsin advertiser. [volume] (Wabeno, Wis.) 1898-1925, 1901-02-14
TAXING MORTGAGES.
Method by Which AssembIyman Frost
Would Reach DODGERS.

| $500 'e~e~t' 10a4CTSs
Madison, Feb. 12-Following is the
full text of Assemblyman Frost's bill
to tax mortgages:
Sec. /. When any person has an
interest in taxable real estate as hold
er of duly recorded mortgage given
to secure the payment of money. the
amount of which is fixed and certain.
the amount of his interest as mort
gagee shall be assessed as real estate
in the place where the land lies; ana
the mortgage shall be assessed only
for the value of said real estate after
deducting the assessed value of all
such mortgagee's interests therein
When such property is situated in two
or more places. the amount of the
mortgagee's interest to be assessed in
each place shall be proportioned TO
the assessed value in the respective
places of the mortgaged real estate,
deducting therefrom the taxable
amount of prior mortgages IL any
| thereon.
Sec. 2. II any holder of such
mortgage fails to file in the assessors
Office a statement under oath of all
his estate liable to taxation under the
preceding section, including state
/ ment of the full amount remaining un-
paid upon such mortgage and IL his In.
terest therein, the amount stated in
the mortgage shall be conclusive as to
the extent of such interest; but he
mortgagee's interest in such real
estate shall not be assessed at
greater sum than the fair cash valua-
ton Of the land and the structures
thereon or affixed thereto; and the
amount of mortgage interest in an
estate that has been divided after the
creation of such mortgage shall not
be required to be apportioned uDcn
the several parts of such estate, ex-
cept as provided in sections and 5
of this BILL
Sec. 3. Mortgagors and mortgages
referred to in the two preceding sec
tions shall for the purpose of taxa
: ton, be deemed Joint owners, and In
the event of there being more than
one MORTGAGE holding joint owner
ship in such real estate, each mortga-
; gee shall be assessed in like manner in
:
estate shall appear to the assessor;
but the total amount OF such proper
tionate assessments shall in no case
exceed the total valuation of the
property as determined by the asses
or. The assessor or collector of taxes
shall, on the application of any OF
. them. give to such mortgage or mort
. gagor a tax bill showing the whole as
? sessed valuation or tax on the mort
!. gagged estate, and the amount includ-
Q ed in the valuation thereof, as the In
y gagor respectively. II by failure or
neglect Of the MORTGAGE to pay his
proportion Of such tax, 1t becomes nee
:, essary for the mortgagor, in order TO
! protect his title in such real estate.
Q to pay more than his assessed proper
!. ton OF the taxation on such real
estate, all amounts so paid shall be
: lawful Offset and may be deducted by
the mortgagor from any amount that
shall then be or at any future time be-
come due such mortgage unless 1t Is
: agreed the mortgagor shall pay such
taxes.
Il Sec. 4. When the assessors have
assessed a tax upon real estate, and
such real estate has been subsequently
divided by sale, mortgage or other
wise, by the owner or owners thereof
or upon petition for partition and
record OF such division has been
made In the registry of deeds for the
county or district in which such real
este is situated the assessors at any
time before said real estate has been
sold for payment OF taxes, upon the
written request OF the owner or mort
gage of any portion thereof, shall ap-
portion said tax, and the cost and in
terest accrued thereon. upon the sew
eral parcels into which said real
estate has been divided, In proportion
to the value OF each parcel thereof,
and only the portion OF said
tax, interest, and costs SO
apportioned upon any such parcel
shall thereafter continue to be lien
upon 1t; and no one OF such owners
or mortgages shall thereafter be liable
for the tax so apportioned upon any
parcel not owned in whole or in part
by him at the time Of such apportlon-
ment and such apportionment shall
be final and conclusive
Sec. 5. Notice OF the request and
OF the time appointed for such appor-
tionment shall be sent by mail by the 4.
assessors to all persons interested In
said real estate whose addresses are
known to them
Sec. 6. The mortgagor and the
mortgage by contract in the mort
gage or In writing annexed thereto
and duly recorded may provide that
the mortgagor or MORTGAGE shall pay
the tax or the mortgagee's interest in
the real estate as the parties may
agree.
Sec. 7. This act shall not apply to
or effect mortgages executed before
this act shall have become effective.
Sec. 8. This act after It's passage
and publication shall take effect and
be in force from and after the nrst
day OF January, A. ID. 1902
| Movinu