Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1902-06-09

Of mortgages and mortgaged real estate"
IN my Judgment this bill is in conflict
with the provisions of section /, article 8,
of the Constitution of the State, which pre-
scr1bes that the rule of taxation shall be
uniform"
The bill provides that the interest of the
mortgage shall for the purposes of taxa
ton be deemed ain interest in real estate
that in case valid agreement shall be
made by the mOrtgagor to pay all taxes on
the land then the interests Of both the mort
"gagee and mortgagor shall be assessed and
taxed together against the mortgagor.
No other rule than that now provided by
law is prescribed for the valuation of real
estate: "A just and true valuation is to be
put upon it, the same as if it were unen-,
numbered. The effect of this would be to
assess real estate as it has been heretofore
assessed, and to exempt the mortgage from
taxation. 4Fhe form of. mortgage always
used contains an agreement on the part of
the mortgagOr to pay all taxes on the mort
gagged property. 1t may safely be assumed
that this form would, not be changed in this
respect If this bill were to become a law.
Although the bill contains the provision for
separate assessment of the interest of the
mortgagor and that of the MORTGAGE when
agreement to pay the taxes is not made by
would be wholly imperative because the
mortgage will also have the power and the
'tnterest}to exact such agreement from the
Another section Of the bill declares that
its provisions "shall not apply to or affect
mortgages. executed prior to the time this
act snail take erect, WHICH Llm0.. Is uAeU
in the bill on January J., 1902. It follows,
If the agreement to pay the taxes is made
by the mOrtgagor, that mortgages executed
prior to January 1, 1902 are to be taxed
as personal property according to the exist
ing rules Of law, while those made subse-
qnent to that date are wholly exempt from
I taxation, because the real estate is to be
taxed at its true value both before and
after that date, and after that date the
mortgage executed is made a part of the
real esate for assessment purposes. On
the other hand, If a mortgage should be
given after January 1, 1902, and agreement
to pay all taxes on the real estate is not
made by the mortgagor, then the real estate
is: to be assessed at it's true value less the
true value Of the mortgage, but, If q mort
gage shall have been executed prior to that
date, and none since, upon the same parcel
OF. real estate, 1t is to be assessed at it's
true value without any reduction whatever
Son account Of the mortgage, which also 10
to be assessed at its true value
In my judgment it is not permissible I'M
der the constitutional provision quoted,
either to tax mortgages executed prior to
certain date and to exempt those executed
after that date or to tax real estate upon
which a, mortgage has been executed prior
to a certain date without any reduction on
account of the mortgage debt and to deduct
from the true value of similar property sim
ilarly situated the value of a mortgage exc
cuted subsequently to such date in making
assessments for taxation purposes.
Respectfully submitted,
- r., ROBERT NJ. LA TOILETTE,