Northern Wisconsin advertiser. [volume] (Wabeno, Wis.) 1898-1925, 1902-06-12

that he considered it THE GREATEST
STEP TOWARDS TAX REFORM WIS
CONSIN HAD EVER TAKEN AT ANY
ONE TIME" The bill read as follows:
Text of the Bill.
AN ACT relating to the taxation of mort
cages and mortgaged real estate.
The People of the State of Wisconsin rep
resented in Senate and Assembly do enact
as f0llotos:
Section /. For the purpose of this act
the term mortgage" shall be construed to
include every mortgage or other conveyance
of real estate, and every lien thereon Gre
ated by contract, given or intended as secu,
also include the Indebtedness secured to be
paid by such mortgage or other conveyance
or lien. The term .'mortgagee" shall be
construed to include the holder of any such
security, and the term ''mortgagor shall be
construed to include the owner of the real
estate subject to such security, or the per-
son entitled to redeem therefrom
Section 2. Whenever taxable real estate
shall be subject to mortgage, such mortgage
for the purposes of taxation shall be deemed
an interest in such real estate, and shall be
assessed and taxed such interest In the
assessment district in which such real es-
tate is located, and not otherwise, and may
after provided. When so separately as
sessed, the interest of the mortgagor in
such real estate shall be assessed for only
such value or amount as shall remain after
deducting the assessed value of the interest
of the mortgage, from the assessed value
of the entire real estate
Section 3. In case the mortgagor shall
have made valid agreement to pay the
taxes upon the interest of the mortgage,
or to pay all taxes upon such real estate
1t shall not be necessary to assess or tax
the interest of the mortgage separately
from the interest of the mortgagor, but
both such interests may be assessed and
taxed together without separate valuation
to the mortgagor or occupant, the same as
unencumbered real esate. In such case the
combined valuation of both interests shall
not exceed the just valuation which should
be placed upon such real estate If unencum-
bered.
Section 4. In case the mortgagor shall
not be under obligation to pay the tax upon
the interest of the mortgage, either the
mortgage or the mortgagor may deliver to
the assessor or one Of the assessors or the
assessment district in which the mortgaged
real estate is located, or in case such real
estate is located in more than one district,
to the assessor or one OF the assessors OF
such district, written statement, setting
! forth description of the mortgaged prem
| ises, the name of the mortgage, the rec
| ord, volume and page where such mortgage
| Is recorded, the amount unpaid upon said
mortgage on the first day Of May In the
year of such assessment, that the mortgagor
is not under obligation to pay the taxes
upon the interest of the mortgage, and that
the interest of the mortgage is subject to
separate assessment and taxation. The as,
SCISSOR shall satisfy himself Of the truth of
such statement, and for that purpose ne
may examine any of the parties under oath,
and when so satisfied the interest of the
mortgage shall be separately assessed as
herein provided. If such statement Is not
so delivered on before the 18th day OF
June, such failure shall be taken as evil
dence that the mortgagor Is under oDI1ga-
ton to pay the taxes on the interest OIL the
mortgagee and ia such case both interests
shall be assessed and taxed together with
out separate valuation, as hereinbefore pro-
yided.
Section 5. In case the interest of the
mortgage shall be separately assessed, the
following rules shall be observed:
First The valuation of the interest OF
the mortgage shall be according to the true
value thereof, upon the same basih that
other taxable property is valued In the
same district, and such valuation shall not
exceed the Just valuation which should be
placed upon the mortgaged real estate II
unencumbered.
terest in the same real estate shall be re
CURED to be separately assess ed, and 1t
shall be found necessary to reduce the vaiu-
alton of such interests, in order not TO ex-
coed the Just value of the mortgaged real
estate, such reduction shall be made upon
such interests in the inverse order Of their
Third: When the mortgaged real estate
is situated In more than one assessment
district, the amount of the interest or the
mortgage to be assessed in each district
shall be in proportion to the value or such
real estate in such district, which proper.
ton shall be determined by the assessors OF
such districts or a majority Of such assess
ors at a meeting which may be called for
that purpose by one or more Of them by
notice in writing specifying time and
place for such meeting In one of such dis
trcts to be served personally or by leaving
the same at the residence Of the assessor
to be served, in time to enable the person
served to be present.
Fourth: If several parcels of real estate
requiring separate valuations shall be sub
ject to one mortgage the interest OF the
mortgage shall be apportioned among such
several parcels according to the just valu-
alton of such parcels.
Section 6. When the interest of the
mortgage in any real estate shall be sepa-
rately assessed and taxed as provided In
this act, the tax on such interest shall con-
stitute a lien upon such real estate the
same as other taxes on real estate, and col
lection thereof may be enforced the same as
other taxes upon real estate. Such tax, II
uncoIlected shall be separately returned
as delinquent; but at the tax sale, II unre-
deemed the interest of the mortgagor and
mortgage shall be sold together for the
amount Of taxes on both interests, with in
terest and charges thereon, and a single
| certificate of sale shall be issued thereon.
The mortgagor may pay the tax upon tie
| interest of the mortgage, or may redeem
| the land from tia lien Of such tax after Its
| return as delinquent. The mount SO paid,
| with interest thereon at the rate specified
| In the mortgage, shall be lawful Offset In
| favor Of the mortgage against the indebt-
| edness secured by such mortgage, and may