Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1902-06-07

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 ito enact
as foHot0s:
Section 1. 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 sGcu,
rity for the payment OF money, ana Snilll
also include the Indebtedness secured to be
paid by such mortgage or other conveyance
or lien. The term MORTGAGE 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 =. 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 snail be
assessed and taxed as such interest In the
assessment district in which such real es-
tate is located, and not otherwise, ana may
after provided. When 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 -. III case Inc Hlpl lbdSOi ph'''
have made valid agreement to pay the
taxes upon the interest of the mortgagee,
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 ana
taxed together without separate valuation
to the mortgagor or occupant, the same as
uncncumbered real esate. In such case the
combined valuation of both Interests sb sMI
be placed upon such real estate II unehcum-
bered. -,
Section t. In case the mortgagor shall
not be under obligation to pay the tax upon
the interest of the mortgagee 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 or
such district a written statement setting
forth a 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 salo
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 mortgages, ana thaC
the interest of the mortgage Is SUBJECT TO
separate assessment and taxation. Inc as.
SCISSOR shall satisfy himself OF the truth %, OK
such statement, and for that purpose he
may examine any of the parties under oath,
and when so satisfied the interest 81 the
mortgage shall be separately assessed as
herein provided If such statement is not
SO delivered on or before the 18th day of
June, such failure shall be taken as evil
dence that the mortgagor Is under obhga-
tion to nay the taxes on the interest or the
mortga gee, and in such case both interests
shall be assessed and taxed together with
out separate valuation, rs hereinDefore pro-
vidcd. ~
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 basis that
other taxable property is valued IN the
same district, and such valuation shall not
exceed the just valuation which should De
placed upon the mortgaged real estate IL
unencumbered.
Second: If more than one mortgaged in
terest in the same real estate snail pc re-
uured to be separately assessed ahu ~
shall be found necessary to reduce the Valu
alton of such interests, in order not TO eX-
&c ID the just value of the mortgaged rear
! estate such reduction shall be made upon
such interests In the inverse order OF their
priority. ..
Third: When the mortgaged real estate
is situated In more than one assessaat CIV
district, the amount of the interest or the
mortgage to be assessed in each dlStrict
shall be in proportion to the value OF such
real estate In such district which proper
tion shall be determined by the assessors of
such districts or n majority of such assess
ors at a meeting which may be called Tor
that purpose by one or more of them by
notice in writing specifying time ana
Mace for such meeting in one OF suCh ulS-
tricts 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
recurring separate valuations shall be SUP
iect to one mortgage, the interest OF inc
mortgagee shall be apportioned among such
several parcels according to the, Just Viiu-
alton OF such parcels. ~ .,
Section g. When the interest of the
mortgages in any real estate shall be sepa-
rntely assessed and taxed as provided IN
this act, the tax on such interest shail con
stitute lien upon such real estate the
same as other taxes on real estate, ana 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, IL unre,
deemed, the interest of the mortgagor ana
mortgagee shall be sold together for the
! amount of taxes on both interests, with IN
| terest and charges thereon, and single
| certificate of sale shall be issued thereon
| The mortgagor may pay the tax upon the
interest of the mortgage, or may redeem
| the land from the lien of such tax after us
| return as delinquent The amount 50 palo
| with interest thereon at the rate sneclned
| in the mortgage, shall be a lawful offset IN
| favor of the mortgage against the indebt-
| edness secured by such mortgage anu may
| he deducted from any amount then due or