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


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 StGtesof Wisconsin rep.
resented in Senate and Assembly DO enact
Section /. For the purpose Of this act
the term mortgage" shall be construed to
of real estate, and every lien thereon Gre
ated by contract, given or intended as secu-
rity for. the payment OF money, anq shall
also include the Indebtedness secured to be
paid by such mortgage or other conTeyance
or lien. The term "mortgagee shall be
construed to include the holder Of any such
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 De deemed
an interest in such real estate, and shall be
assessed and: taxed as such interest In the
assessment district in which such real es-
tate is located and not otherwise, and may
be separately assessed and taxed as herein"
after provided When 50. separately as Is
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 8. In case the mortgagor shall
have made a valid agreement to pay the
taxes upon the interest Of the mortgage,
or to pay all taxes upon such real estate
it 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
I be placed upon such real estate II an enfuHl@
Section L. In case the mortgagor shall
not be under obligation to pay the tax upon
the. interest OF the mortgage, e. her the
the assessor or one Of the assessors Of the
assessment district In which the mortgageQ
real estate is located, or In case such real
estate Is located In more than fone dlstrfet;
to the assessor or one of the, assessors or
such district, a. written statement .settlng
forth a description of the mortgaged prem
ises, the name, Of the mortgagee' the rec
ord, volume and page where such mortgage
is recorded, the amount unpaid upon SAID
mortgage on the first day or 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 mortgagee is subject ito
separate assessment and taxation. Inc 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
herein provided. II such statement Is not
so delivered on or before the 10Th day OF.
June, such failure shall be taken as evil
dence that the mortgagor Is under obI1ga-
ton to pay the taxes on the interest Of the
mortgage, and In such case both interests
shall be assessed and taxed together with
out separate valuation, as herelnDerore pro-
Section 8. 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 basis that
same district, and such valuation shall not
exceed the just valuation which should be
placed upon the mortgaged real estate II
unencumbered.
Second: If more than one mortgaged in
terest in the same real estate shall be re-
quired to be separately assessed, and 1T
shall be found necessary to reduce the .valu-
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 OF the
shall be in proportion to- the value OF such
real estate in such district, which proper:
ton shall be determined by the assessors OF
such districts or q majority OF such assess
Ors, at meeting which may be called for
that purpose by one or more of them by
notice in writing specifying a time ana
place for such meeting in one OF such dis
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 rea! 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, If
uncollected, Shall be separately returned
as delinquent; but at the tax sale, If 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 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 it's
return as delinquent. The amount 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
be deducted from any amount then due or
thAreaftaF to become due On such indebted