The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-03-20
THE MORTGAGE TAX BILL.
ssbst ance Of the Measure introduced
Yesterday and Fathered by Gov. OdeIl.

1
| ALBANY, March is.-Gov. Odells Mort.
gage Tax bill, which has been made party
measure by the Republicans In each branch
OF the Legislature, was introduced to-day
1t provides for the taxation at the rate
OF four mills per dollar on all mortgages
resting upon real estate where the prop
erty Is situated within the State. except
United States loan mortgages, mortgages
owned by the United States or by corpora
ton or association organized exclusively
for charitable, religious or educational
purposes.
The situs Of the mortgage and the debt
or obligation secured thereby Is by the
statute declared to be where the real estate
upon which the mortgage rests Is located.
Where the mortgage pays the tax imposed
by this bill 1t il thereafter exempt from all
other tax alton.
The tax accrues as OF o'clock on the
first day Of July in each year Notice Of
the amount Of the tax is given In Septem-
Der. after the lists have been corrected,
and the tax becomes due and payable on
the first day OF October. and Is payable
at the of1ce of the county clerk or register
where the mortgage is recorded. and In
in two or more counties the tar IL payable
at the ONCE where the mortgage was first
recorded
Careful provisions have been made for
ascertaining the amount actually secured
by the mortgage as Of the first day Of July
in each year. In the first instance il is
ascertained by the ounty clerk or register
determination, provision IL made for an
appeal from his finding 70 the State Board
Of Tax Commissioners, which means this
board Ii not 70 be lesislated out Of ONCE,
even though direct taxation ia abolished.
During any portion Of the year after the
LIST q July tai Ia to be paid upon the mort
gage to the recording officer for the aIiguot
part OF the year from the date Of its being
offered for record to the first day Of July
next succeeding.
for ,ha t%. s snd Tssh
IL advanced In partial payments. will only
pay for the aliquot part Of the year In which
IL continued In existence, and only upon
such amount of money as has actually
been advanced from time TO time.
after the first list prepared this year has
been finally corrected, obsolete mortgage
Of which, OF course, there must be many
undischargcd OF record in the State, will
not appear upon the list.
The tax In the first instance Ia always
collected by the recording officer, and by
him paid over 70 the county treasurer
or city. chamberlain. Quarterly one
half Of this sum, less the fees Of the local
officers, In transmitted 10 the State Treas
urer, and the remaining one-haH In Greater
New York Ia held by the city chamberlain,
subject to the disposition OF the Board Of
Estimate and Apportionment. In the
counties outside Of the city Of New York
IL n apporttoned annually by the boards
Of supervisors 20 the city or town In which
the mortgaGed property L. located. and In
that city or town IL r. divided, one-half
for school purposes and one-half 20 assist
In the payment OF tho annual tAxes asae~sed
against tbs property In that town or city.
And where the town contains within its
limits an incorporated village due pro-
vision 10 made In proportion to its aAseased
valuation, 10 thst the village also receives
its Just share ut the money.
Wbere a mortgage rests upon property
which II located In too or more counties
or two or more tar districts. or contains
property. part ~ which u real and part
personal. the STATE Board of Tas Com.
mi.sionerr is authorized 10 deierrniDs
chat proportion ~ the propery N real
profsfty. ~ oompas~d With the total amount
of property up0n which the mortgage
resla. and u slso "a de,sfnlns the pro
portinnsis amount ~ proIssfty - tetse~n
The osunli.s and different iak disirlsss.
end Ia tia. ~sy the money ls equitAtly
sppoFt ionsd i.ri se.n the diaefeni counties
aud toshs ~ thai the tom reTsisa. that
amount ~ the tar levied uIlon the mof,
saSs whloh tho resi- pfoSsssy looatsd sifhln
is hAnits tssfs Ia tls to,sl AZ teal pfup.
sry utsba slalci tho marriage f.nals