The Telegraph-courier. [volume] (Kenosha, Wis.) 1888-1946, 1903-06-25
TAXATION OF MORTGAGES.

Supervisor of Assessments Harrison Sends
Out Notice to the Assessors of County.
To District Assessors:
Under chapter 378, laws Of 1908 gov
erning the assessment Of mortgages,
all notes, accounts and moneys are as
sessable as heretofore as personal
property in the assessment district
where the owner (if not represented by
AGENT resides.
All liens in form Of mortgages or
otherwise held by residents of this
state, against property, or residents of
other states, are assessable to the
owner or agent as heretofore as per-
sonal property, and IN the district
where such agent or owner resides.
Mortgages affected by the new mort
gage law include every mortgage or
other conveyance Of real estate and
every other lien created on real estate
by contract given or intended as secur-
ity for the payment of money Except
such as are held by trustees, or insur-
ance companies, or associations which
are exempt from the general property
taxi. All such mortgages, convey
ances, contracts, ETC., are to be
assessed as part of the real estate
upon which they are lien and in the
assessment district where such real
estate is situated. All such interests
shall be assessed to the owner thereof,
and the balance of said real estate to
the mortgagor or owner of the residue,
unless, at the option of the mortgagor
he elects that both interests be as
sessed to him. In such case, the in
terest of the mortgage is to be as
sessed to the mortgagor. The said
mortgagor is to be the sole judge and
if he elects to have both interests as
sessed to him, it shall be SO assessed
regardless of the interests of the mort
gage.
The stipulation by and between the
mortgagor and mortgage requiring
the mortgagor to pay all taxes annual-
ly on said real estate, is not affected by
the new law. That is matter be-
tween the parties to the contract. The
constitution prohibits the passage of
any law impairing the obligation of
contracts.
You will have to depend largely on
the statements of the owners of mort
gagged property for information as to
what interest the mortgage holds in
the mortgagor's possessions. It is
held by the State Tax Commission (in
an advisory way only, it not having
been judicially decided), that the new
law applies also to securities held by
non residents. AS the assessor will be
pressed for time, owners of encum-
bered property are requested to prepare
such information as will expedite the
work of the assessors.
The law allowing deductions for
amount of debts owing, will not apply
to mortgages assessed as part of. the
real estate under chapter 378, Of the
laws Of 1908, but such law continues in
force as to notes, accounts, money and
securities against non.residents, and
also as to all notes, accounts, debts
and securities which are not assessed
as part of the interest in the land, or
included as such, under said chapter
378, laws of 1908. Any work already
done by assessing officers should be re-
vised to comply with the new law.
Assessors have the right to revise any
assessment until the final meeting of
the Boards of Review.
w. II. HARRISON,
Supervisor Of Assessments.
Dated Kenosha, Wis, June 10th, 1903.