The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-03-21
MORTGAGES TAXATION
Deubse, and Unequany Laid at That--Ths
Albany MN Opposed.

absolute ineuuity OF MORTGAGE tax epsrs
from the realty Ia clearly manifest In case
where the entire consideration at full value
received on the transfer Of unproductive land
Is paid by a purchase money morteage' MOI
a particle OF additional value would be mus
created and the tax upon both land and mort
gave. at the full value OF each. WOMB De
double taxation to the limit The real ulni-
Guilty over the question seems to be due 70 the
fact that some OF our lawmakers do not APP
pear to comprehend the nature OF mortease'
A mortgage Ia q conveyance. and Ia nm IN
property Certain deeds are often construed
as MORTGAGES, and corporate mortgages are
often designated a. mortgage deeds True
q mort gage Is classed for purposes OF admin
istration. &c.. "a personal property, by reason
OF the condition Of defeasance contained
therein. which permits its conversion. py
payment again 10 personally. but by merger
or foreclosure II disappears and thus proves
its true character. In all transfers where
mortgage Is given In lieu OF part OF the pur-
chase money such a law would praciosy
infict penalty upon the buyer II he desired 70
so pay portion OF the consideration. ana IN
case Of loan the money personally re-
ceived II generally used at once In meeunR
other obligations. leaving only the in'eres'
or estate in the realty represented oy .ne
MORTGAGE. The present mortgage YAK OH
proposes 70 exempt mortgages held ny eouoa-
tional charitable and reli gious corporations
Three classes OF mortgages may be consid-
cred In this exemption. "a Mortgages not que
and containing no provision for payment OF
tax by mortpagor these are comparatively
few: az MORTGAGES due and when may DO
called mt any time should O tax be imposed
these form a majorityC 49, MORTGAGES 70 De
made hereafter. all OF which would contain
the above provision. Since In all these mort
m m
for couple OF years at most in the case OF ,he
frs. class), what Is the reason or necesity
for this exception Can 1t be possible tha'
the Governor still imagines that such TAX
would be paid by the mortsaseeF
Such n law may not make the rich richer
but II would certainly make the poor poorer
One Of the results Of this exemption wouio
be that reli gious. dc. corporations couio anoro
TO loan moneys on more favorable terms thah
indi yidual-. trustees and other corporations.
and thus an unfair preference would be Gre
ated since the exemption Of reilsious e1r.
porstions has been suggested. It may not De
srtS ucS eorporsons should any event
New York is about and ths s assTss
out the State is probably not far from s zoo,
ooN, 600, and may exceed this AMOUNT; Irol.
nary Tga,ud ho shoSd that in return for the
He%ey which iSey Enjoy they Wiling e mar.
burden Of maintaining the suthoH5ity , which p
confers those favors upon them. but .nls i. y
not all Every dollar o. prSp s1Ss e' To- bear
a Reconnaissance additional imposition. the
result OF which is, that although one-h%t 70
sars NO Hssa OF Church ns prop
erty alone assumes the entire obligation. 10
other words. though taxpaysr may p s,, Va
he must, nevertheless. indirectly contribute 70
their support. and the greater the eccles,as;n-
cal holding 40 much NOR does ne pay 70 pb , e1-
enption the greater the deficiency. these
exemptions come nearly within the prohibit snns
ii pE HSSnit dstf. stse
result is the same as II these corporations were
taxed and then an sppropraaaaSn wepe e, me1 Of
tax paid by each. respectively
The claim that tax upon chpIcn pnope,X
would be hardship is w Inseh divided among
the members OF any. congregation wouio Only
AMOUNT e few dollars or lew een uitS Nsat
ana wSns nSi Se pays
Christ CIR was particularly careful to enjon upon q,
h. d:Spes ;se ,sss sw Il to pss SS
s Was nssp !. RENDER therefore unto Cesar
Sat, the .h, 1, Shlsh t sas co%%ecd
IN Ike manner With his other inju9ctions TO HIS
disciples 10 provide neither gold. silver nor
brass IN their pur cs, nor neither soes nor yet
slaves and to LAY not up treasures upon
earth" but In heaven. seems no LONGER 70 enOfs
into the calculations OF our latter DAY Saints
who rear gorgeous and costly temples pal
acesl on ground Of exceeding worth ana &C
cumulste thersdiaa Ere1, .rs sfea isSomeproduc,
Inc Endorsements, and, despite all this. demand
and receive ward and maintenance wi'hou'
compensat ion from the State.
n exemption by religious corporations ne
claimed on the ground of reciprocal ps r emu,
to the state by reason OF ,eaSi liSenshIp and
the welfare and support OF persons hNie 70
become Oh argos Upon the bounty 81 NE n,a,r,
, ,nsa Decimal and dsnomna dif-
ferences and make the above ooler,s hrn
sole reason for existence, and even then az &c,
10 throw too great . burden upon the unen.
en- pied remainder should he guarded asanst
and restricted The eoIs,ani so nv si,s
beduess. indirect grants from ,he s, ,,on M, Nv
a way yo nd "o ~ sfairs similar 20 us,
existing IN many count res where tue teln-
poral and spiritual au,honti.s are move
control vast estates whilc the natives, ground
down by titbes and erac,ions, are iShora"'
and d.. @,.sesy s2d a Sa' SS;Ssrd S Institutional
porations, religious. educational and char,a,,
lie further scauisiiion aud occupation by
them OF vsluahl. tract. 81 large ~ -rnrnins
eapaGtg should he pfOflbileu tftib't s'.p
ST Paul's churches, with the oem.,srlss AZ
lourrIns occsipy two Of the mos' yaiuanie
sites Ia The city entirely exempt froin ,sss.
tlon These tracts. OF which Va. assf.suMs s
assessed valuation even nov, s,,hou, we
sraye-tOnes, is tib,s".oo lSorh nsMT
So nsl aTol would accommodate nine build
Inss equal 90 the fmplre Building Al Meea.
wav xilsl IL as-es-ed ~ o.. fto.en, ana which
IN Isa9 paid q tHs VI otter ts".oo 'ha' 70 70 sAl,
tho etiy 10 Losing tiso..o yea v. frAsoh ~
M. ps,slstrnt occupati1h of ITinity 'hutCh,
sllfh dsheit the REMAINING tatAbls pfoi-iil
Virtually supplies Til. ls llsl Ifior 10 Pay
for s~it,nssil Msr. thess lai,ds ,asei 'hsi
would 81 osss 10 I,ui upon ths nafhss sha
ihs pfos.sds .sT.slns lhsrfftein soali ha
only save 10 iallld halt q dozen dsLst.rs o.
,LssJsf siiss sarisisni 20 .o,oini..siA'. vi. .
fashionAi,lf ihfonss 40 iIu.n. 90 ", ~.
esssrssallsus hot ~iih tho balsns. ins.s,.a
deaf is n1sili AZ ) nissial Aaa Iassflns
.ask ID y .skaiiaa ii.s s.,ss .,fS., h.A;s.
70 Ess esisli ~ Iissuni. Il ~ fs'll Z
lrfledfal, slJeh sfs.liiss 40 sn,f. NJ,
lsa.lTsf Lsll al linh afsg,ns gnd tlfilsil
.,Ss.i " M. Isastsi gsslasri,si sf.als a
~ iLs ysid,.lt Isaasiri,l ss.i.a =, ~ I.
l,ulf Is.lAsi'llal ., ala nsai ils.iss = ls1l,
~, lasi.i. ,ls, $500, ~ 4. 'sr 90
800 TO-. 'i ;..s ri s.ldii,',.s 80 81 80,
.s' ~, lrs ..,a Y: ~. va &. t' 1....l! u
80 y. a.lI II. III -. ~ a. frnI1flIlN AlflIN