Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1903-06-03

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the mortgagor and the valuation OF
the interest of the mortgage in pro-
portion to the valuation Of their re-
spective interests as entireties.
Section 5. When the interest of a
mortgage in any real estate shall be
separately assessed and taxed as pro-
vided in this act, the tax on such in
terest shall constitute a lien upon such
real estate the same as other taxes up
on real estate, and the collection there
of may be enforced the same as other
taxes upon real estate. Such tax if
uncollected shall be separately re-
turned as delinquent: but, at the tax
sale, if unredeemed the interest of the
mortgagor and the mortgage shall be
sold together for the amount of taxes
on both interests with interest and
charges thereon, and single certifi-
cate of sale shall be issued thereon.
The mortgager may pay the tax on the
interest Of the MORTGAGE, or may re-
deem the land from the lien of such
tax after it's return as delinquent. The
amount SO paid, with interest thereon
at rate specified in the mortgage, shall
be lawful offset in favor of the
mortgagor against the Indebtedness
secured by such mortgage and may be
deducted from any amount then due
or thereafter to become due on such
Indebtedness.
Section 6. The second clause of
section 1866 of the statutes of 1898, is
hereby amended SO as to read as fol-
lows: 70 determine the amount of
money and of debts due and to become
due, other than debts secured by mort
gage Oh other conveyance Of real estate
in this state, for which any person
should be assessed, and the amount of
bona fide and unconstitutional debts
owing which any person may be ex-
exempt, such person shall be required
to make a statement thereof under
oath giving the average amount Of
such moneys and of such debts due
and to become due other than debts
secured by mortgage or other convey
ance Of real estate in this state owned
or held by him, and the average
amount of debts held by him owing
which he may be entitled to deduct
for each and every month during the
year, ending on the first day of May
and the average amount for such year
SO determined, shall be assessed for
taxation.
Section 7. The exemption on &C
count OF debts owing provided in sub
division 10 Of section 1898 shall not
be allowed in respect to any mortgage
required to be assessed as an interest
Unreal estate under the provisions OF
this act, nor in reduction of or offset
to the Indebtedness secured by any
such mortgage.
Section s. All provisions of law
whereby mortgages Of real estate held
by insurance companies or other per-
sons or-associations are exempted from
taxation either expressly or by neces-
Sary implication shall remain unai-
fected by the provisions of this act.
Section 9. The provisions of this
act shall not apply to mortgages upon
property assessed by a state board of
assessment nor to mortgages upon
property OF persons, associations or
corporations taxed by license fee or
other special method in lieu of taxa
ton upon such morJgaged property,
but shall apply only to mortgages up
on property subject to direct assess
ment and taxation under the general
assessment and tax laws of the state
Section 10. This act shall take eff
feet and be in force from and after it's
passage and publication, and shall APP
ply to the assessment to be made in
the year 1903.
Approved May 81, 1903.
EXPLANATION OF THE MORTGAGE LAW
TAX PAYERS AND ASSESSORS.
The mortgage tax law provides that
owners of real estate shall be required
to pay taxes only on such portion of
real estate a. they have paid for. For
instance, if a man buy real estate for
ten thousand dollars (S10,000), pays two
thousand $4,000 down and secures the
payment of the remaining eight thou
sand dollars (S9,000) by mortgage, by
land contract, by deed or any form of
security, then in that case the owners
of the mortgage shall pay taxes on the
mortgage, eight thousand dollars valu-
alton, while the owner of the land
shall pay taxes on the two thousand
dollar valuation of the land. Tax pay
ers are warned that this law was passed
for the purpose of avoiding double
taxation, by requiring the owners Of
mortgages to pay taxes on the value of
their mortgage, in the town where the
land lies. while the remainder of the
TAX should be assessed to the owner