Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1903-06-03
THE NEW TAX MORTGAGE LAW.
Published May %, 1908.
CHAPTER 378.

CHAPTER 0lS.
AN ACT relating to the taxation OF
mortgages and mortgaged real estate.
The people of che state of Wisconsin,
represented in senate and assembly,
do enact as follows:
Section 1. For. the purpose of this
act the term mortgage" shall be con-
strued to include every mortgage or
other conveyance of real estate aud
every lien thereon created by con-
tract, given or intended as security for
the payment of money, and shall also
include the indebtedness secured to be
paid by such mortgage or other con-
veyance of lien. The term "mortgagee"
shall be construed to include the hold
er of any such security, and the term
E'mortgagor" shall be construed to in
clude the o. -er of the real estate sub
ject tO-such security or the person en-
titled to redeem therefrom.
Section 2. Whenever taxable real
estate shall be subject to mortgage,
such mortgage for the purposes of tax
alton shall be deemed an interest in
such real estate and shall be assessed
and taxed as such interest in the as
sessment district in which such real
estate is located, and not otherwise
and may be separately assessed and
taxed as hereinafter provided. When
so separately assessed the interest OF
the mortgagor in such real estate shall
be assessed for only such value or
amount as shall remain after deduct
ing the assessed value of the interest
of the mortgage from the assessed
value of the entire real estate.
Section 80 At the option Of the
mortgagor both such interests may be
assessed and taxed together. without
separate valuation, to the mortgagCr
or occupant the same as unincumbered
real estate. In such case the COM
bined valuation of both interests shall
not exceed the just valuation which
shall be placed upon real estate if un-
incumbered.
Section 4. In case the interest of
the mortgage shall be separately as
sessed, the following rules shall be OBJ
served:
l. The valuation of the interest of
the mortgage shall be according to
the true value thereof upon the same
basis that other taxable property is
valued in the same district, and such
valuation shall not exceed the just
valuation which should be placed up
on the mortgaged real estate if unin-
numbered.
2. If more than one mortgaged in
tereSt in the same real estate shall be
required to be separately assessed and
it shall be found necessary to reduce
the valuation of such interests in or
der not to exceed the just value of the
mortgaged real estate such reduction
shall be made upon such interests in
the inverse order Of their priority.
3. If several parcels of real estate
requiring separate valuation shall be
subject to one mortgage, the interest
of the mortgage shall be apportioned
among such several parcels according
to the just valuation of such parcels.
In case such parcels shall be situated
in more than one assessment district
the amount of the interest of the
mortgage to be assessed in the dis
trict, shall be in proportion to the val
ne of such real estate in such district,
which proportions shall be determined
by the assessors of such districts or
majority of such assessors at a meet
ing which may be called for that pur-
pose by one or more of them by notice
in writing, specifying time and 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 pres
emit.
4. Where the valuation of buildings
as improvements is required to be
separately noted upon the assessment
roll as provided by chapter 90 of the
laws of 1901, the value of such i'm
provements shall be apportioned be-