Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1903-06-25
TO ASSESSORS OF IOWA COUNTY.
Supplementary Instructions by X. L
Joiner, Supervisor of Assessments.

ADDITIONAL EXEMPTIONS.
Chap. 81 exempts lands owned or
occupied free of rental by free public
Libraries.
Chap. 246-Additional exemptions
Of the articles therein mentioned.
See back of statement blanks.l
Chap. 292 exempts one piano, organ
or other musical instrument, provid-
ed, that the value of such exempt ill.,
strument, added to the value of
kitchen and household furniture
shall not exceed the value Of two
hundred dollars.
Chap. ~ exempts the bank build
ing and the land on which it stands
if owned by the bank.
Chap. 28i relates to the sworn state
ments of personal property, assess
ments by the assessor of such prop
erty, and the notices required to be
served on property owners by the as
SCISSOR. 1t is an important law and
should be carefully observed,
Chap. All relates to property held
by co-partners, agents, parents, guar
dians, etc.
Chap. 3l6 requires the county to
pay the expenses Of the annual meet
ing of the assessors.
MORTGAGE TAXATION.
BY far the most important and
radical change in the assessment
laws, made at the last session of the
legislature, relates to the assessment
and taxation of mortgages on real
estate, and of mortgaged real estate.
Chap. 27S, sec. |, provides that, for
the purposes of assessment, the term
mortgage shall include all instru-
ments Of writing which shall be Civ
en- as security for the payment Of
money by n lien on real estate, and
shall also mean the indebtedness or
money secured to be paid by such in
strumcnts. The term mortgage
shall mean the holder Of such secur-
ity, and the term mortgagor shall
mean the owner of the real estate
subject to such security.
Sec2 provides that for the purposes
of taxation and assessment, the mort
gage shall be deemed an interest, to
the amount due, in the real estate,
and may be separately addressed to
the owner thereof and deducted from
the assessed value of the land, and
the remaining value of the land
shall be assessed to the owner of the
land.
Sec, provides that the owner of the
land may, If he chooses, direct the
assessor to assess the several inter
ests of mortgagor and mortgagee to-
gether, IN ono assessment, to the
mortgagor.
Sec. prescribes how the several
interests of mortgagor and mortga-
gee shall be assessed separately.
Sec. 6 changes the law which al
lowed offsets of debts against credits,
by taking real estate mortgages from
the list of debts which may be offset
against credits.
Sec. I is substantially the same.
Sec. eXempts from assessment
mortgages owned by insurance and
trust companies who pay license,
but in my opinion allows such mort
cages to be deducted from the real
estate.
Sec. is substantially the same.
In every mortgage on record in
this county, which have examined,
,here is tax clause, wherein the
mortgagor agrees to pay all taxes
and assessments, of whatever nature,
which may be placed on the land
during the life of the mortgage. As
this present law declares the mort
gage 20 be an interest in the real es-
tate, it follows that the nortgagor
will eventually have to pay the taxes
on the mortgage interest in accor-
dance with the agreement in the
mortgage. If the mortgagor allows
the interest Of the mortgages to be
assessed separately, and then refuses
to pay the tax as he has agreed to
do, the mortgage will compel him
to do SO, if necessary, by a foreclos-
IRE Of the mortgage with costs and
expenses,
If he intends TO pay the tax HIM
self, he should, to avoid trouble and
to some extent confusion, direct the
assessor to make but ono entry of
the property, which shall include
the mortgaged interest and his own.
Assessors are instructed and adj
vised to place the matter of assessing
mortgages separately in a proper
light, aLd obtain the consent of the
owner of the mortgaged premises to
a single assessment of both interests
in one entry and description, which
shall be that OF the land, as Of prem
ises not incumDered,
Sec. provides; That in the case
Of Q separate assessment of the mort
gagged interest, the assessed value of