New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-03-11

total receipts from the law will for the first year.
reach nearly SoJ0Co one-half OF which goes 10 the
state and one-half to the localities.
he state board recommends numerous amend
ments to perfect the present Mortgage Tax law.
Abe most important Of these recommendations fol-
low:
MADE In Section Sl4 whereby the owners OF Ola
feet Gould By he fIjgg Of the proper statements
Win the recording officer. bring such MORTGAGES
privileges and benefits conferred thereby in the
way OF reduced taxes. Many holders of mortgages
[Tesent Mortgage Tax law the privileges conferred
- oaI section were Withdrawn. ana az liD ISoT
1hey had been recorded and paid the tax under me
the provisions Of SAID act by the optional features
o. section 34. We're deprived Of the dement's OF tls
Of local assessing officers Tor the purposes OF as
fe.sment and taxation as : part OF the personal
The failure to allow these mortgages 70 be
brought in under the present law has given rise 10
large amount of adverse criticism ana mas re.
suited IN charges Of bad fath on me part 1t @
OF argument, that many holders Of mortgages Nols
UNFAIRLY subjected themselves to the provisions 10, o.
the operation Of that act pursuant to Section 5i4
and are now made 70 suffer tie consequences at
the hands of The local assessors During the or
cial vistations made by this board TO thlry Co1 IN
ties IN the state in year 1905 criticisms OF me
act in these respects numerous, and II mas
also been the subject OF much adverse cIli'eIsni "
old mortgage which are now assessed i, locally i
as personal property are rapidly Dells uiscIiai 80
and new ones given in their places 20 ooldii , M
benefits OF reduced taxation under the present Jaw
This entails large additional eNpenulIII III III
abstracts OF titles, attorneys fees ana the craving
Of new papers. Where these mortgages are past
due this expense usually falls upon the borrower
Again when Intervening liens prevent the change
OF the security I'm This manner. the owner of the
mortgage is quite apt 10 insist upon payment
which in many instances results in serious embar-
rasSment and expense TO the moTtgagor.
1t is tie opinion Of this board that the present
law should be amended TO allow all old
mortgages TO be brought within the operation or
its provisions upon the payment of the tax i'm
posed thereby.
In view Of the small percentage OF mortgages
now reached for taxation purposes ny local assess
ing officers we are convinced that by doing the
revenues OF the and OF its municipal sub
divisions probably would lie increased rather than
diminished
Other recommendations made in the report ask
for amendments 10 insure payment Of the record
ing tax on corporate trust mortgages. better pro-
vision for spportioning mortgage taxes for COW
ering the case OF mort cages executed continuing
security. and for ascertaining whether not the
local recording officers properly computing
collecting and turning over the mortgage taxes.
The report shows that the total assessed value
OF property within the state for the year 1895
follows:
Personal ssi6 500 as5
Less amount taxable locally il3 $50 6e5
Total IS O15 O9o 722
Increase IN real 1921 1856 427
Increase personal 10. 75s $50
Total increase ACKNOWLEDGEMENTS. s27o. 925 os2
Returns for 1875 are yet complete. but indi-
cations point to a greater increase in assessed
values for 1906 than for 1905. The tabuaton of
statements transmitted 10 the board by local
assessors shows exemptions for the year 1906
gTesating S+S4 1928 az increase over 1905 of SS4