Omaha daily bee., 1909-02-16
LID TO CONE OFF MORTGAGES
Unassessed Documents to Be Exposed
by Realty Men.
BILL 10 AVOID DOUBLE TAXATION
RxehaHEe Relieves At Least Tee viii
lies DsIIsrs Of Eaesera Meaey ts
Leaned in Douslas Csunty
and Not 1aE@d-

How many millions 81 dollars Of mort
cages are under cover and mt assessed in
Douglas county is 10 be ascertaansd ny tire
Omaha Real Estate exchange and used In
support Of a bil TO make A6o1b4e tAxAnon
Impossible.
II is thought AZ least no.poaON of eastern
money IL loaned on Omaha and DoaRlhs
county real estate ar ne. uEzes patd ea
them amounts TO . sun AbeUt equal TO tire
interest on ~ cents.
Since the mortgages escape taxation
any way. NE might JUST as wen PIX eur laws
SO meTtgAEss VIII not be subject to taxation
and invite foreign capital to come and home
capital TO loosen ~ says q real estate
dealer active IN support q the proposed
measure. Only last week I lost an op-
p0rtunity to loan SON Of eastern naney
in OnAA& because q cur mortgage taxa
non laws That's a small sum. bur prob
ably other agents lose also and the sun
total in 3 year amounts to E-DoaOos CT more
which would be invested in securities here
4 the laws were adjusted
staple Locking Measure.
The special committee Of the Omaha ReaI
Estate exchange appointed TO draw a sub
sritU1s for the Taylor bil <hich has paused
the house, has drafted the measure. It Is
q simple looking bin and much more carr
fully drawn than the Taylor hT- according
10 the commttsemen.
This measure viii be sent to Lincolr
as q suggestion for a substitute for the
Taylor ball as more nearly covering the
ground
In simple the effec; Of the AN. Should
il be enacted into law, viii remove mort
cages on real estate frun the personal
property list and they win be regarded
a. an equity in the real estate with which
they are secured says a dealer WHO Is
interested;
If / own a farm worth SIC zee Gnd a
mortgage IL given on II fer 50, O0e. that
mortgage constitutes IN equity in the
farm for Ss,eeb. and when the taxes are
pad or the sI8,6se farm they are Also
paid on the mortEsEs-E7.e zoe on the part
still owned and retained by the gIver Of
the mortgage and f3,ROD on the equity
given TO the one VINO holes me mort
No Less Of Revenae.
The bill drawn BY ths special commit
tee Of the Real Estate eKeh EnGe. II n be-
comes a Lao. viii not reduce the amount
Of revenue reeeiFed from TAXATION in Ne
bTaska according 10 the friends of the
measure, az the smOant nov received D.
the sO-oaJled ~dOuble-tzxsaiou" method
1888 N8N A-e@A N4AAl NEAAL &aLAALIE
come TO the treasury from taxes en- real
estate, Is sad 10 be very small
The bin provides
The value Of real estate Affected hV
mortgage trust deed, contract or Other
voluntary obligation. less ne vslps 81
uae oN Der Of such real estate. and Tie
value OF such Len shall be assessed 60 TIE
oHneT Of such lea IN ne cuunty. cifr
village OF district in which the real a.
tate affected thereby is situated
II also provides.
The taxes 80 levied Ehku BE q Ian on
the real estate and also or tbe rno-t@s~.
lien, and IN absence Of Agreement 20 tie
Contrary may be paid either BY the ouper
81 ne real estate or the owner of d.
men II pa7o bE the 0NDsr Of the NSs-Ehs
LAX PAID upon the real estate affected
lhsreby shall become q paf4 Fl ire 49,
% secured; II the owner Of the resl e
tate Snail pay the tax 80 levied On such
- ~ sial constitute q aFmen thereon.
shc as 70 the Euo111 Of. sneh pzVrnent
thereen q tul discharge thenesf