The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-02-16
All About Mortgage Tax
Laws and Things Per-
tanning to Same.
GRAND JURY is
WITH EXCHANGE
Real Estate Agents Rejoice in the
Report of the Grand Jury of
the Hastings Court-Now
Up to the Legislature
and the Country
men.

The past week in real estate circles
was interesting in way There was
duiiness, and there was some activity.
great deal of dullness I'm the town
dolngs and any amount of activity In
the west End and the far East End
ana out in all OF the suburbs There
were many sales made in all of the
circles, and five times AN many deals
hunE upon the string and yet to be
made. All of the agents talk OF big
things that tho immediate future seems
TO promise, hut very few or them had
anything specific TO tell about what
was done last week. So few OF them,
IN met had anything TO tell il would
seoIn pity to gum up However. at
Ter skirnishing around for half a
day, 1t was learned that I'm "A general
way about half million dollars
worth OF property changed hands last
week. Some OF these changes have not
yet met the recording state in the Of
fee OF the clerk. who puts deeds to rec
ord. and therefore they are unmen-
tionablc.
The activity, such as 1t was, seemed
70 be confined very largely TO the West
End territory. and right much in the
Boulevard section. There are all kinds
of talk about big sales that were made
10 spectators Of Reservoir and Boule-
yard properties. and the said specula-
lators wink their other eyes and try.
TO beguiie the newspaper reporters
viii Sii Minus Oh stories ABOUT BOOM
ing in that territory. Well. that terri
tory ought to boom. Richmond needs
10 spread out, and il will spread too,
but not SO fast perhaps AS the specula-
tors spread.
However. it was hard 10 get real es-
tate agents To talk about anything yes
ierday but tho report OF the grand
Jury OF the Hastings Court that has
been Investigating the tax-dodgers. etc.
CndouDtcdly, great renewed interest
and moral backing was given TO the
move Of the Richmond Real Estate Elk
change TO amend the tax laws SO az
10 reduce the tax on real estate mort
cages by the report OF that grand
jury.
This body OF men after careful in
vestigation into the question of taxa
ton In the city. for several months
came out unqualffyingly recommend
Ing q reduction in the tax on real es-
tate mortgages, and advising the adop-
ton of the New York State law, which
puts tax of one-half OF l per cent on
real estate mortgages, and makes It
compulsory that this tax be paid when
the mortgage is recorded thus auto
matically collecting it. This is the law
that the Real Estate Exchange is fight
ing for and has started an extensive
campaign spreading over the whole
state. preparatory TO Introducing such
~ measure in the next Legislature.
The facts of the case are. as ascer-
tanned by the grand jury investige-
ton, that - very small percentage,
probably less than 10 per cent, OF the
mortgages are ever declared for taxa
tion, because ii is an obviously double
tax, and the State, therefore, gets lit
tie revenue from same.
prominent real estate man spoke
to The Times Dispa tch man yesterday
as follows:
IF this existing tax was reduced to
one-haif OF ! per cent. which is II res-
ROuabl6 Tax. this
stated above, automa tically collect tt
self. as the deeds OF trust were rec
trdcd. and the State would probably
get ten times as much revenue as II
ACTUALLY collects now on real estate
mortgages.
Ono of the greatest advantages
however, would be the inevitable re-
Huction in the rate of mortgages, es-
pecially to the farmer, because with
he tax OF only one-half of per cent
1t will be possible for them to borrow
money on their farms for per cent
The capitalists of the North and
west are anxious to loan their money
put cannot do so in this State because
arey nave law which requires tax
or Ia per cent I'm Richmond, which
they are bound to pay, or bound 10
eVade by not declaring these mort
cages.
This existing law is an old and an
tiquated one and has been changed in
most of the States OF the Union. md
Lne move of tho Richmond Real Estate
Exchangc has brought eager support
Arom all sections of the State 1t Is n
move that should bring more support
from tho farmer than from any other
CLASS, because It will affect him more
Wtaliy than anybody else.
mere is no reason on earth whv
Virginia must pay per cent for money
Wnen there Is an abundance of capital
willing to loan money on n K NOR csnt
oNsie, WIN reasonable tax law, es-
PeciaiIy when tho change would really
mean more revenue to the State"
building Notes.
Seiooh Iayior & Son have closed
ionG tease with the Southern Express
Company for the property recentiv
purchased through them by G. q. Wor.
sham at Seventh and Canal Streets
aust opposite the Byrd Street Station.
Ing .nISe factories now thereon will
DO oemolshed mt once, and a buildInr
to cover the entire pronertv nh,,s
200X180 feet erected to roeat
quirements OF the express comnanv,s
growing business. Tho new str,,ctnra
will be built back from Seventh Straat
sufncient distance TO allow abinrina
to go on without intorferenoe m tra1t,,,
or pedestrians. The Offices ara 70 ho
located on teh second floor. the an+,ro
ground floor being. given up for tho
handling OF express. ~ no
Much building Is going on in tho
West End. A ". Shea has inst oor,
pleted block of buildings on csrn,,a
Avenue. to the west of the SoIdiers,
home. and it Is said that twenty mora
homes are going up in that region In
the early future. -
NIany Cnnneries In Bedford.