The Barre daily times. (Barre, Vt.) 1897-1959, 1919-03-20

taxable personality owned by a taxpayer.
II can never be deducted from the realty.
The amount of the offset to which a tax
payer is entitled depends upon the
amount of his indebtedness bearing 8
per cent interest. The maximum offset
to which any taxpayer is entitled IS
81 600 but it may be less. Section 760
of the general laws, prescribes the estab-
lished rule for determining the amount
of offset to which any taxpayer IS en-
titled
"a taxpayer claiming an Offset shall
include in his inventory a statement Of
his indebtedness on the first day of April
for which an offset is claimed, giving
the name of each creditor, his postofiice
address, the amount due, the date which
such debt was constructed and the rate
of interest, if any, on each debt; include
in his inventory statement OF the
amount of his stocks, bonds and loans
exempt from taxation by the laws Of
this state, and the amount of his savings
deposited in all savings banks, savings
institutions and trust companies aud
savings departments of national banks
in this state and his ordinary charges Of
book account representing the purchase
price Of tangible personal property on
which no interest is charged.
IF he includes in his list Of indebted
ness debts owed by him to persons resid-
ing without the state, furnish to the
listers statement from each creditor of
such indebtedness subscribed and sworn
to by him in form satisfactory to the
listers; submit to examination under
oath and furnish additional proof if re-
quired so to do by the listers. If tax
payer claiming an offset does not comply
with the foregoing provisions, his claim
for an offset cannot be considered. No
offset can be claimed or allowed on any
Indebtedness which does not bear 8 per
cent interest; nor on debts on which no
interest is payable or on which rate OF
interest less than per cent per annum
is payable; nor on any debt incurred
subsequent to the first day Of March in
such year
"A taxpayer who has been enabled to
borrow money at per cent "a lesser
rate than the legal ratel by reason of
the fact that such loan to him is ex
empt from taxation when properly evil
denced has had the benefit OF the eX-
emption accorded by the money loaned
law. Now he cannot have the benefit of
the Offset feature OF the law, No offset
can be claimed or allowed unless based
on an Indebtedness bearing 6 per cent in
terost.
Bond for a Deed
Under a bond for deed the real es-
tate should be set in the grand list to
- -.IF
the town is behoIden for the taxes; but
as between him and the purchaser the
duty Of payment rests on the purchaser.
If the seller has to pay the taxes to pro
tect his title he may charge the amount
so paid to the purchaser. As between
the seller and the purchaser OF land the
purchaser is liable for the taxes assessed
on the premises after the purchase even
if there be no provision on that subject
in the contract. Angel VS. Bashaw, 81
Vt. 253, The property set in the list to
the seller, the town looks to him for the
taxes and he looks to the purchaser and
can compel the purchaser to pay them
| have been asked several times whether
a man is entitled. to claim an Offset be-
cause of the debt evidenced by a bond
for a deed and have said that he could
if the debt bore interest at per cent.
Such debt is credit and if it is writ
ten at a rate of interest not to exceed
s per cent it is exempt under the money
loaned law. If it bars interest at a rate
in excess OF per cent it is taxable.
Bonds and Notes Held in Trust.
Sections 7I4-7l7 of the general laws
relate to the taxation of bonds and notes
held in trust under order OF court and
YOU will note that such bonds and notes
as so held are TO be taxed at the rate OF
seven tenths of per cent of their APP
praised value. The tax is to be paid to
the treasurer Of the town where the per.
son out Of whose estate the trust was
created last resided or in the case of
non resident to the treasurer of the
town where the trustee resides or has
his principal place of business. A trus-
tee who holds such property must within
10 DAYS after the first day of April fur
nsh you with an inventory in which he
sets out the bonds and notes as well as
the other personal property held by him
in trust and for failure to furnish such
inventory such trustee shall be fined not
more than $500, Having received the in-
ventory you are to appraise the proper
ty at its true value in money and your
appraisal is not to be included in the to-
tai grand list.
Standing Timber
sTf you will examine section 7lS of the
general laws you will find that it pro-
vides that standing timber that has
been sold and conveyed without the land
on which it stands, shall unless other
wise provided, be annually taxed and
set in the list to the owner thereof on
the first day of April, and there shall not
be a deduction from the appraisal of
such standing timber on account of debts
owing. The listers shall make sep
arate appraisal Of the land on which
such timber stands and shall set it in
the list to the owner thereof Standing
timber that has been sold and conveyed
without the land is TO be taxed and set
in the list to the owner. 1t is to be set
in the list, not as real estate, but as per.
sonal property, and there shall be no de
duction, no offset, as against such per-
sonal property on account of debts ow-
ing. You will find, if you examine the
9th Vt. 49, and the S9th Vt, 2Ol-2l0,
that our supreme court has fatty held
that the conveyance of growing trees
(standing timber to be removed within
a specified time, works in law a sever
ance of the trees from the real estate,