The Pulaskian. (Pulaski Heights [Little Rock], Ark.) 1915-1929, 1919-02-21
new TAX BILL
is PENDING
LIMBOCKER INTRODUCES IN THE
HOUSE MEASURE WHICH MAY
HAVE IT'S GOOD POINTS, BUT IT
ALSO MAY HAVE BAD ONES.

Tax experts have an opportunity to
ply their trade on the Limbocker bill
in the House if it becomes a law. Look
over the bill and see what you think
of it. 1t follows:
"Section 1. Whenever an indebted
ness is secured by mortgage or deed
of trust on any property in this state,
such mortgage or deed of trust is
hereby declared to be property to the
amount of the Indebtedness so secur-
ed by it; and such mortgage or deed
OF trust shall be assessed and taxed
instead of the note which is secured
thereby. But promissory notes that
are not secured by mortgage or deed
of trust shall be assessed and taxed
in the manner now provided by laws.
"Section 2. The situs for the pur-
pose of taxation of all such mortgages
and deeds of trust shall be in the
county where such mortgages and
deeds of trust are recorded or filed.
"Section 3. In all cases where the
owner of any such mortgage or deed
of trust owns other personal property
in the county where such mortgage or
deed of trust is recorded or filed such
mortgages and deeds of trust shall be
assessed by including the same in the
list of assessment of the personal
property of such person in said
county.
"Section A. 1t shall be the duty Of
the assessors of the various counties
of this state at some time between the
first Monday of June and the 31st day
of July of each and every year, to
make assessment lists and to assess
for taxation all mortgages and deeds
of trust of record or on file in their
respective counties on the first Mon
day in June of such year where such
or deeds of trust are own
ed by persons, firms or corporations
who have no other personal property
subject to assessment in the county
A separate list shall be made for each
and every person, firm and corpora
tion owning any such mortgage or
deed of trust in the county; and all
and deeds of trust of rec
ord or on file in the county belonging
to any one person, firm or corpora
ton.
Section 5. 1t shall be the duty of
such assessors to ascertain the amount
Of indebtedness secured by every such
mortgage or deed of trust on the, first
Monday in June of each year; and the
amount of Indebtedness so secured
thereby on said date shall be the basis
from which such assessors shall make
the assessment thereof; provided that
in all cases such mortgages and deeds
OF trust shall be assessed at the same
percentage of said valuations as that
at which other taxable property in
the county is assessed, to the end that
said mortgages and deeds of trust
may be assessed and taxed uniformly
with all other taxable property in the
several counties of the state.
"Section 6. The taxes upon all such
mortgages and deeds of trust shall
from the first Monday in June of the
year in which same shall be assessed
be and remain lien upon all the
right and interest of the owner Of
such mortgage or deed of trust until
said taxes be fully paid, together with
any penalties that may accrue thereon.
Section Z. If any such taxes re-
main unpaid after the 10th day OF
April following the year in whic'
same shall be assessed, it shall be the
duty of the collector Of the county to
furnish to the prosecuting attorney
on or befoer the first day of May
thereafter a certified list Of all such
delinquent taxes together with the
penalty now prescribed by law for such
delinquency, and the prosecuting at.
torney shall Immediately bring suit
in the chancery court of the county
in the name of the collector for the
foreclosure Of said lien and for the
collection of said taxes and penalties
which suits shall be prosecuted in ac-
cordance with the practice now pre-
scribed by law for foreclosure Of liens
in chancery courts. Said taxes and
penalties when so collected shall be
paid into the state, county and munic-
ipal treasures and placed to the credit