Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1920-02-20
County Commissioner Favor Re-
peal OF Mortgage Tax.
February 18th. 1920.

ICuLudIy ACGO'
Mr.. Editor When opposition to the re-
peal of the mortgage tax first appeared
last week at the meeting of the Board of
Commissioners, suggested that the board
as whole had not looked into the various
matters pertaining thereto to degree suf-
ficient to 90 on record either in favor Of
or against the bill, but as a majority was
in favor of sending letter to our delegates
opposing Mr.. Barnsleys bill could not.
with the knowledge at that time had,
oppose their verdict intelligently. but l
Immediately thereafter looked into the
matter more thoroughly and came to the
conclusion that the mortgage tax should
be by all means done away with to con-
serve and promote the best interests of
Montgomery county. accordingly made
a motion, at the meeting of the board on
yesterday, that the board reconsider its
previous action and 90 on record as ap-
proving the repeal of the mortgage tax,
with the provso that an amendment be
made to the Barnsley bill or new bill
introduced which would authorize the Clerk
and Treasurer to transfer the mortgage
tax list, of which he keeps a record, to the
general assessment list of Montgomery
county in order that the county would not
lose its revenue and the securities and
notes could be collected on under the per-
sonal or intangible tax law, as the case
may be- This motion was seconded and
carried by the board and so ordered. | took
this position only after carefully weighing
every element and argument from both
sides of the case and my reasons for COM
ing to this conclusion are as follows
The argument offered against the repeal
of the law is that the county derives from
the mortgage tax approximately $ll, 500.
and that if repealed four cents on the
hundred would have to be added to the
tax levy. But this is not true. for, although
on the one hand, by the repeal of the
mortgage tax we would lose tax against
these mortgage notes of forty-eight cents
on the hundred, we will by an amendment
to Mr.. Barnsleys bill gain tax of forty
five cents from the assessment of these
notes as personal or intangible property,
thirty cents of which goes to the county
and fifteen cents to the State, making
total difference of only three cents as
whole, or eighteen cents to the county on
the assessment of mortgage notes only.
which will barely affect the county rate
one and one-half cents upward, will re-
duce the State rate proportionately in the
ratio it bears to the county, and this. mind
you, is only figured on the present assess
able basis of the county. But, on the other
hand. you must remember that this very
mortgage tax is keeping out Of the coun-
ty thousands of dollars of loans for
buildings and Improvements which would
otherwise develop the county and increase
its assessable basis far beyond the none
taTy value at which it now stands, and
you can readily see that the greater the
assessed value of the county the lower the
county taxrate necessary to raise an equa
amount of revenue. And so. in the long
run. the repeal of the mortgage tax. with
the amendment | suggest, is the best
thing that could happen to Montgomery
county. You are. | believe, aware that
one by one the various counties in the
State have asked that they be exempted
from the mortgage tax until now only three
or four counties come under its Jurisdiction,
and the sooner we get away from it the
sooner will the county prosper through de-
velopment and increased value of its prop
critics.
H. j. HUNT,
County Commissioner. 4th District.