Evening Republican, Volume 15, Number 152, Rensselaer, Jasper County, 28 June 1911 — Working Tax-Laws; an Assessment Pussie in Hypothesis. [ARTICLE]

Working Tax-Laws; an Assessment Pussie in Hypothesis.

Pulaski County Democrat An assessment puzzle has been presented to the state board of tax commissioners by a northern county, and th# beard has declined to try to solve Urn pfoblem. The matter has been referred to the attorney for the county concerned. The county assessor put the question hypothetically, thus: “I dWs a tarn of 160 acres. I mortgage it to a trust company for $2,000, giving a mortgage. I lend the $2,000 to my neighbors, and take notes for the loans. I list the notes with the township assessor, and deduct my bona fide Indebtedness, evidenced by my mortm* to the trust company, leaving nothing to tax as far as the notes are Concerned. I then take my mortgage to the county auditor nnd get an exemption of S7OO, allowed by law. The township assessor has listed my land at $2,400 and I subtract the exemption, leaving only $1,700 on which to pay taxes Is that kind of transaction permissable under (he law. or is it merely a means of avoiding payment of taxes T’ The county assessor said the board of review had had a number of cases triieflsr to this. The land owners borrow money from the trust companies and lend the money to their neighbors at an increased percentage, netting a profit on the loans, without* paying taxes on the notes held to represent the loans made to their neighbors, while taking mortgage exemptions on the assessment of their real