Rensselaer Semi-Weekly Republican, Volume 19, Number 15, Rensselaer, Jasper County, 26 October 1897 — Taxing Building & Loan Stock. [ARTICLE]

Taxing Building & Loan Stock.

This year, for the first time, building and loan stock is being placed on the tax duplicates for taxation. County Assessor Phillips, acting on the orders of the state board of tax commissioners is having it done. He has sent notices to all known holders of such stock, notifying themof his intention to place their stock on the duplicates unless they call and show reasons why it should not be done. The stock is valued at the amount paid in on it, in monthly payments. People who -have borrowed on their stock are allowed to deduct their debts from the value of their stock, and thus stock that is borrowed on is not taxed. This same privelege of deducting debts is permitted to all stock-holders, find thus it happens that nearly all of the larger and wealthier stockholders are exempt from taxation upon their stock. Obviously, this plan of assessing this kind of property Will have to be modified before justice is done. But as for Mr. Phillips’ work he is simply carrying out the instructions of the state tax commissioners, as is his duty to do.