Rensselaer Semi-Weekly Republican, Volume 20, Number 55, Rensselaer, Jasper County, 14 March 1899 — To Exempt Mortgaged Property [ARTICLE]

To Exempt Mortgaged Property

Reference has heretofore been made in this paper to the new law exempting a certain amount of mortgaged property from taxation. The act provides that owners of mortgaged real estate may have the amount of the mortgage indebtedness, not exceeding S7OO, existing and unpaid on the first day of April, nor more than onehalf the value of the land, deducted from the assessed valuation of the mortgaged premises for that year. In order to take advantage of this provision, the owner of the n ortgaged property must file with the county auditor in the month of March or April a sworn statement of the amount of the mortgage debt, with the name and residence of the mortgagee and the present owner of the mortgage. The auditor must send a copy of this statement to the county where the owner of the mortgagee lives. Making a false statement is punishable by a fine of from SSO to SSOO, and imprisonment for not more than six months. The act contains an emergency clause and is now in full force and effect.