Rensselaer Semi-Weekly Republican, Volume 20, Number 58, Rensselaer, Jasper County, 24 March 1899 — Regarding Mortgage Exemptions. [ARTICLE]

Regarding Mortgage Exemptions.

County Assessors and County Auditors are kept busy these days answering questions regarding the operations of the new mortgage exemption law. The law is now in force and one question often asked is when people can file their affidavits with the aaditor, to secure the exemption to which they are entitled. The law says, any time in March or April. But it can not be done this year until the necessary blanks are received by the auditor, and that may not be until nearly or quite the Ist ot April. Another question often asked is whether a property owner can get the S7OO exemption more than once. That is, if a man owns say two farms or two town properties, each of which are mortgaged say for SI4OO, can he get S7OO off each mortgage. The answer is no! He can only get S7OO exemption in all, no matter if he has 40 pieces of mortgaged property. Another question is, regards the tax-payer who owes a lot of notes or other debts to other parties, and who also has a num ber of other parties who owe him. Under the old law such a man could get the notes or other credits that are due him exempted by setitng off the notes or other debts he owes to others. The question is can such a tax payer get exemption in this way on notes he owes, and then get the S7OO mortgage exemption on these same notes, thus really getting exempted twice on the same debt. The answer is again, no. In this connection we append a letter from Attorney General Taylor to our County Assessor. Indianapolis, Ind. Meh. 21, ’99, J. R. Phillips, Esq., Rensselaer, Ind. Dear Sir: A man can take $700.00 off of one mortgage, provided he brings himself within the letter of the mortgage act of 1899. He can not take it from his credits and at the same time take it from his lands He can get the benefit of it but once. The very purpose in providing that the tax payer shall list his his notes on which he claims an exemption will preclude his getting the benefit of a note from his credits and also from his land. Very truly yours,

W. C. TAYLOR.