Rensselaer Semi-Weekly Republican, Volume 34, Number 54, Rensselaer, Jasper County, 7 March 1902 — Mortgage Deduction Law. [ARTICLE]

Mortgage Deduction Law.

The following points are of interest to all who wish to take advantage of the mortgage exemption law which affects those having mortgage indebtedness.

The affidavit must be made out each and every year and filed with the auditor before May 1, and must be sworn to by the person securing the deduction. The assessor has nothing whatever to do with this feature of taxation and the affidavit should be made before a notary public, or the county auditor. The law admits all mortgages to deduction* but the amount deducted cannot exceed >7OO, nor can same mortgage be used to secure deduction from both real estate and personal assessment. If husband and wife own property they can secure but S7OO reduction jointly and must join in making the affidavit But if busband and wife own property separately each is entitled to a separate S7OO deduction. Firms or partnerships can have no deductions. Deductions can in no case exceed onehalf the assessed valuation of the property mortgaged.