Constitution, 1857, art. 1, sec. 18.

Iowa

Constitution, 1857, art. 1, sec. 18. Private property shall not be taken for public use without just com- pensation first being made.

Present Law. Code, 1S97. The system of double taxation of mo i gages prevails in Iowa (sec. 1308, 1310). In order to get a more complete assessment of property, and especially of debts secured by mort- gages, a law usually known as the tax ferret law was enacted. The present law was passed in 1900 (Laws, 1900, c. 50), Supp. to code, 1907, sec. 1407a and pro- vides that the board of supervisors of any county may contract in writing with any person to assist the proper officers in the discovery of property not listed and as- sessed as required by law. The total charges, fees, and expenses, are not to exceed fifteen per cent of the taxes paid into the county treasury.

Court Decisions. A case was brought to compel a bank to pay taxes on its moneys and credits. The sum which was given under the heading, “Moneys and Credits” was intended to represent the difference as returned by the assessor and the par value of the capi- tal stock of the bank. The court held that where property had been listed and assessed by the assessor, a county treasurer has no authority to enter an addi- tional assessment based on the difference between the assessed value and the actual value as found by him. Savings Bank v. Trowbridge, 124 la. 514, 1904.

Kansas

Constitution, 1859, art. 11, sec. 1. “The legislature shall provide for a uniform and equal rate of assess- ment and taxation.”

Present Law. St., 1905.. .In Kansas mortgages are taxable as personal property. Both real and personal property are subject to taxation (sec. 8230), and per- sonal property is defined to include mortgages and all evidences of debt secured by lien on real estate (sec. 8231). The abstract of the assessment roll which ii forwarded to the state auditor by the county clerk con- tains a statement of the amount of mortgages held in the county (sec. 8340).

Kentucky

Constitution, 1891, sec. 171. “Taxes shall be levied and collected for public purposes only. They shall be uniform upon all property subject to taxation within the territorial limits of the authority levying the tax; and all taxes shall be levied and collected by general laws.”

Present Law. St., 1903, Acts, 1906. In Kentucky mortgages are taxable as personal property. Both real and personal property are subject to taxation (sec. 4020). The amount of notes secured by mortgages is included in the schedule which the tax payer is re- quired to fill out. This schedule gives the value as fixed by the person assessed and by the assessor (sec. 4058).

Each county clerk is required to make out a list of all purchase money notes, mortgage notes, and other obligations for money due, except those owned by banks or trust companies. This list is to be sent to the county assessor and is to contain all the informa- tion necessary to enable the assessor to place such forms of property on the assessment roll. No mort- gage or assignment is to be recorded unless the resi- dence and post office address of the owner or holder is given. Acts, 1906, c. 22, art. 2, sec. 10.