Revised Statutes, 1901. In Arizona (sec. 3847)
property under mortgage or lease is listed by and
taxed to the mortgagor or lessor, unless it is listed
by the mortgagee or lessee. With certain enumerated
exceptions (sec. 3834) all property is subject to taxa-
tion, but double taxation is not permitted. Liabilities
may be deducted from solvent debts (sec. 3835).
Arkansas
Constitution, 1874, art. 16, sec. 5. All property sub-
ject to taxation shall be taxed according to its value,
that value to be ascertained in such manner as the gen-
eral assembly shall direct, making the same equal and
uniform throughout the state.
Present Law. Dig. of St., 1904. In Arkansas
mortgages are taxed as personal property. The law
requires (sec. 6873) that all property, including mon-
eys and credits, shall be taxed, and credits are defined
(sec. 6872) as the excess of the sum of all legal claims
and demands over and above the sum of legal bona
fide debts which the person owes. Every person (sec.
6899) is required to list all moneys loaned by him, but
is not required (sec. 6902) to list a greater portion of
any credits than he believes can be collected.
Court Decisions. A note given for land, and the
land itself, are both subject to taxation; the note as
property of the holder, and the land as property of the
purchaser. Ouachita County v. Rumph, 43 Ark. 525,
1884.
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Mortgage taxation. Law and judicial decisions, Alabama
