hereby exempted from taxation by the State of Oklahoma, or any taxing authority therein, for a period of ten years from and after the passage and approval of this Act. History. Session Laws Okla. 1915, chap. 195, sec. 1, p. 324; effective March 30, 1915. Exemptions Applied to Ministers' Libraries. (38) All libraries and office equipment of ministers of the Gospel actively engaged in ministerial work in the state of Oklahoma, where said libraries and office equipment are being used by ministers in their ministerial work, shall be deemed to be used exclusively for religious purposes and are declared to be within the meaning of the term "religious purposes" as used in section 6, article 10 of the Constitution of the State of Oklahoma. History. Session Laws Okla. 1915, chap. 142, sec. 1, p. 188; effective March 13, 1915. Farm Products Exempt from Ad Valorem Tax. (39) Section 7302, Revised Laws of Oklahoma, Annotated of 1910, is amended to read as follows: All property in this state, whether real or personal, including the property of corporations, banks and bankers, except such as is exempt, shall be subject to taxation; provided, that no farm products while remaining in the raw state, such as cotton, corn, wheat, oats and the like, shall be subject to ad valorem tax, but be subject to the income tax laws of the state. History. Session Laws Okla. 1915, chap. 44, sec. 1, p. 53; effective Feb. 25, 1915. School Property Exempt from Taxation and Forced Sale. (40) All property held by the school district of any school district in this state for the use of the public schools, shall be exempt from taxation, and shall not be taken in any manner for any debt due from the district. History. Session Laws Okla. 1913, chap. 219, art. 5, sec. 19, p. 513. Personal Property Used in Irrigation (41) Any incorporated city or town in the State of Oklahoma may, by ordinance duly enacted for that purpose, exempt from municipal taxation for the period of five years, the personal property mentioned in section one of this act, to encourage and induce the development and operation of gravity underflow water plants for the purpose of furnishing pure water for use in and by any such city or town, and the persons and concerns doing business or residing therein; the five years mentioned in this section to date from the time such water is delivered to such city or town to the acceptance of the contracting committee hereof as may be provided in the aforesaid ordinance. History. Session Laws 1911, section 2, chapter 108, page 238. Investments in State Guaranty Fund Warrants Not Subject to Tax. (42) Any trust company, building and loan association, or life insurance company, organized under the laws of this state, may invest its capital and surplus in Depositors Guaranty Fund warrants authorized to be issued by this act, and any foreign corporation, which under the laws of this state, is required to deposit securities in the office of the State Treasurer, in order to do business in this State, may deposit Depositors Guaranty Fund warrants in lieu of any other securities required by law to be so deposited. The officers having charge of any sinking fund of the State, or of any county, city, town, township or school district thereof, may invest the sinking fund of the State, or of any county, city, town, township, or school district in warrants issued under the provisions of this act, and said warrants shall constitute security for the deposit of any public funds, and for the investment of trust funds, and said warrants shall be non-taxable for any purpose whatsoever. History. Session Laws 1913, chapter 22, section 7, page 30. Definition. Section 4. Real Property. (Section 7304, Revised Laws of Oklahoma. 1910.) (43) Real property for the purpose of taxation shall be construed to mean the land itself, and all buildings, structures and improvements or other fixtures of whatsoever kind thereon, and all rights and privileges thereto belonging or in any wise appertaining, and all mines, minerals, quarries and trees on or under the same. History. L. 1909, p. 574. In re Indian Territory Illuminating Oil Co., 43 Okla. 307, 142 Pac. 997. Tenants in Common-Tax. (44) If any tract of land in this State is jointly owned by two or more persons, or by tenants in common, and the interest of one or more of such joint owners or tenants in common is subject to taxation, and that of the others is not, then it shall be the duty of the joint owners or tenants in common whose interests are subject to taxation to list such undivided interests for taxation at the same time and in the same manner as other taxable property is listed, and such owner shall be subject to the same penalties for neglect or refusal to list his interest in such property as in cases of other taxable property, and it shall be the duty of the assessor to list, assess and return such interest for taxation as other property. Such assessment shall be equalized, and taxes levied and extended against the same, as other taxable property. Such taxes shall be a lien on such interests and if same be not paid and become delinquent, it shall be the duty of the county treasurer to advertise and sell such interests as in the case of other real property for delinquent taxes and the purchasers of such sale shall be entitled to certificate of purchase, and to a deed if not redeemed, and all other rights and remedies as in cases of the sale of other real estate for taxes. If any such interests in real estate have been omitted or escaped taxation for any year or years for which same was liable, it shall be the duty of all officers to discover, and assess the same for such omitted year or years the same as other property which has been omitted or escaped taxation, and such taxes shall be a lien and collected in the same manner and to the same extent as other taxes on omitted property. History. Session Laws Okla. 1915, chap. 107, sec. 8, p. 149; effective March 11, 1915. "Real Estate Mortgage❞— Meaning of Term. (45) The words "real estate mortgage" as used in this article shall be understood to include every species of conveyance intended to secure the payment of money by lien upon real estate. Any contract for the sale of real estate in which title is retained in the vendor for the purpose of enforcing payment of the balance due shall be deemed a mortgage upon real property. If an indebtedness is secured by both real and personal property, said mortgage shall be deemed to be a mortgage on real property for the purpose of this act. Any contract or agreement by which the indebtedness secured by any mortgage is increased or added to shall be deemed a mortgage of real property for the purpose of this article and shall be taxable as such upon the amount of such increase or addition. History. Session Laws Oklahoma 1913, chap 246, sec. 1, p. 684. Exemption from Other Taxes by Payment of Registration Tax. (46) All mortgages of real property situated within this State which are taxed by this article, and the debts and obligations which they secure, together with the paper writings evincing the same, shall be exempt from ad valorem and all other taxation by the state, counties, towns, cities, villages, school districts and other local subdivisions of the State, except this act shall not affect in any manner the collection of any income tax payable in whole or in part from the interest received from such mortgage indebtedness. The exemption conferred by this exemption shall not be construed to impair or in any manner affect the purchaser of real estate which may be sold for non-payment of taxes levied by any local authority. History. Session Laws Okla. 1913, chap. 246, sec. 2, p. 684. Cornelius v. State ex rel. Cruce, 40 Okla. 733, 140 Pac. 1187; Trustees, Executors & Securities Ins. Corp. v. Hooton, 157 Pac. 293. No Exemption from Registration Tax. (47) No mortgage of real property situated within this State shall be exempt, and no person or corporation owning any debt or obligation secured by mortgage of real property situated within this state shall be exempt from the tax imposed by this article by reason of anything contained in any other statute, or by reason of nonresidence within this state, or for any other cause. History. Session Laws Okla. 1913, chap. 246, sec. 3, p. 685. Cornelius v. State ex rel. Cruce, 40 Okla. 733, 144 Pac. 1187; Trustees, Executors & Securities Ins. Corp. v. Hooton, 157 Pac. 293. Taxation of Mortgage How Paid-Penalties. (48) That section 4 of chapter 246, of the Session Laws of 1913, be amended to read as follows: "A tax of ten cents (10c) for each one hundred ($100.00) dollars and each remaining major fraction thereof where such mortgage is for five (5) years or more; eight cents (8c) for each one hundred ($100.00) dollars for each mortgage where such mortgage is for four (4) years and less than five (5) years; a tax of six cents (6c) for each one hundred hundred ($100.00) dollars where such mortgage is for three (3) years and less than four (4) years; a tax of four cents (4c) for each one hundred ($100.00) dollars where such mortgage is for two (2) years and less than three (3) years, and a tax of two cents (2c) for each one hundred ($100.00) dollars where such mortgage is for less than two (2) years. If the principal debt or obligation secured by said mortgage recorded on or after the first day of July, 1915, is less than one hundred ($100.00) dollars, a tax of ten cents (10c) is hereby imposed on such mortgage and shall be collected and paid as provided in this article." The tax herein provided for shall be paid by the mortgagee, and any mortgagee, agent, representative or person, who shall through any scheme, arrangement, agreement, inducement or device by an increase of the rate of interest, commission, brokerage or otherwise, charge to or exact from the mortgagor the payment of such tax, shall be deemed guilty of a misdemeanor, and upon conviction be punished accordingly. History. Session Laws 1915, chap. 105, sec. 1, p. 140; effective March 11, 1915. Trustees, Executors & Securities Ins. Corp. v. Hooten, 157 Pac. 293. |