Show WHAT AT FARMERS ARE V DEMANDING ROV of interest axtt rest rates hates nd moratorium on aft ac and tx irav sn sales les urged by as relief measures to aid agronomists by J 11 1 1 PAUL writing tor the utah mali bariner As ae to mortgages and tax sales few I 1 fancy realize that tho the farms and homos homes ot at america are rapidly boing sold under f foro ore closurdo of the mortgages on them even in 1928 before tho the depression had fairly mot act in most farms and many homos homes wore were hopelessly in debt and a 0 large exodus from farms to cities had been in progress for ton years yeara by 1930 2930 farm mortgages had boon been increased to 11 billion dollars a sum equal to the war anvar debts farm property it in 12 years prior to 1930 had depreciated in value more mor a than 22 bit all lion dollars a sum 1 I larger arger than the estimated value of till all american railroads lall roads in the last 12 years five million farm workers have been driven oft off the farms to industrial centers just how many american homes aro are mortgaged I 1 have bavo not been able to learn but tho the total must be ba enormous excepting coal lumber light gas telephone service and a few other things prices generally hayo have fallen at least ono one third binco the depression oot in money blaney la Is at least one third higher in value and probably double what it was tour four years ago money borrowed then or previously Is ig now worth so much more that the mortgage has practically doubled while tho the land has fallen in value A moratorium ot of a year or of two years on nil all mortgages executed within the last ten years year a would be simple justice it should bo declared by state or congress and reduced interest rates raes on these mortgages assured by federal or state action on homes and farms finally sold for taxes there should be low interest rates adt no t more than tho the rate paid by the counties and the time tor for redemption utter after foreclosure should be extended from six elx months to two years interest rates after foreclosure should not exceed four per cent longer time and lower interest li it la Is not surprising therefore that the embattled farmers in mass meetings throughout utah are do demanding 1 I a three year extension of the time tor for redemption after foreclosure of mortgages on an farms homen and other forms of real li property that are the main source ot of the mortgagor mortgagors s livelihood 2 that the legal rato of interest on such stich properties after for ore 8 closure or tax salo sale and until ultimate sale or redemption shall be tour four per cent and that legal fees it any shall not exceed two per cent of the mortgage nor exceed 60 50 in any case just assessment and taxation As many people are well aware the assessment of property for taxi tax tion often falls to follow the law that each piece of property should bo be assessed according to its true value thus thua a public service corporation po ration lays before the public utilities commissions commiss iono that its cash investment represents 21 million dollars and that it la Is therefore entitled to earn dividends on that much investment dut but to tho tax assessors the corporation swears that the value of its property la Is atly three and a halt half millions and it Is taxed on the lesser amount only but the tax on a mans mana farm or home la Is based on the value that far exceeds what it brings it if sold or rented property 0 owners w n a r a demand changes in the law of assessment and in methods of valuation to evaluate all property alike according to its cash rental or replace ment value A moratorium on taxes farmers in mass masa meetings are unlit ing on the following petition to the legislature WHEREAS tain counties have been visited by destructive storms other parts by insects crop pests pesta and disease which have destroyed part or all of the crops it has become imps sible for most farmers and mn many ny abier er tangible property owners of at thi maymy 10 i r tari ni I 1 1 I against thorn them for tho the year we a IV it therefore resola resolved that t we th following representative farm ars yrs and property owners of county do hereby petition the legislature of the state of utah to declare a moratorium on our taxes until such time as tho farms farma and properties will produce i sufficient values to enable us to pay tho the taxes or until a just and equitable tax law Is passed and put into operation that will permit pay ment meat of our just juat proportion A real income tax law A tact fact not generally known Is that the tax system of utah la Is grossly unfair to the owners of small homes farms ind and small property generally properties aro are taxed out of all proportion to their rental or salo sale value and with no ro relation lation whatever to the income or profit they yield on tho the other hand baud tho the chief actual wealth of tho the state futato the annual incomes of kg its residents and corpor eions la Is taxed scarcely tit at all individual incomes above 1000 tor for single and above 2000 for married persons aro are taxed on the excess over those amounts from of one per cent up to a maximum of only tour four per cent on the excess tor for the largest incomes while corporation po not net incomes tire aro taxed at only 3 per cent |