As to real property the person who by himself or his tenants has the freehold in his
possession, whether in fee or for life, shall be deemed the owner for the purpose
of taxation. A person who has made a mortgage or trust deed to secure a debt or liability shall
be deemed the owner until the mortgagee or trustee takes possession, after which such
mortgagee or trustee shall be deemed the owner. Personal property mortgaged or pledged shall, for the purpose of taxation, be deemed
the property of the party who has the possession: Provided, however, That the reserve
funds required in compliance with the terms and conditions of policies and contracts
of domestic life insurance, annuity, investment and savings contract companies, complying
with the requirements of chapter thirty-three of the Code, shall not be deemed taxable
property of such companies.
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