§11-3-8. Who deemed owner for purposes of taxation.
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.