Wisconsin Statutes 87.01 – Definitions
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Terms Used In Wisconsin Statutes 87.01
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Land: includes lands, tenements and hereditaments and all rights thereto and interests therein. See Wisconsin Statutes 990.01
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: includes all partnerships, associations and bodies politic or corporate. See Wisconsin Statutes 990.01
- Property: includes real and personal property. See Wisconsin Statutes 990.01
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- Town: may be construed to include cities, villages, wards or districts. See Wisconsin Statutes 990.01
- Village: means incorporated village. See Wisconsin Statutes 990.01
(1) “Department” means the department of natural resources.
(2) “Drainage area” means any parcel or parcels of land within the area whose drainage causes or contributes to flood conditions upon or in the vicinity of a designated stream or body of water.
(3) “Equalized assessed value” means:
(a) As applied to any town, village or city, the value of the real property therein as determined by the department of revenue under s. 70.57;
(b) As applied to any tract of land, such proportion of the assessed value thereof, as determined by the local assessor, as the equalized assessed value of all the real estate in the town, village or city in which such tract is located bears to the aggregate assessed value of the real estate in such town, village or city, as determined by its assessor;
(c) As applied to a parcel of land, such proportion of the equalized assessed value of the tract of which such parcel is a part, as the department shall determine to correctly represent the relative value of such parcel as compared with the remainder of the tract.
(4) “Owner” means any person, partnership, association or corporation having the fee title or any lesser estate in lands, except estates at will and by sufferance.
(5) “Parcel of land” means that portion of a tract of land which is benefited by the abatement or diminution of flood conditions.
(6) “Public corporation” means any county, town, village, city, school district, board of park commissioners and any other public body empowered to hold property, borrow money or levy taxes.
(7) “Public service corporation” means any corporation specified in s. 201.01.
(8) “Tract of land” means all of the land separately assessed as a unit for the purpose of general taxation pursuant to s. 70.23.