Unless the context otherwise requires, the following provisions shall govern the construction of this Chapter:

(a) Property means land and improvements on land, and includes the interest of a lessee or licensee of land owned by the Chamorro Land Trust Commission;

(b) Assessee means the person to whom the property or a tax is assessed;

(c) Lien date means the time when taxes for any year become a lien on the property; this is noon on the first Monday in March in the year of assessment;

(d) Tax deeded property means property which has been sold to the government for taxes;

(e) Tax sold property means real property which has been sold to the government by operation of law for taxes and from which the lien of such taxes has not been removed;

(f) Value, full cash value, fair market value, and cash value means ninety percent (90%) of the appraised value; appraised value means the amount at which property would be taken in payment of a just debt from a solvent debtor as determined by the last completed valuation conducted pursuant to § 24306, Title 11, Guam Code Annotated, as amended by the annual adjustments mandated in this Chapter. The appraised value of the interest of a lessee or licensee of land owned by the Chamorro Land Trust Commission shall be the appraised value of the land, not including improvements.

(g) The term roll shall mean and include any schedule of assessments on property subject to the payment of tax levied by this Chapter;

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11 Guam Code Ann. FINANCE & TAXATION
CH. 24 REAL PROPERTY TAX

(h) Property shall be described for tax purposes in any manner sufficient to identify it: in the assessment, advertisement and sale of property for taxes, any abbreviations may be used if an explanation thereof appears on each page of the roll, or in the front of each book of the roll, or if they are explained in the document in which they appear;

(i) If any act is required to be performed by this Chapter on or before a certain date and the date falls on a Sunday or holiday, the act may be performed on the next business day following with the same effect as if performed on the specified date;

(j) No act in any of the proceedings for raising revenue by taxation is illegal by reason of informality or because not completed within the required time;

(k) Board means Board of Equalization;

SOURCE: GC § 19301. Subsection (l) added by P.L. 27-021:2(June 25,
2003); repealed by P.L. 29-019:X:6 (Sept. 29, 2007). Subsection (f)
amended by P.L. 29-019:X:5 (Sept. 29, 2007); P.L. 30-007:12(a) (Apr. 2,
2009). Subsections (a) and (f) amended by P.L. 31-076:2 (Sept. 19, 2011). Subsection (f) amended by P.L. 31-196:1(a) (Mar. 28, 2012). Subsection (f) amended by P.L. 33-185:XIV:2 (Sept. 10, 2016).