11 Guam Code Ann. § 24403
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Terms Used In 11 Guam Code Ann. § 24403
- Contract: A legal written agreement that becomes binding when signed.
- Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
As used in § 24402 through § 24413:
(a) Home means a building used and occupied by the owner thereof, including outbuildings, and the land on which it is located if such land is owned by the owner of the building.
(b) Own and owner refer to ownership in fee simple, including corporations, partnerships, and associations.
COL 7/27/2023
11 Guam Code Ann. FINANCE & TAXATION
CH. 24 REAL PROPERTY TAX
(c) Owned and owner refer to ownership in fee simple, including a purchaser of a fee under a recorded purchase contract, or a beneficial ownership.
(d) Commercial purposes does not include agricultural purposes, including grazing; or use in connection with fishing.
(e) Appraised value means appraised value as defined in item (f), § 24102.
SOURCE: GC § 19330.2.