Terms Used In Idaho Code 50-2720

  • Contract: A legal written agreement that becomes binding when signed.
  • 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.
  • Municipality: means a city or county of this state. See Idaho Code 50-2702
  • Property: includes both real and personal property. See Idaho Code 73-114
During any period that property acquired pursuant to this act is leased by a municipality or public corporation as a lessor, or title thereto is retained by a municipalaity [municipality] or public corporation under an installment purchase contract, taxes shall be payable to the same extent as if it were owned by such lessee or installment purchaser and such taxes shall be paid by such lessee or installment purchaser.