Terms Used In Indiana Code > Title 6 > Article 1.1 > Chapter 20.6 - Credit for Excessive Property Taxes

• agricultural land: refers to land assessed as agricultural land under the real property assessment rules and guidelines of the department of local government finance. See Indiana Code 6-1.1-20.6-0.5
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• common areas: means any of the following:

  Indiana Code 6-1.1-20.6-1.2

• 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.
• gross assessed value: refers to the assessed value of property after the application of all exemptions under Indiana Code 6-1.1-20.6-1.6
• homestead: refers to a homestead that has been granted a standard deduction under Indiana Code 6-1.1-20.6-2
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Joint resolution: A legislative measure which requires the approval of both chambers.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• long term care property: means property that:

  Indiana Code 6-1.1-20.6-2.3

• manufactured home: has the meaning set forth in IC 22-12-1-16; and

  Indiana Code 6-1.1-20.6-2.4

• mobile home: has the meaning set forth in IC 16-41-27-4. See Indiana Code 6-1.1-20.6-2.4
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Property: includes personal and real property. See Indiana Code 1-1-4-5
• property tax liability: means , for purposes of:

  Indiana Code 6-1.1-20.6-3

• real property: include lands, tenements, and hereditaments. See Indiana Code 1-1-4-5
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• 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.
• residential property: refers to real property that consists of any of the following:

  Indiana Code 6-1.1-20.6-4

• Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5