Terms Used In Michigan Laws > Chapter 211 > Act 206 of 1893 > ASSESSMENT ROLL

• Additions: means that term as defined in section 34d. See Michigan Laws 211.27a
• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• affiliated group: means 1 or more corporations connected by stock ownership to a common parent corporation. See Michigan Laws 211.27a
• alternative energy system: means that term as defined in section 2 of the Michigan next energy authority act, 2002 PA 593, MCL 207. See Michigan Laws 211.27
• 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.
• Appraisal: A determination of property value.
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• bargain purchase option: means the right to purchase the property at the termination of the lease for not more than 80% of the property's projected true cash value at the termination of the lease. See Michigan Laws 211.27a
• Beneficial use: means the right to possession, use, and enjoyment of property, limited only by encumbrances, easements, and restrictions of record. See Michigan Laws 211.27a
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Charitable nonprofit housing organization: means a charitable nonprofit organization the primary purpose of which is the construction or renovation of residential housing for conveyance to a low-income person. See Michigan Laws 211.27
• Commercial purpose: means used in connection with any business or other undertaking intended for profit, but does not include the rental of residential real property for a period of less than 15 days in a calendar year. See Michigan Laws 211.27a
• conservation easement: means that term as defined in section 2140 of the natural resources and environmental protection act, 1994 PA 451, MCL 324. See Michigan Laws 211.27a
• Contract: A legal written agreement that becomes binding when signed.
• Conviction: A judgement of guilt against a criminal defendant.
• 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.
• Decedent: A deceased person.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Eligible nonprofit housing property: means property owned by a charitable nonprofit housing organization, the ownership of which the charitable nonprofit housing organization intends to transfer to a low-income person after construction or renovation of the property is completed. See Michigan Laws 211.27
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• grantee: may be construed as including every person to whom any such interest or estate passes in like manner. See Michigan Laws 8.3e
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• in writing: shall be construed to include printing, engraving, and lithographing; except that if the written signature of a person is required by law, the signature shall be the proper handwriting of the person or, if the person is unable to write, the person's proper mark, which may be, unless otherwise expressly prohibited by law, a clear and classifiable fingerprint of the person made with ink or another substance. See Michigan Laws 8.3q
• Inflation rate: means that term as defined in section 34d. See Michigan Laws 211.27a
• Intestate: Dying without leaving a will.
• Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants.
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• 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}
• Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
• Losses: means that term as defined in section 34d. See Michigan Laws 211.27a
• Low-income person: means a person with a family income of not more than 80% of the statewide median gross income who is eligible to participate in the charitable nonprofit housing organization's program based on criteria established by the charitable nonprofit housing organization. See Michigan Laws 211.27
• month: means a calendar month; the word "year" a calendar year; and the word "year" alone shall be equivalent to the words "year of our Lord". See Michigan Laws 8.3j
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• municipalities: means any city, village, township, chartered township or other incorporated political subdivision of this state. See Michigan Laws 123.631
• 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.
• 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: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
• Personal property: All property that is not real property.
• present economic income: means for leased or rented property the ordinary, general, and usual economic return realized from the lease or rental of property negotiated under current, contemporary conditions between parties equally knowledgeable and familiar with real estate values. See Michigan Laws 211.27
• purchase price: means the total consideration agreed to in an arms-length transaction and not at a forced sale paid by the purchaser of the property, stated in dollars, whether or not paid in dollars. See Michigan Laws 211.27
• Qualified agricultural property: means that term as defined in section 7dd. See Michigan Laws 211.27a
• Qualified forest property: means that term as defined in section 7jj[1]. See Michigan Laws 211.27a
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Residential real property: means real property classified as residential real property under section 34c. See Michigan Laws 211.27a
• standard tool: means that term as defined in section 9b. See Michigan Laws 211.27
• state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
• Tenancy in common: A type of property ownership in which two or more individuals have an undivided interest in property. At the death of one tenant in common, his (her) fractional percentage of ownership in the property passes to the decedent
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• transfer of ownership: means the conveyance of title to or a present interest in property, including the beneficial use of the property, the value of which is substantially equal to the value of the fee interest. See Michigan Laws 211.27a
• true cash value: means the usual selling price at the place where the property to which the term is applied is at the time of assessment, being the price that could be obtained for the property at private sale, and not at auction sale except as otherwise provided in this section, or at forced sale. See Michigan Laws 211.27
• United States: shall be construed to include the district and territories. See Michigan Laws 8.3o