Terms Used In Montana Code > Title 15 > Chapter 23 - Centrally Assessed Property

• Air commerce: means the transportation by aircraft of persons or property for hire in interstate, intrastate, or international transportation on regularly scheduled flights. See Montana Code 15-23-401
• Aircraft: means a conveyance used or designed for navigation or flight through the air. See Montana Code 15-23-401
• 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.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Base value: means , except as provided in subsection (1)(b), the system value of railroad transportation property of a railroad in the preceding tax year. See Montana Code 15-23-203
• Capitalization rate: means the capitalization rate reported by the surface transportation board, provided for in 49 U. See Montana Code 15-23-203
• Change in earnings: means the value determined by dividing the average earnings for the 5 years immediately preceding the current tax year by the average earnings for the 5 years immediately preceding the previous tax year. See Montana Code 15-23-203
• 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.
• Corruptly: means a wrongful design to acquire or cause some pecuniary or other advantage to the person guilty of the act or omission referred to or to some other person. See Montana Code 1-1-204
• Customary: means according to usage. See Montana Code 1-1-206
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Earnings: means income realized before deducting depreciation, interest expenses, lease expenses, and taxes. See Montana Code 15-23-203
• Equated plane hours: means hours spent by aircraft in flight or on the ground weighted according to the cargo capacity of each aircraft. See Montana Code 15-23-401
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• 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.
• Fraud: Intentional deception resulting in injury to another.
• Gross profit margin: means the ratio of earnings to operating revenue. See Montana Code 15-23-203
• gross value of product: means the receipts realized from the extraction and sale of metals or concentrate containing metals. See Montana Code 15-23-801
• 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.
• Knowingly: means only a knowledge that the facts exist which bring the act or omission within the provisions of this code. See Montana Code 1-1-204
• 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}
• Leased property: means property that is subject to an agreement that transfers the use of the property to the lessee during the term of the lease and that is not capitalized on the lessee's balance sheet. See Montana Code 15-23-203
• Lien: A claim against real or personal property in satisfaction of a debt.
• Merchantable value: means the receipts of all salable metals produced or extracted in a county over a 12-month period. See Montana Code 15-23-801
• Newly acquired aircraft: means an aircraft acquired and placed into service within the calendar year immediately preceding the current calendar year in which the report that is required by 15-23-402 is filed regardless of whether the aircraft acquired is new or used. See Montana Code 15-23-401
• Newly acquired equipment: means equipment acquired and placed into service within the calendar year immediately preceding the current calendar year in which the report that is required by 15-23-402 is filed regardless of whether the equipment acquired is new or used. See Montana Code 15-23-401
• Oath: includes an affirmation or declaration. See Montana Code 1-1-201
• Oath: A promise to tell the truth.
• operated: means landings or takeoffs during interstate flight. See Montana Code 15-23-401
• Operating revenue: means the amount of money that the railroad is entitled to receive or that accrues to its benefit from services rendered in transporting property or persons by rail. See Montana Code 15-23-203
• 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: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
• Personal property: All property that is not real property.
• Personal property: means money, goods, chattels, things in action, and evidences of debt. See Montana Code 1-1-205
• Process: means a writ or summons issued in the course of judicial proceedings. See Montana Code 1-1-202
• Property: means real and personal property. See Montana Code 1-1-205
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Real property: means lands, tenements, hereditaments, and possessory title to public lands. See Montana Code 1-1-205
• Receipts received: means the monetary payment or refined metal received by the mining company from the metal trader, smelter, roaster, or refinery, determined by multiplying the quantity of metal received by the metal trader, smelter, roaster, or refinery by the quoted price for the metal and then subtracting the following:

  (a)basic treatment and refinery charges;

  (b)costs of transporting the mineral product from the mine or mill to the smelter or other processor, including costs of demurrage, storage, interest, and other miscellaneous costs related to transporting the mineral product;

  (c)quantity deductions;

  (d)price deductions;

  (e)interest; and

  (f)penalty metal, impurity, and moisture deductions as specified by contract between the mining company and the receiving metal trader, smelter, roaster, or refinery. See Montana Code 15-23-801

• Scheduled airline company: means any person who undertakes directly or indirectly to engage in the business of scheduled air commerce. See Montana Code 15-23-401
• Subpoena: A command to a witness to appear and give testimony.
• subscription: includes the mark of a person who cannot write if the person's name is written near the mark by another person who also signs that person's own name as a witness. See Montana Code 1-1-203
• System cost: means the total depreciated cost of all railroad transportation property, including leased property within the state and outside the state. See Montana Code 15-23-203
• United States: includes the District of Columbia and the territories. See Montana Code 1-1-201
• Willfully: when applied to the intent with which an act is done or omitted, means a purpose or willingness to commit the act or make the omission referred to. See Montana Code 1-1-204