Terms Used In New York Laws > Insurance > Article 56
- 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.
- assessed value: means the determination made by assessors or the board of assessment review of the valuation of real property, including the valuation of exempt real property. See N.Y. Real Property Tax Law 701
- 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
- Special assessing unit: shall mean an assessing unit with a population of one million or more. See N.Y. Real Property Tax Law 701