Terms Used In West Virginia Code > Chapter 11 > Article 5 - Assessment of Personal Property

• Agriculture: means the cultivation of the soil, including the planting and harvesting of crops and the breeding and management of livestock. See West Virginia Code 11-5-3
• Commissioner: means the State Tax Commissioner. See West Virginia Code 11-22-1
• Contract: A legal written agreement that becomes binding when signed.
• County court: includes any existing tribunal created in lieu of a county commission. See West Virginia Code 2-2-10
• Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. ^{Source: OCC}
• Employed exclusively: means that the preponderant and the sole gainful use is for the designated purpose. See West Virginia Code 11-5-3
• 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.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Grazing: means the use of land for pasturage. See West Virginia Code 11-5-3
• Horticulture: means plant production of every character except forestry. See West Virginia Code 11-5-3
• Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
• Person: means every natural person, association or corporation. See West Virginia Code 11-22-1
• Personal property: All property that is not real property.
• personal property: includes goods, chattels, real and personal, money, credits, investments, and the evidences thereof. See West Virginia Code 2-2-10
• Producer: means the person who is actually engaged in the agriculture, horticulture and grazing which gives existence and fruition to products of agriculture as distinguished from the broker or middleman. See West Virginia Code 11-5-3
• Products of agriculture: means those things the existence of which follows directly from the activity of agriculture, horticulture or grazing, including dairy, poultry, bee and any other similar products, whether in the natural form or processed as an incident to the marketing of the raw material. See West Virginia Code 11-5-3
• 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.
• State: when applied to a part of the United States and not restricted by the context, includes the District of Columbia and the several territories, and the words "United States" also include the said district and territories. See West Virginia Code 2-2-10
• Tax year: means the calendar year following the July first assessment day or, in the case of a public service business assessed pursuant to article six of this chapter, the calendar year beginning on the January first assessment day. See West Virginia Code 11-5-3
• Transaction: means the delivering, accepting or presenting for recording of a document. See West Virginia Code 11-22-1
• Value: means in the case of any document not a gift, the amount of the full actual consideration for the document, paid or to be paid, including the amount of any lien or liens assumed. See West Virginia Code 11-22-1