Indiana Code 6-4.1-6-5. Appraisal of limited, contingent, dependent, or determinable interests
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Terms Used In Indiana Code 6-4.1-6-5
- Appraisal: A determination of property value.
- Dependent: A person dependent for support upon another.
- 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.
- Probate: Proving a will
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- 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.
Sec. 5. If a probate court files an application with the department of state revenue asking the department to appraise a property interest which is limited, contingent, dependent, or determinable upon a life in being, including but not limited to a life or remainder interest, the department shall, if possible, appraise the property interest. The department shall base its appraisal on the facts stated by the court in the application, and the department shall certify its appraisal in duplicate to the court. The department’s certification is competent evidence that the appraisal is correct.
As added by Acts 1976, P.L.18, SEC.1.