Terms Used In Michigan Laws > Chapter 123 > Act 170 of 1933 - Bidders On Public Works

• Appraisal: A determination of property value.
• Conviction: A judgement of guilt against a criminal defendant.
• Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. ^{Source: OCC}
• Inflation rate: means that term as defined in section 34d. See Michigan Laws 211.27a
• 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
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• 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