Terms Used In Montana Code > Title 15 > Chapter 6 - Property Subject to Taxation

• Annual verification: means the use of a process to:

  (a)verify an applicant's income;

  (b)approve, renew, or deny benefits for the current year based upon the applicant's eligibility; and

  (c)terminate participation based upon death or loss of status as a qualified veteran or veteran's spouse. See Montana Code 15-6-301

• Appraisal: A determination of property value.
• Charity: An agency, institution, or organization in existence and operating for the benefit of an indefinite number of persons and conducted for educational, religious, scientific, medical, or other beneficent purposes.
• Contract: A legal written agreement that becomes binding when signed.
• 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.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Devise: To gift property by will.
• Ex officio: Literally, by virtue of one's office.
• form: means one of the types of local government enumerated in 7-3-102 and the type of government described in 7-3-111. See Montana Code 7-3-122
• Governing body: means the commission or the town meeting legislative body established in the alternative form of a local government under Title 7, chapter 3, parts 1 through 7. See Montana Code 7-3-122
• Hearsay: Statements by a witness who did not see or hear the incident in question but heard about it from someone else. Hearsay is usually not admissible as evidence in court.
• 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}
• Lien: A claim against real or personal property in satisfaction of a debt.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• 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.
• PCE: means the implicit price deflator (price index) for personal consumption expenditures as published in the national income and product accounts by the bureau of economic analysis of the U. See Montana Code 15-6-301
• 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
• Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.
• Qualified veteran: means a veteran:

  (a)who was killed while on active duty or died as a result of a service-connected disability; or

  (b)if living:

  (i)was honorably discharged from active service in any branch of the armed services; and

  (ii)is currently rated 100% disabled or is paid at the 100% disabled rate by the U. See Montana Code 15-6-301

• Qualifying income: means :

  (a)the federal adjusted gross income excluding capital and income losses of an applicant and the applicant's spouse as calculated on the Montana income tax return for the prior year;

  (b)for assistance under 15-6-311, the federal adjusted gross income excluding capital and income losses of an applicant as calculated on the Montana income tax return for the prior tax year; or

  (c)for an applicant who is not required to file a Montana income tax return, the income determined using available income information. See Montana Code 15-6-301

• Qualifying property: means a primary residence that a qualified applicant owned and occupied for at least 7 months during the tax year. See Montana Code 15-6-301
• Quorum: The number of legislators that must be present to do business.
• 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
• 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.
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Usage: means a reasonable and lawful public custom concerning transactions of the same nature as those which are to be affected thereby, existing at the place where the obligation is to be performed, and either known to the parties or so well established, general, and uniform that the parties must be presumed to have acted with reference thereto. See Montana Code 1-1-206
• Vessel: when used in reference to shipping, includes ships of all kinds, steamboats and steamships, canal boats, and every structure adapted to be navigated from place to place. See Montana Code 1-1-207