Tennessee Code 67-5-1008 – Present use valuation – Capitalization of income method – Rollback taxes – Involuntary conversion of use
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Terms Used In Tennessee Code 67-5-1008
- Agricultural land: means land that meets the minimum size requirements specified in subdivision (1)(B) and that either:
(i) Constitutes a farm unit engaged in the production or growing of agricultural products. See Tennessee Code 67-5-1004 - Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Contract: A legal written agreement that becomes binding when signed.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Forest land: means land constituting a forest unit engaged in the growing of trees under a sound program of sustained yield management that has tree growth in such quantity and quality and is so managed as to constitute a forest. See Tennessee Code 67-5-1004
- Fraud: Intentional deception resulting in injury to another.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Lineal descendant: Direct descendant of the same ancestors.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Open space land: includes greenbelt lands or lands primarily devoted to recreational use. See Tennessee Code 67-5-1004
- Owner: means the person holding title to the land. See Tennessee Code 67-5-1004
- Person: means any individual, partnership, corporation, organization, association, or other legal entity. See Tennessee Code 67-5-1004
- Present use value: means the value of land based on its current use as either agricultural, forest, or open space land and assuming that there is no possibility of the land being used for another purpose. See Tennessee Code 67-5-1004
- Property: includes both personal and real property. See Tennessee Code 1-3-105
- Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in a perceivable form. See Tennessee Code 1-3-105
- Rollback taxes: means the amount of back tax differential payable under §. See Tennessee Code 67-5-1004
- Savings and loan association: includes a building and loan association, a federal or state savings and loan association, a federal savings bank, and any other financial institution, the accounts of which are insured by the [former] federal savings and loan insurance corporation (FSLIC) or any successor [repealed] of such corporation. See Tennessee Code 1-3-105
- State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
- Trustee: A person or institution holding and administering property in trust.
- written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
- Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105