Terms Used In Michigan Laws > Chapter 211 > Act 260 of 2003 - Tax Reverted Clean Title Act

• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Authority: means a land bank fast track authority created under the land bank fast track act. See Michigan Laws 211.1022
• Commission: means the state tax commission created by 1927 PA 360, MCL 209. See Michigan Laws 211.1022
• Contract: A legal written agreement that becomes binding when signed.
• Eligible tax reverted property: means property that is exempt under section 7gg of the general property tax act, 1893 PA 206, MCL 211. See Michigan Laws 211.1022
• Eligible tax reverted property specific tax: means the specific tax levied under this act. See Michigan Laws 211.1022
• firearm: except as otherwise specifically defined in statute, includes any weapon which will, is designed to, or may readily be converted to expel a projectile by action of an explosive. See Michigan Laws 8.3t
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• Lien: A claim against real or personal property in satisfaction of a debt.
• 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.
• Principal residence: means that term as defined in section 7dd of the general property tax act, 1893 PA 206, MCL 211. See Michigan Laws 211.1022
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
• Taxable value: means the taxable value determined under section 27a of the general property tax act, 1893 PA 206, MCL 211. See Michigan Laws 211.1022