59-3-102 - Definitions.
59-3-102. Definitions.
As used in this chapter:
(1) "Tax equivalent payment" means a payment required or authorized by statute to bemade in lieu of ad valorem taxes on tax exempt property pursuant to a contract entered into understatutory authority and filed with the county assessor of the county in which the property islocated.
(2) "Tax equivalent property" means property on which any tax equivalent payment ismade.
Amended by Chapter 3, 1988 General Session