Appraisal of limited, contingent, dependent, or determinable
interests
Sec. 5. If a probate court files an application with the department
of state revenue asking the department to appraise a property interest
which is limited, contingent, dependent, or determinable upon a life
in being, including but not limited to a life or remainder interest, the
department shall, if possible, appraise the property interest. The
department shall base its appraisal on the facts stated by the court in
the application, and the department shall certify its appraisal in
duplicate to the court. The department's certification is competent
evidence that the appraisal is correct.
As added by Acts 1976, P.L.18, SEC.1.
Last modified: May 28, 2006