Definition and Citations:
Payment of a designated lump sum (permanent or annual) for the privilege of exemptiou from taxes, or the settlement in advance of a specific sum in lieu of an ad valorem tax. Cotton Mfg. Co. v. New Orleans, 31 La. Ann. 440
Payment of a designated lump sum (permanent or annual) for the privilege of exemptiou from taxes, or the settlement in advance of a specific sum in lieu of an ad valorem tax. Cotton Mfg. Co. v. New Orleans, 31 La. Ann. 440