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ad valorem tax |
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Ad valorem tax A type of tax calculated based on percentage of gross or stated value. For example, VAT. Ad Valorem Tax A tax calculated as a percentage of the value of an asset. Most property taxes are ad valorem taxes because the property owners owe a given percentage of the market value the property. Value-added taxes are another common example.
ad valorem tax Literally means “according to the value.”A tax placed upon property and calculated with reference to the value of the property. Ad valorem taxes usually have a super-priority, so that a sale for unpaid taxes will transfer title into the buyer, free and clear of any mortgages or other liens. On the other hand, lienholders are generally given the right to redeem property from tax sales, and regain all rights simply by reimbursing the purchaser for the sale price plus accrued interest. Want to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit the webmaster's page for free fun content. |
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Ad Valorem Equivalent Ad Valorem Tariff agricultural use exemption mill property tax real estate tax reassessment tax exemption | 1949), when it held bonds payable solely from a special fund, into which operating revenues and ad valorem taxes were deposited, did not violate the referendum requirement because the bondholders could not compel ad valorem taxation. Introduction Excise taxes take two basic forms: unit taxes based on quantity sold and ad valorem taxes based on sales value. The tax increment financing concept may be summarized as follows: (1) the TIF district undertakes the project; (2) the project increases the assessed value of the taxable real property within the TIF district; (3) the increase in the taxable real property value results in an increase in the amount of ad valorem taxes collected within the TIF district; and (4) a portion of this increase in ad valorem taxes, or "tax increment," is pledged to finance the project. |
Ad Valorem Taxes |
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