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ad valorem tax

   Also found in: Dictionary/thesaurus, Legal, Encyclopedia, Wikipedia, Hutchinson 0.01 sec.
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
A tax that is computed as a percentage of the value of specific property. For example, many states levy an annual tax on the market value of an investor's securities as of a certain date. Also called property tax.
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.
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This bill implements recently-passed Section 3(f) of Article VII of the State Constitution regarding ad valorem tax exemptions for real property perpetually dedicated for conservation purposes, including real property encumbered by conservation easements or other perpetual conservation protections.
HB 7157--Real property used for conservation purposes by Florida Bar News
1, 2007, but also threatened to impose an ad valorem tax that would block imports of HFCS for another year.
Mexico may block U.S. HFCS until 2008 by Food & Drink Weekly
The Court of Appeals of Kansas ruled that whether the organization using a property possesses a tax exempt character is relatively immaterial because it is the use of property, not the character of the owner, that determines the applicability of an ad valorem tax exemption.
Tax exemption based on property's use, not owner's status by Appraisal Journal
 
 
 
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