Ad Valorem Tax

Addendum

A tax that is calculated according to value of property, based on an assigned valuation of a piece of real estate or personal property. local property tax and sales tax are common examples. an ad valorem tax may be imposed annually or when an asset is sold, inherited, or transferred. (see also: millage)

Was This Term Helpful?

0 out of 0 found this helpful

Still got a question or concern?

Click here to contact us or go back to the main Glossary page.