ad valorem

Definition of "ad valorem"
  1. A Latin term meaning 'based on value,' often associated with property taxes that are calculated as a percentage of the property's assessed value. It is commonly used as the standard for local real estate taxes, though sometimes there are limits on this percentage or flat rates per parcel
How to use "ad valorem" in a sentence
  1. The ad valorem tax on my house is pretty high this year due to increased property values.
  2. In our county, property taxes are assessed ad valorem.
  3. Some homeowners struggle with ad valorem tax increases when property values skyrocket.

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