Definition from Nolo’s Plain-English Law Dictionary
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
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:10 pm