ad valorem


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Ad Valorem

According to value.

The term ad valorem is derived from the Latin ad valentiam, meaning "to the value." It is commonly applied to a tax imposed on the value of property. Real property taxes that are imposed by the states, counties, and cities are the most common type of ad valorem taxes. ad valorem taxes can, however, be imposed upon Personal Property. For example, a motor vehicle tax may be imposed upon personal property such as an automobile.

An article of commerce may be subjected to an ad valorem tax in proportion to its value, which is determined by assessment or appraisal.

Duties, taxes on goods imported or brought into this country from a foreign country, are either ad valorem or specific. An ad valorem duty is one in the form of a percentage on the value of the property, unlike a specific duty that is a fixed sum imposed on each article of a class, such as all Swiss wristwatches, regardless of their individual values.

Cross-references

Taxation.

ad valorem

adj. Latin for "based on value," which applies to property taxes based on a percentage of the county's assessment of the property's value. The assessed value is the standard basis for local real property taxes, although some place "caps" (maximums) on the percentage of value (as under Proposition 13 in California) or "parcel taxes" which establish a flat rate per parcel.

ad valorem

adjective according to value, appraised, appraisement, assessable, assessment, charge, chargeable, charged, dutiable, duty, evaluated, excisable, imposition, leviable, levy, ratable, taxation, valorization, value added tax, valued at
Associated concepts: ad valorem tax

ad valorem

‘according to the value’, often used in the context of taxes and duties.

AD VALOREM. According to the value. This Latin term is used in commerce in reference to certain duties, called ad valorem duties, which are levied on commodities at certain rates per centum on their value. See Duties; Imposts; Act of Cong. of March 2, 1799, s. 61 of March 1, 1823 s. 5.

References in periodicals archive ?
At trial, the court first determined that the County was legally authorized to assess ad valorem taxes on the improvements; but, the County was not legally authorized to assess ad valorem taxes on the land underlying the Portofino Condominiums.
For instance, 10 years after the constitutional revision, the court recognized there was no prohibition against a local government using ad valorem tax revenues when it was required to compute and set aside a prescribed amount, when available, for a discrete purpose.
Grassick said: "Having enjoyed such an outstanding time with Danehill, we are naturally delighted to be standing Ad Valorem, another Group One-winning son of Danzig.
Last time out, Ad Valorem captured the Group 1 Queen Anne Stakes at Royal Ascot.
We find that, in the short run, ad valorem taxation always dominates unit taxation both in terms of consumer welfare and overall welfare (the precise meaning of overall welfare is made clear later).
By amending the definition of total ad valorem rate, the General Assembly clarified its intent to allow TIF districts to benefit not only from some locally levied millage rates, but tO benefit from some millage rates levied by the state as well--including some millage rates levied for the benefit of schools.
The GO bonds are secured by the city's full faith and credit and unlimited ad valorem taxing power.
To conserve natural resources and to meet the domestic demand, duty on export of iron ore has been increased from 20% to 30% ad valorem basis on all grades of iron ore(except pellets) with effect from 30.
Ad Valorem 8yo Danzig-Classy Women, by Relaunch (stands at Coolmore Stud in Co Tipperary) AD VALOREM is in the unique position of being marketed by Coolmore in the northern hemisphere and by Darley south of the equator.
But the 9-2 second-favourite had to survive a stewards' inquiry as Ad Valorem was hampered inside the final furlong, forcing Kieren Fallon to momentarily stop riding on Aidan O'Brien's charge.
Ad Valorem produced a gutsy display in the Shadwell Stud Middle Park Stakes at Newmarket yesterday to provide his trainer, Aidan O'Brien, with a long-overdue first Group One success in Britain this season.