An Ad valorem tax is a tax based on the assessed value of real estate or personal property. In other words ad valorem taxes can be property tax or even duty on imported items. Property ad valorem taxes are the major source of revenues for state and municipal governments.
An ad valorem tax is typically imposed at the time of a transaction (sales tax or value added tax (VAT)) but it may be imposed on an annual basis (property tax) or in connection with another significant event (inheritance tax or tariffs). The alternative to ad valorem taxation is a fixed rate tax, where the tax base is the quantity of something, regardless of its price: for example, in the United Kingdom, a tax is collected on the sale of alcoholic drinks that is calculated on the quantity of alcohol contained rather than the price of the drink.
• Middlesboro City Taxes Likely To Remain Unchanged The Middlesboro Daily
MIDDLESBORO The Middlesboro City Council met in regular session on Tuesday taxes were among the topics discussed. The council voted to consider two ordinances: One to establish the ad valorem tax levy for 2008 and another to establish the ad valorem tax levy on personal property for 2009.
• Hospitals Hopes For Sales Tax Help Dashed The Ocala StarBanner
OCALA Munroe Regional Medical Centers half cent sales tax proposal is off the table. The hospital will not pursue the proposal, it announced on Thursday, because its legal team found out that it did not meet legislative requirements. But it still needs public financial support and is looking into other options.
• Alternative Revenue Sources May Be Answer To Marcos Property Tax Shortfall Na...
Alternative revenue sources are not bankers with spiked hair cuts, earrings and big black boots. They are the answer proposed by city staff to the challenge of decreased property values and tax reform. Since last months first general budget workshop, many public discussions have been held where residents pose several questions to city staff about budget issues. Among them are requests for
• Alcorn County To Finish District Budget July 28 Northeast Mississippi Daily J...
The proposal will raise taxes on a 100,000 home by 32. BY LENA MITCHELL NEMS Daily Journal Corinth Bureau CORINTH The Alcorn County School Districts proposed budget for the 2008 2009 school year includes an ad valorem tax increase that should eliminate the deficit the district has struggled with throughout 2008.
• Vehicletag Taxes To Fix Districts 2M Shortfall Marietta Daily Journal
MARIETTA Just days into the new fiscal year, Cobb school leaders have learned that the growth in their tax revenue will be less than they expected, creating a 2 million shortfall.
IMPORTANT NOTICE:
The information provided by FactsOfLaw.com does not
constitute legal advice or any other type of advice and is
provided for educational purposes only without
warranty of any kind. FactsOfLaw.com has not
reviewed the information on this page for accuracy
and is not responsible for any errors, omissions or
inaccuracies. For legal advice you should
consult a licensed attorney. Source: wikipedia.org
