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November 20, 2018
Ad Valorem

Word of the day
Ad Valorem
Latin for "according to valuation," usually referring to a type of tax or assessment. Real property tax isanad valorem tax based on the assessed valuation of the property. Each property bears a tax burden proportionate to its value, as opposed to a specific tax per unit based on quantity, such as a tax per gallon of gasoline or package of cigarettes.

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John Reilly
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