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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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