An ad valorem tax is calculated as a percentage of the assessed value of an item, such as property, goods, or services. Common examples include property taxes and value-added taxes (VAT).
An ad valorem tax is a tax based on the assessed value of an item, such as real estate or personal property. The term 'ad valorem' is Latin for 'according to value.'
Reassessment involves reviewing and updating a policy or a decision, often used in the context of real estate to revise property value estimates for tax purposes.
A tariff is a federal tax imposed on imports or exports, which can either be designed to raise revenue or protect domestic industries. Additionally, tariffs can refer to a schedule of rates or charges for freight.
