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.'
To evaluate or appraise the value of an asset or property for various purposes, such as taxation, sale, or insurance.
Assessed valuation refers to the dollar value assigned to a property by a municipality for the purpose of assessing property taxes. The property tax is calculated based on the number of mills per dollar of assessed valuation.
The Assessment Ratio is the ratio of the assessed value of a property to its market value, often used to determine property taxes. It is a vital aspect in the evaluation of real estate for taxation purposes.
A computerized method for estimating the value of a property. Often used for mass appraisal purposes, such as the reassessment of a city's property tax base.
An Equalization Board is a government agency that determines the fairness of taxes levied against property. It ensures that all counties within a state assess property at a uniform rate for equitable state-level redistribution.
MIL, often expressed as MILL, represents one-tenth of a cent. The term is primarily used in expressing tax rates on a per-dollar basis. For example, a tax rate of 60 mills implies that taxes are 6 cents per dollar of assessed valuation.
A tax based on the value of property owned by a taxpayer. In the UK, council tax and business rates are charged based on the property’s value, defined by a series of value bands which depend on the region.
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 compulsory levy or fee imposed on specific properties to fund public improvements that are assumed to increase the value or utility of the assessed properties.
Stamp Duty Land Tax (SDLT) is a tax levied on the purchase of property or land in the United Kingdom. The tax is paid by the buyer and varies depending on the value and type of property.
Stamp Duty Land Tax (SDLT) is a tax charged on the purchase price of property or land in the UK. The rates and thresholds vary depending on several factors such as property value, type, and buyer's status.
A tax is a mandatory financial charge or some other type of levy imposed upon a taxpayer by a governmental organization in order to fund various public expenditures. Taxes include income tax, sales tax, property tax, estate tax, and others.
A tax deed is an instrument given to a grantee by a government that has claimed the property due to unpaid taxes. It legally transfers ownership of the property from the government to the buyer at a tax sale.
A tax district, also known as a central assessment district, is a special area established by local government regions or authorities to delineate boundaries within which property taxes are assessed and collected based on common valuation metrics.
Tax foreclosure is the legal process to enforce a lien against a property due to nonpayment of delinquent property taxes.
A tax roll is a detailed listing and description of all taxable property within a tax district, including assessed values and amounts.
A tax shield refers to allowable deductions that reduce a taxpayer's taxable income, thereby decreasing the amount of tax owed.
Taxable value refers to the assessed value of a property or other asset, which is used to determine the amount of a tax liability. It's often a percentage of the property's market value and is used by tax authorities to calculate the proper amount of tax due.
An abbreviation for Uniform Business Rate, a nationwide, standardized rate set by the government to determine the amount of business rates (a type of property tax) paid by businesses.
