Tax
Compulsory charges levied by a governmental unit for the purpose of raising revenue.
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Ad Valorem Taxes
A tax based on the assessed value of an item, such as real estate or personal property. The most common Ad Valorem Taxes are property Taxes levied on real estate. The Latin phrase ad valorem means “according to value.” All Ad Valorem Taxes are based on the assessed value of the item being taxed.
See Also
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Hundreds of Terms and Concepts
TEFRA
The acronym for the Tax Equity and Fiscal Responsibility Act of 1982, which applies additional tax requirements and considerations to tax-advantaged bonds.