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.
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Governmental (Purpose) Bonds
Bonds issued by an issuer to finance all or a portion of its own project and that do not satisfy both the Private Business Tests and the Private Loan Financing Test.