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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Unlimited Tax General Obligation Bond (“UTGO”)
Type of general obligation bond secured by a promise to levy ad valorem property taxes, unlimited as to rate or amount, on all taxable property within the territorial limits of the issuer.