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And the WORD for Today is:
Ad valorem – means “according to value”. Ad valorem refers to a method of taxation which uses the value of the property being taxed to determine the correct amount of the tax bill. Taxes can be calculated in primarily two ways:
a. “Ad valorem”
b. “Specific”
For example, a tax bill calculated at $7.00 for each $1,000.00 of the home’s value would be ad valorem. A tax bill that set an amount for each property no matter what its respective value would be a “specific” tax method. While most consumers believe their taxes are excessive, the majority agree that the ad valorem method is fair when the method of arriving at the valuation amount is fairly applied.
Copyright © 2008, Home Ownership Matters, LLC. All Rights Reserved.
You can find more helpful definitions of WORDS like these in Your Real Estate Advisor which can be purchased at www.DovePublishingHouse.com.
(Please E-mail Heather at homeownershipmatters@gmail.com with any questions, comments or concerns you might have! We appreciate all comments and feedback, so please don't be shy.)
Ad valorem – means “according to value”. Ad valorem refers to a method of taxation which uses the value of the property being taxed to determine the correct amount of the tax bill. Taxes can be calculated in primarily two ways:
a. “Ad valorem”
b. “Specific”
For example, a tax bill calculated at $7.00 for each $1,000.00 of the home’s value would be ad valorem. A tax bill that set an amount for each property no matter what its respective value would be a “specific” tax method. While most consumers believe their taxes are excessive, the majority agree that the ad valorem method is fair when the method of arriving at the valuation amount is fairly applied.
Copyright © 2008, Home Ownership Matters, LLC. All Rights Reserved.
You can find more helpful definitions of WORDS like these in Your Real Estate Advisor which can be purchased at www.DovePublishingHouse.com.
(Please E-mail Heather at homeownershipmatters@gmail.com with any questions, comments or concerns you might have! We appreciate all comments and feedback, so please don't be shy.)
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