Ad valorem tax

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An ad valorem tax is a tax based on the assessed value of real estate (which encompasses land and improvements to land) and personal property (which is also known as personalty). An ad valorem tax can be levied:

at the time of a transaction, like sales tax and value-added tax;
on an annual basis, like property tax; or
after a signifcant event, like inheritance tax and estate tax.

In the United States, ad valorem taxes such as property tax and sales tax are a major source of revenue for local governments at the municipal and county level.

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Ad valorem tax

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