Valorem Taxes Ad With Ms
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FAQ
Ad valorem taxes are proportional to the price of the good, so the government earns revenue based on the value of the good or service being sold.
An ad valorem tax is 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 "ing to value." So all ad valorem taxes are based on the assessed value of the item being taxed.
Another type of tax is specific tax; where tax is imposed on quantity. The meaning of ad valorem is at value. An example for ad valorem tax is imposition of 28% GST on luxury cars. Here, if the price of a car is Rs 10 lakh, the GST amount will be Rs 2.8.
How is ad valorem tax calculated? It is calculated by multiplying the property's assessed value with the tax rates applied. For example, if A buys a car worth $1000 and the rate applied is 4%, the tax applicable is 1000*4/100 = 1000*0.04 = $40.
The ad valorem tax is based on the value of the motor vehicle; all values are established statewide by the DOR. Ad valorem tax dollars collected go to support local government functions where the vehicle is domiciled (city, county, school district). The point here is that true value and market value are not the same.
