Page 91 - Ord 866 Adopting a revised Fiscal Year 17-18 and new proposed Fiscal Year 18-19 budget
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Ad Valorem Property Tax
An ad valorem tax (Latin for "according to value")
is a tax whose amount is based on the value of
a transaction or of property.
A property tax is an ad valorem tax that an
owner of real estate or property pays on the
value of the property being taxed.
The taxing authority performs an appraisal of
the monetary value of the property, and tax
is assessed in proportion to that value.
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