Page 101 - City of Westlake FY20 Budget
P. 101
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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