Definition of ad valorem in English:
(Of the levying of tax or customs duties) in proportion to the estimated value of the goods or transaction concerned.
- Property ad valorem taxes are the major source of revenues for state and municipal governments.
- The Tax Collector merges the non ad valorem assessments into the certified tax roll.
- They pointed out that while most minerals had fully ad valorem rates of royalty at present, iron ore, limestone and dolomite had tonnage-based royalty.
late 17th century: Latin, literally 'according to the value'.
Definition of ad valorem in:
- British & World English dictionary