Definition of ad valorem in English:

ad valorem

Line breaks: ad val|orem
Pronunciation: /ˌad vəˈlɔːrɛm
 
/

adverb & adjective

  • (Of the levying of tax or customs duties) in proportion to the estimated value of the goods or transaction concerned: [as adjective]: ad valorem stamp duty at the rate of 1 per cent is payable
    More example sentences
    • 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.

Origin

Latin, 'according to the value'.

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