Definition of ad valorem in English:

Share this entry

ad valorem

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'.

For editors and proofreaders

Line breaks: ad val|orem

Share this entry
 

What do you find interesting about this word or phrase?

Comments that don't adhere to our Community Guidelines may be moderated or removed.