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| What is the meaning of the Latin term 'ad voleram'? |
according to the value fixed value in good faith meeting of mind |
| according to the value |
| Ad valorem is a Latin phrase that translates to “according to the value.” The essential characteristic of ad valorem tax is that it is proportional to the value of the underlying asset, unlike a specific tax, where the tax amount remains constant, irrespective of the underlying asset's value. The most common ad valorem tax examples include property taxes on real estate, sales tax on consumer goods, and VAT on the value added to a final product or service. |
