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 IMPORTANT! for the Inventory Tax and Ad Valorem Natural Gas 2020

Ldr 2020-2025 Form

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today we will talk about ad valorum tax definition and how it's determined an ad valorum tax is a tax based on the assessed value of an item such as real estate or personal property for example property taxes are a common type of adum tax the Latin phrase adum means ing to Value all ad valorum taxes are levied based on the determined value of the item being taxed for property taxes the real estate of property owners is assessed to determine its current value and a tax is then levied annually by a municipality or other government entity property ad valorum taxes are usually levied by a municipality but may also be levied by other local government entities and Property Owners may be subject to taxes from more than one entity these taxes are typically a major source of revenue for state and municip governments tax assessments for ad valorum taxes are typically calculated as of January 1st each year and represent a percentage of the assessed property value which is commonly the pro

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