An ad valorem tax is a tax based on the assessed value of an item, such as real estate or personal property. The term 'ad valorem' is Latin for 'according to value.'
A Certificate of Title is a legal document that officially indicates ownership of a particular asset, such as a motor vehicle or real property. It serves as proof of ownership and outlines any liens or legal encumbrances associated with the asset.
Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.