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Ad Valorem
An ''ad valorem'' tax (Latin for "according to value") is a tax whose amount is based on the value of a transaction or of a property. It is typically imposed at the time of a transaction, as in the case of a sales tax or value-added tax (VAT). An ''ad valorem'' tax may also be imposed annually, as in the case of a real or personal property tax, or in connection with another significant event (e.g. inheritance tax, expatriation tax, or tariff). In some countries, a stamp duty is imposed as an ''ad valorem'' tax. Operation All ad valorem taxes are collected according to the determined value of the taxed item. In the most common application of ad valorem taxes, namely municipal property taxes, public tax assessors regularly assess the property owner's real estate in order to determine its current value. The determined value of the property is used to calculate the annual tax collected by the municipality or any other government entity upon the property owner. Ad valorem taxes ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Latin Language
Latin ( or ) is a classical language belonging to the Italic languages, Italic branch of the Indo-European languages. Latin was originally spoken by the Latins (Italic tribe), Latins in Latium (now known as Lazio), the lower Tiber area around Rome, Italy. Through the expansion of the Roman Republic, it became the dominant language in the Italian Peninsula and subsequently throughout the Roman Empire. It has greatly influenced many languages, Latin influence in English, including English, having contributed List of Latin words with English derivatives, many words to the English lexicon, particularly after the Christianity in Anglo-Saxon England, Christianization of the Anglo-Saxons and the Norman Conquest. Latin Root (linguistics), roots appear frequently in the technical vocabulary used by fields such as theology, List of Latin and Greek words commonly used in systematic names, the sciences, List of medical roots, suffixes and prefixes, medicine, and List of Latin legal terms ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Percentage
In mathematics, a percentage () is a number or ratio expressed as a fraction (mathematics), fraction of 100. It is often Denotation, denoted using the ''percent sign'' (%), although the abbreviations ''pct.'', ''pct'', and sometimes ''pc'' are also used. A percentage is a dimensionless quantity, dimensionless number (pure number), primarily used for expressing proportions, but percent is nonetheless a unit of measurement in its orthography and usage. Examples For example, 45% (read as "forty-five percent") is equal to the fraction , or 0.45. Percentages are often used to express a proportionate part of a total. (Similarly, one can also express a number as a fraction of 1,000, using the term "per mille" or the symbol "".) Example 1 If 50% of the total number of students in the class are male, that means that 50 out of every 100 students are male. If there are 500 students, then 250 of them are male. Example 2 An increase of $0.15 on a price of $2.50 is an increase by a fr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Babylonia
Babylonia (; , ) was an Ancient history, ancient Akkadian language, Akkadian-speaking state and cultural area based in the city of Babylon in central-southern Mesopotamia (present-day Iraq and parts of Kuwait, Syria and Iran). It emerged as an Akkadian-populated but Amorites, Amorite-ruled state . During the reign of Hammurabi and afterwards, Babylonia was retrospectively called "the country of Akkad" ( in Akkadian), a deliberate archaism in reference to the previous glory of the Akkadian Empire. It was often involved in rivalry with the older ethno-linguistically related state of Assyria in the north of Mesopotamia and Elam to the east in Ancient Iran. Babylonia briefly became the major power in the region after Hammurabi (floruit, fl. –1752 BC middle chronology, or –1654 BC, short chronology timeline, short chronology) created a short-lived empire, succeeding the earlier Akkadian Empire, Third Dynasty of Ur, and Old Assyrian Empire. The Babylonian Empire rapidly fell apar ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mesopotamia
Mesopotamia is a historical region of West Asia situated within the Tigris–Euphrates river system, in the northern part of the Fertile Crescent. Today, Mesopotamia is known as present-day Iraq and forms the eastern geographic boundary of the modern Middle East. Just beyond it lies southwestern Iran, where the region transitions into the Iranian plateau, Persian plateau, marking the shift from the Arab world to Iran. In the broader sense, the historical region of Mesopotamia also includes parts of present-day Iran (southwest), Turkey (southeast), Syria (northeast), and Kuwait. Mesopotamia is the site of the earliest developments of the Neolithic Revolution from around 10,000 BC. It has been identified as having "inspired some of the most important developments in human history, including the invention of the wheel, the planting of the first cereal crops, the development of cursive script, mathematics, astronomy, and agriculture". It is recognised as the cradle of some of t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Market Value
Market value or OMV (open market valuation) is the price at which an asset would trade in a competitive auction setting. Market value is often used interchangeably with ''open market value'', ''fair value'' or '' fair market value'', although these terms have distinct definitions in different standards, and differ in some circumstances. Definition International Valuation Standards defines market value as "the estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm’s-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently, and without compulsion". Market value is a concept distinct from market price, which is "the price at which one can transact", while market value is "the true underlying value" according to theoretical standards. The concept is most commonly invoked in inefficient markets or disequilibrium situations where prevailing market prices a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fair Market Value
The fair market value of property is the price at which it would change hands between a willing and informed buyer and seller. The term is used throughout the Internal Revenue Code, as well as in bankruptcy laws, in many state laws, and by several regulatory bodies. In litigation in many jurisdictions in the United States the fair market value is determined at a hearing. In certain jurisdictions, the courts are required to hold fair market hearings, even if the borrowers or the loans guarantors waived their rights to such a hearing in the loan documents. FMV is often used for taxation purposes, determining the value of charitable donations, estate planning, and other financial transactions. The specific methods used to determine FMV may vary depending on the type of property or asset involved. Fair market value is subjective and can fluctuate based on market conditions, supply and demand, location, and other factors. Definition United States The fair market value is the pri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Real Estate Appraisal
Real estate appraisal, home appraisal, property valuation or land valuation is the process of assessing the value of real property (usually market value). The appraisal is conducted by a licensed appraiser. Real estate transactions often require appraisals to ensure fairness, accuracy, and financial security for all parties involved. Appraisal reports form the basis for mortgage loans, settling estates and divorces, taxation, etc. Sometimes an appraisal report is also used to establish a sale price for a property. Factors like size of the property, condition, age, and location play a key role in the valuation. Process for Obtaining an Appraisal Appraisals are often required by lenders for issuing or refinancing a loan. In such cases, when the borrower asks the lender for a loan or a refinance, the lender will order an appraisal. Once ordered, the borrower will have to schedule an appointment with the appraiser for the in-home visit. The appraiser will visit the property, a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Property
Property is a system of rights that gives people legal control of valuable things, and also refers to the valuable things themselves. Depending on the nature of the property, an owner of property may have the right to consume, alter, share, rent, sell, exchange, transfer, give away, or destroy it, or to exclude others from doing these things, as well as to perhaps abandon it; whereas regardless of the nature of the property, the owner thereof has the right to properly use it under the granted Property rights (economics), property rights. In economics and political economy, there are three broad forms of property: private property, public property, and collective property (or ''cooperative propert''y). Property may be jointly owned by more than one party equally or unequally, or according to simple or complex agreements; to distinguish ownership and easement from rent, there is an expectation that each party's will with regard to the property be clearly defined and unconditional ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Indirect Tax
An indirect tax (such as a sales tax, per unit tax, value-added tax (VAT), excise tax, consumption tax, or tariff) is a tax that is levied upon goods and services before they reach the customer who ultimately pays the indirect tax as a part of market price of the good or service purchased. Alternatively, if the entity who pays taxes to the tax collecting authority does not suffer a corresponding reduction in income, i.e., the effect and tax incidence are not on the same entity meaning that tax can be shifted or passed on, then the tax is indirect. An indirect tax is collected by an intermediary (such as a retail store) from the person (such as the consumer) who pays the tax included in the price of a purchased good. The intermediary later files a tax return and forwards the tax proceeds to government with the return. In this sense, the term indirect tax is contrasted with a direct tax, which is collected directly by government from the persons (legal or natural) on whom it is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Business
Business is the practice of making one's living or making money by producing or Trade, buying and selling Product (business), products (such as goods and Service (economics), services). It is also "any activity or enterprise entered into for profit." A business entity is not necessarily separate from the owner and the creditors can hold the owner liable for debts the business has acquired except for limited liability company. The taxation system for businesses is different from that of the corporates. A business structure does not allow for corporate tax rates. The proprietor is personally taxed on all income from the business. A distinction is made in law and public offices between the term business and a company (such as a corporation or cooperative). Colloquially, the terms are used interchangeably. Corporations are distinct from Sole proprietorship, sole proprietors and partnerships. Corporations are separate and unique Legal person, legal entities from their shareholde ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gross Receipts Tax
A gross receipts tax or gross excise tax is a tax on the total gross revenues of a company, regardless of their source. A gross receipts tax is often compared to a sales tax; the difference is that a gross receipts tax is levied upon the seller of goods or services, while a sales tax is nominally levied upon the buyer (although both are usually collected and paid to the government by the seller). This is compared to other taxes listed as separate line items on billings, are not directly included in the listed price of the item, and are not a factor in markup or profit on company sales. A gross receipts tax has a pyramid effect that increases the actual taxable percentage as it passes through the product or service lifecycle. Another pyramid effect of the tax comes from the fact that such a tax by definition is levied against itself (in the sense that a business subject to a gross receipts tax will raise its prices to compensate, which in turn increases its gross revenue, which in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
