Select your state

Taxes

ad valorem tax

An ad valorem tax is a tax that is calculated as a percentage of the value of something—such as tangible (physical) personal property (goods in a warehouse, office furniture, computer and telephone systems, inventory, etc.).

For example, county tax assessors often place a value on a business's tangible personal property and assess an ad valorem tax on the property.

In Kansas, ad valorem tax, also known as property tax, is levied on both real estate and tangible personal property. The county appraiser is responsible for assessing the value of tangible personal property owned by businesses, such as furniture, fixtures, machinery, equipment, inventory, and other physical assets used for the production of income. The assessed value is determined annually based on the property's fair market value as of January 1 of each year. The tax rate is set by local taxing authorities, such as counties, cities, and school districts, and is applied to the assessed value to calculate the amount of tax owed. Business owners are required to report their personal property to the county appraiser each year for assessment purposes. Failure to do so can result in penalties. The revenue from ad valorem taxes is used to fund local services such as schools, roads, and emergency services.

Legal Articles

State Statutes

As a LegalFix Member You Will Be an Important Client of Local Law Firms

For about 82¢ a day you can have a LegalFix Legal Plan that includes initial consultations with an attorney at no additional charge—and additional legal services at reduced rates—all from top law firms in your state. Don't wait—be prepared for life's inevitable legal challenges, starting today.

And ask your employer, credit union, or membership group to offer LegalFix for even better pricing.

Taxes

ad valorem tax

As a LegalFix Member You Will Be an Important Client of Local Law Firms

Articles

Kansas State Code

Kansas State Code

Taxes

ad valorem tax

Articles