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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 New Hampshire, tangible personal property is generally not subject to an ad valorem tax at the state level. Unlike many other states, New Hampshire does not have a broad-based sales tax or a general personal property tax. Local municipalities in New Hampshire have the authority to tax real estate property, but they typically do not tax tangible personal property of businesses, such as inventory, office furniture, or computer systems. However, there are exceptions for certain types of tangible personal property, such as utility property, which may be subject to local taxation. It's important for businesses to check with local tax assessors to understand any specific tangible personal property tax obligations that may apply within a particular municipality.

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Demystifying Ad Valorem Tax: What You Need to Know

In the confusing world of taxation, one term often whispered with both curiosity and confusion is "ad valorem tax." It's not your everyday tax, and understanding it is essential in today's financial landscape.

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ad valorem tax

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ad valorem tax

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