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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 Oklahoma, ad valorem taxes, also known as property taxes, are levied on both real property (land and buildings) and tangible personal property (such as goods in a warehouse, office furniture, computer and telephone systems, inventory, etc.) used in a business. The county tax assessors are responsible for determining the value of such property annually and assessing the tax based on its current fair market value. The rate of the ad valorem tax is set by local taxing authorities and can vary by county and municipality. These taxes fund local services such as schools, roads, and emergency services. Business owners are required to report their tangible personal property to the county assessor for assessment. If a business disagrees with the assessed value, there is typically a process to appeal the assessment. It's important for businesses to comply with reporting requirements and deadlines to avoid penalties.

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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.

Taxes

ad valorem tax

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

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Oklahoma State Code

Taxes

ad valorem tax

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