The term ad valorem is derived from the Latin, meaning “ACCORDING TO THE VALUE”. The term is applied in taxation to designate taxes levied against property, real or personal, at a specific rate based upon the property’s values.
An ad valorem tax is imposed according to the value of the property as determined by an assessment or appraisal. Evaluation regularly is an as common characteristic of an ad valorem tax.
IT APPLIES TO THE FOLLOWING:
Ø REAL PROPERTY: It includes land, buildings and other structures, and any improvements to the property.
Ø PERSONAL PROPERTY: It includes the significant personal property holdings such as a car or boat and not incident personal property such as household appliances or clothing which is not usually a subject to individual property taxes
Arbitration refers to a third party to resolve the dispute or difference between not less than two parties for determination, after hearing each side, during a judicial manner, by an individual.
This is a doctrine in the law of tort where a court infers negligence from the nature of the accident or the injury in absence of any direct evidence on how the defendant behaved.