It's not an ad-valorem tax because it isn't based off of the price of the property. A $1M house next to a $1.5M house would have the same tax bill, so long as they have the same housing capacity and land area. If the price of a house doubles, their tax obligation would remain unchanged.
It's not an ad-valorem tax because it isn't based off of the price of the property. A $1M house next to a $1.5M house would have the same tax bill, so long as they have the same housing capacity and land area. If the price of a house doubles, their tax obligation would remain unchanged.