In Ohio, the term 'ad valorem' in the context of property taxes means:
Correct Answer
C) A tax based on the assessed value of the property
Ad valorem is a Latin term meaning 'according to value.' Ohio's property tax is an ad valorem tax, meaning the tax amount is calculated based on the assessed value of the property, which is 35% of market value.
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Previous Question
An investor in Mahoning County, Ohio purchases a commercial property with delinquent taxes totaling $45,000. At closing, the title company reports that the delinquent taxes were not paid. Which statement BEST describes the investor's legal position?
Next Question
A city in Ohio wants to incentivize development of a blighted downtown area. The city establishes a Tax Increment Financing (TIF) district. Under Ohio's TIF rules, which statement is MOST accurate?