Ad Valorem Tax

Fancy Latin phrase for property tax.

"Valorem" means "value" and "ad valorem" means "according to value"—which you might know if you went to Latin class or survived catechism. Given what it does, you'd think it would have been named "minus valorem."

Ad valorem can also be levied on imported stuff like a duty. In either case, it helps keep the coffers of your local or state governments fuller.