noun A Latin term meaning 'according to value' used in finance and taxation to refer to a tax or charge based on the assessed value of a transaction or property.
Ad valorem clause - a clause in a contract or legal document specifying that payment is to be made based on the value of the goods or services provided
Ad valorem tax - a tax based on the value of a transaction or of property being taxed
Ad valorem pricing - a pricing strategy where the price of a product is based on its value to the customer
Ad valorem duty - a duty or tax calculated as a percentage of the value of the goods being imported or exported
In the publishing industry, 'ad val' may refer to the ad valorem pricing model used for book sales.
Psychologists may encounter 'ad val' in the context of assessing the value of a patient's assets for financial planning or legal purposes.
Accountants may use 'ad val' when calculating ad valorem taxes based on the assessed value of property.
Real estate agents may come across 'ad val' when determining the market value of properties for sale or purchase.
Lawyers may use 'ad val' when dealing with ad valorem taxes or assessing the value of assets in legal cases.