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Ad Valorem Tax Questions

An AD Valorem tax is a tax based on the value of real estate or personal property. Typically it is imposed at the time of a transaction, but may be imposed on an annual basis as with real estate or with a specific event such as an inheritance tax, or a tariff. Listed below are the most commonly asked questions about Ad Valorem tax laws that are answered by the Experts.

What is an Ad Valorem tax?

Typically, an ad valorem tax is a tax based on the value of the item being taxed. In most cases property taxes, and taxes involving a person’s personal property such as vehicles, boats, etc. fall into this category.

Are you responsible for Ad Valorem tax in the state where your boat is located?

Case Details: I have a boat on a lake in a state other than the one I reside in. It was not properly assessed.

While laws vary from state to state in most cases the law states that Ad Valorem tax is due on property registered, used, and stored in that state. Therefore the boat would be eligible for taxation. If it has not been properly assessed then you would need to write a letter appealing the assessment to the assessor in the county that the boat is located.

Can you get back the money paid as Ad Valorem tax for vehicle tag renewal while filing the annual tax returns? 

In most cases these taxes are deductible. A person could look into the Ad Valorem tax law on Schedule A line 7 of the Internal Revenue Service tax codes.

Is it legal for a landlord to ad a share of the Ad Valorem tax on to the rent?

This practice is typically uncommon, as it is generally included in the cost of the rent, however it is not illegal as long as it is written in your lease agreement or rental agreement and you have agreed to it.

In most cases since the person resided in the property and it was not a business investment, they may not write off the loss. However, Ad Valorem tax is tax-deductible if they itemize their deductions. Tax questions regarding Ad Valorem can be a confusing time and bring up many questions. To keep informed of the tax laws is the best defense on the large and complicated playing field that is tax law. Ad Valorem taxes are one of many tax issues that the Experts can help a person to come to an understanding with.

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