BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Assessed value is the dollar value assigned to a home or other piece of real estate for property tax purposes. It takes into consideration comparable home sales, location, and other factors. Assessed value is not the same as fair market value (what the property could sell for) but is often based on a percentage of it.

Detailed explanation-2: -1. Ad Valorem Duty: An ad valorem tax is a tax based on the assessed value of an item, such as real estate or personal property.

Detailed explanation-3: -Ad valorem property taxes are levied on real or personal property by local government units including counties, municipalities, school districts, and special taxing districts. Ad valorem means a tax on goods or property expressed as a percentage of the sales price or assessed value.

Detailed explanation-4: -Cost basis is the original value or purchase price of an asset or investment for tax purposes. The cost basis value is used in the calculation of capital gains or losses, which is the difference between the selling price and purchase price.

Detailed explanation-5: -Definition: For the purpose of taxation, a property is assessed for its monetary worth. This ascertained price is known as assessed value. Description: This assessment is done at an annual basis, considering factors such as property values and market conditions in the neighboring areas.