The property tax most citizens are aware of is known as an "ad valorem" tax. This tax is used to fund general or day-to-day government operations. An "ad valorem" tax is commonly levied on both real and personal property. A property tax is based upon a property's market value. The "ad valorem" tax levy is based upon a millage rate which never varies from parcel to parcel. The foundation principles for "ad valorem" taxes are that each property is valued according to its market value (equity) and that each property is taxed based upon a single millage rate that applies to everyone (uniformity).