Question

How is a property tax similar to and different from an income tax?

Answer 1

Answer:

Property tax is an ad valorem tax assessed on real estate by a local government and paid by the property owner. Income tax is tax levied by a government directly on income, especially an annual tax on personal income. Both pay the government but one is for their land and the other is for money they make.

Answer 2

Answer: Income tax is on your income or payment from wages or personal income. Property tax levied on the annual property value and is based on the number of properties the owner has.

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