Question

Property taxes are usually determined based on

Answer 1

Answer;

-Market value of the property

Explanation;

-Property tax or real estate tax is a tax charged on immovable property such as land and structures that are permanently attached to the ground such as a house, building, or land. Therefore; If you own a home, you pay property (real estate) tax directly to your local tax assessor or indirectly with your monthly mortgage payment.

-Personal property tax on the other hand, is an annual tax imposed on movable assets, such as mobile homes, RVs, vehicles, boats, planes, etc. For example, the portion of your vehicle's registration or license fee that's based on the value of the vehicle is considered a personal property tax.

Answer 2

Property taxes are usually determined based on the market value of the property.

Further Explanation:

Property taxes:

Property tax is a local government tax which is imposed on the real estate owned within the jurisdictions. Local government charges the property taxes on an annual basis. The rate of the property tax by the local government and the funds collected from the property taxes are the main source of local government's income. Real estate includes the land and buildings.

Assessing property tax:

Property tax is assessed by multiplying the property tax rate by the current market value of the property. The local authority determines different tax rates for a different type of property. The market value of the property is calculated by an assessor appointed by the government.

$\text{Property Tax }=\text{ Market value of property}\times\text{ Property tax rate}$

Thus, property taxes are usually determined based on the market value of the property.

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Answer details:

Grade: High School

Subject: Taxation

Chapter: Real Estate Taxation

Keywords: Property tax, tax, taxation, direct taxes, local taxes, municipal taxes, revenue from the tax, real estate tax, estate tax, calculation, assessing, market value of the property, property, usually, based on.