Answered

Connect with experts and get insightful answers on IDNLearn.com. Ask anything and get well-informed, reliable answers from our knowledgeable community members.

What type of tax is levied on the value of property owned?

A. Sales tax
B. Income tax
C. Corporate tax
D. Property tax

Sagot :

GinnyAnsweridn

Final answer:

Property taxes are levied on the value of owned property, determined by its market value, and are often imposed by local governments.


Explanation:

Property tax is the type of tax levied on the value of property owned. It is an ad valorem tax based on the fair market value of the property, with rates determined by government officials.

Property taxes are generally imposed by local governments on real estate and sometimes on certain forms of business property. They are considered progressive as property ownership is often concentrated among higher income groups.


Learn more about Property taxes here:

https://brainly.com/question/44063022


We appreciate your participation in this forum. Keep exploring, asking questions, and sharing your insights with the community. Together, we can find the best solutions. Your search for solutions ends here at IDNLearn.com. Thank you for visiting, and come back soon for more helpful information.