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Property tax is a tax levied on real estate by local governments, crucial for funding essential services. It differs from sales and income taxes.
Property tax is a tax levied on the value of real estate owned by individuals or corporations. It is imposed by local governments and is considered an ad valorem tax, meaning it is based on the fair market value of the property.
Property taxes are different from sales tax and income tax. While sales tax is charged at the point of sale of goods or services and income tax is levied on earned and unearned income, property tax is based on the assessed value of the property owned.
The revenue generated from property taxes is crucial for funding local government services such as police departments, fire services, and public parks. It is an important source of income for local governments to provide essential services to the community.
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