Taxation of Real and Personal Property - Explained
What is Property Tax?
Written by J. Mance Gordon
Updated at April 20th, 2024
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What is Taxation of personal and real property?
Property taxes are a form of direct tax on the real and personal property owned by individuals or businesses. Property taxes (primarily on real estate) often fund local schools, police, and county administration. A common tax on personal property is a tax on the value of ones personal vehicle, commonly known as ad valorem taxes or business equipment and inventory.
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