1-2e Property Taxes

Question 0

Realty

Answer 0

A real estate and any capital improvements that are classified as fixtures
- there can be ad valorem taxes on realty

Question 1

Ad valorem taxes

Answer 1

Value-based property taxes (tax on ownership of property)

- serve as revenue for state and local governments.

Question 2

Personality

Answer 2

All assets that are not realty

• business use personality (surgical instruments, office building
• personal use personality (residence, casual clothing)
• intangible property
• Can be ad valorem taxes as well