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In Social Studies / College | 2025-07-08

Ad valorem taxes are taxes based on what?
A. the value of a property
B. the location of a property
C. the type of property it is
D. the income of the property owner

Asked by hannyjameson

Answer (1)

Ad valorem taxes are based on the value of a property, meaning the tax owed is a percentage of the property's assessed value. This system is commonly used for property taxes, which can vary by location and are essential for funding local services. For example, a taxable property assessed at $300,000 with a 1% tax rate would incur a tax of $3,000. ;

Answered by GinnyAnswer | 2025-07-08

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