Which of the following describes how property taxes work? (Check all that apply.) a Property taxes...

Which of the following describes how property taxes work?

(Check all that apply.)

a	Property taxes are a percentage of the assessed value of residential and/or commercial property.
b	Like NH, Massachusetts has both state and local property taxes.
c	For residential property, tax rates tend to be about 1-3% (annually) of a home's assessed value.
d	Local taxes (such as property taxes) and fees, are used to fund local schools, roads, police, courts, trash collections, etc.
e	A town determines the property tax rate by looking at the total assessed value of all property in the town and then figuring out what rate would need to be charged to raise enough revenue (along with other taxes and fees) to pay its bills.

Solutions

Expert Solution

Property tax is calculated by the municipal authorities & it is calculated in proportion to the assessed value of the property.

The answer is A. "Property taxes are the percentage of the assessed value of residential and commercial property"

Good luck!!!

Rahul Sunny answered 1 year ago

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