Asked by Pratik Sanyal on May 30, 2024
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Wealth Taxes are levied by cities and counties on the value of real estate. They are also called ad valorem taxes.
Wealth Taxes
Taxes levied on the total value of personal assets, including real estate, bank deposits, shares, and other forms of property.
Ad Valorem Taxes
Ad valorem taxes are taxes based on the assessed value of real estate or personal property, commonly used in property tax.
Real Estate
Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water.
- Understand the reasons and objectives underlying favorable tax policies and exemptions.
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Learning Objectives
- Understand the reasons and objectives underlying favorable tax policies and exemptions.
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