What are the deductibility of real property taxes
What are the deductibility of real property taxes
Property taxes and real property taxes are interchangeable terms. They are levied on the majority of US properties and paid to state and local governments. Real estate taxes (or real property taxes) generate income that is typically used to fund state and local government services. Property tax is a levy that is primarily levied on land and property. In some countries, including the United States, the tax is also levied on business and farm equipment and inventories. The tax is sometimes levied on tangible assets such as automobiles, jewelry, and furniture, as well as intangibles such as bonds, mortgage loans, and stock shares that represent claims to or ownership of tangible wealth. The amount payable is determined by gross value before deducting debts, not by a person's or a company's total net wealth.
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