Real Estate Taxes Represent the Largest Single Source of Revenue

question 41

Multiple Choice

Real estate taxes represent the largest single source of revenue for a large portion of local governments. Most property taxes are applied in relation to the value of the property, or in other words, they are:

• A) effective tax rates
• B) ad valorem taxes
• C) tax-exempt
• D) regressive

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Definitions:

Intentional Torts

Intentional torts are wrongful acts done on purpose to harm another person, as opposed to accidentally, and can lead to civil liability.

Partnership

A legal form of business operation between two or more individuals who share management and profits. The specific terms are detailed in a partnership agreement.

Silent Partners

Investors in a partnership who contribute financially but do not participate in management or day-to-day operations of the business.

Partnership Debts

Debts that are the responsibility of the business partnership as a whole, not just of individual partners.