If Property Tax Rates Are Not Changed, the Amount of Ad

question 4

True/False

If property tax rates are not changed, the amount of ad valorem taxes imposed on realty will remain the same.

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Definitions:

Consumer Surplus

The distance between the total consumers are ready to contribute financially to a good or service and what they eventually pay.

Deadweight Loss

A shortfall in economic optimization that occurs when the balance for a good or service is missed or impossible to hit.

Tax

A compulsory financial charge or levy imposed by a government on individuals or entities to fund public expenditure.

Consumer Surplus

The difference between the aggregate willingness to pay by consumers for a good or service and the aggregate actual payment.