Tim Bridges owns a fishing boat.His state imposes an annual 3.25 percent tax on the current value of this boat.What type of tax is this most likely to be?

Question

Quizplus · Accepted Answer

This is most likely a personal property tax because it is an annual tax based on the current value of a tangible asset, in this case, a fishing boat. Personal property taxes are commonly levied on items like vehicles, boats, and equipment.

Tim Bridges Owns a Fishing Boat