Which taxes may be applied to two major types of property including real property and personal property?
A)Ad valorem
B)Severance
C)Selective
D)Gross receipt

Question

Quizplus · Accepted Answer

Ad valorem taxes can be applied to both real property and personal property. These taxes are based on the assessed value of the property, which means that property with a higher value will be taxed at a higher rate than property with a lower value. Severance taxes are only applied to natural resources, selective taxes are applied to specific goods or services, and gross receipt taxes are applied to a business's revenue.

Which Taxes May Be Applied to Two Major Types of Property