A property tax
I.is levied on the value of property.
II.is referred to as ad valorem.
III.on personal property is more common than a tax on real property.
IV.is based upon assessed value rather than actual transactions.

Question

A property tax
I.is levied on the value of property.
II.is referred to as ad valorem.
III.on personal property is more common than a tax on real property.
IV.is based upon assessed value rather than actual transactions.
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Quizplus · Accepted Answer

Statement I is correct as property tax is levied based on the value of the property, while statement II is correct as property tax is commonly referred to as ad valorem. Statement IV is also correct as property tax is generally based on the assessed value rather than actual transactions. However, statement III is incorrect as property tax on personal property is less common than on real property. Therefore, the best choice is C as it correctly identifies the three correct statements.

A Property Tax I.is Levied on the Value of Property