classified property tax


A property tax amount that is determined by how the property will be used. In real estate, the purpose of a property can greatly affect its value. For example, an acre of cornfields would generate much less income than an acre of high rise apartment buildings. A classified property tax permits state and local governments to collect greater revenue based on an assessment of how valuable the property is rather than simply the size of the plot.

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I did not like the classified property tax because I found it to be unnecessary and not something that would help anyone.

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You should always make sure that you factor any classified property tax into your budget for the future of your investment.

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The owner of the small cafe refused to convert his business into a fast food franchise because he was afraid of having to pay a higher classified property tax.

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