Taxes

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What is Property Tax?

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A tax paid by property owners based on the value of their property.

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What is Sales Tax?

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A tax added to the price of goods and services at the time of purchase.

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What is Income/Payroll Tax?

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A tax on an individual's earnings from work or investments.

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How is Property Tax calculated?

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It is usually calculated as a percentage of the property's assessed value.

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What is an example of Property Tax?

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A homeowner pays $7,500 yearly on a house valued at $250,000.

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What is an example of Sales Tax?

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If a video game costs $19.99 and the total is $20.54, the extra is sales tax.

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Why do governments collect taxes?

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To fund public services like schools, roads, and emergency services.

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What is the difference between Property Tax and Sales Tax?

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Property Tax is based on property value; Sales Tax is based on purchases.

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What does it mean to pay Income Tax?

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It means paying a portion of your earnings to the government.

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What is a tax return?

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A form filed with the government to report income and calculate taxes owed.