Taxes

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What is a tax?

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A tax is a mandatory financial charge imposed by a government on individuals or businesses to fund public services and infrastructure.

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What is Property Tax?

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Property Tax is a tax based on the value of real estate property, such as land and buildings.

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What is Sales Tax?

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Sales Tax is a tax imposed on the sale of goods and services, usually calculated as a percentage of the purchase price.

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What is Income Tax?

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Income Tax is a tax on an individual's or entity's income, typically calculated as a percentage of earnings.

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What is Payroll Tax?

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Payroll Tax is a tax imposed on employers and employees, usually to fund social security and healthcare programs.

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How does Property Tax affect homeowners?

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Property Tax affects homeowners by requiring them to pay a percentage of their property's value to the government, which can increase if property values rise.

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What happens to Sales Tax when you buy something?

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When you buy something, Sales Tax is added to the price of the item, increasing the total amount you pay.

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Why do businesses pay Property Tax?

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Businesses pay Property Tax on the buildings and land they own, which helps fund local services and infrastructure.

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What is the relationship between property value and Property Tax?

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As the value of a property increases, the Property Tax owed on that property typically increases as well.

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Can Sales Tax vary by location?

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Yes, Sales Tax can vary by location, as different states and municipalities can set their own rates.