Question

When determining taxable property for the purpose of the property tax levy, which of the following would likely be excluded from the calculation?

a. Residential homes
b. Commercial buildings
c. Vacant land
d. Personal vehicles
e. Furniture and fixtures
f. Agricultural machinery
g. Investment properties
h. Industrial equipment

Answer 1

Certain types of properties are excluded from the calculation of taxable property for property tax levy. These include vacant land, personal vehicles, and furniture and fixtures.

Step-by-step explanation:

When determining taxable property for the purpose of the property tax levy, certain types of properties are likely to be excluded from the calculation. These include:

• Vacant land: Land that is not being used for residential, commercial, or agricultural purposes.
• Personal vehicles: Cars, trucks, and motorcycles that are owned by individuals for personal use.
• Furniture and fixtures: Household items such as sofas, tables, and lamps.

All other options listed in the question, such as residential homes, commercial buildings, agricultural machinery, investment properties, and industrial equipment, are likely to be included in the calculation of taxable property for property tax levy.