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What is the major difference between property tax and profit tax?
Wiki User
∙ 13y ago
Property taxes are assessed based on the value of the property in question. This is also referred as ad valorem tax. The owner of the property does not sell or transfer the property in question and the tax is usually assessed every year. Profit tax is a tax assessed based on the transfer of property or a commodity.
Wiki User
∙ 13y ago
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