Respuesta :

Answer:Property tax is an ad valorem tax assessed on real estate by a local government and paid by the property owner. Income tax is tax levied by a government directly on income, especially an annual tax on personal income. Both pay the government but one is for their land and the other is for money they make.

Step-by-step explanation:

The fundamental difference and similarity between property tax and income tax is that;

Difference; Property tax is a tax that is levied based on the value of your property annually and the amount is therefore going to be based on the number of properties owned. Whereas, Income tax is a tax that is levied directly on personal income.

Similarity; Both property and Income taxes are remitted to the government.

  • To answer this question, we have first understand the definition of property and income tax.

  • Property tax; This is a tax that is levied based on the value of your property annually and the amount is therefore going to be based on the number of properties owned.

  • Income tax; This is a tax that is levied directly on personal income by federal and state governments.

  • The difference between both of them is that property tax is based on the value of what you own in properties while income tax is based on what you earn in money.

  • They are similar in that they are both taxes are paid to government of that state or country.

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