What is the difference between real and tangible property taxes?

Real and tangible property taxes are two distinct types of taxes that are imposed on property in California. Real property taxes are taxes on land and buildings, such as a house and office building. Real property taxes often come as a lump sum, based on the assessed value of the property. This value is usually determined by the county assessor. Real property taxes are often collected by the county or city in which the property is located. Tangible property taxes are taxes on personal property, such as cars, furniture, and other possessions. The assessed value of tangible property is usually determined by the Department of Tax and Fee Administration. Tangible property taxes are usually collected by the state government. In California, real and tangible property taxes are used to fund services such as schools, roads, and other public services. The amount of taxes that a person pays depends on the value of their property, and the type of taxes they are subject to. In some places, the state may require a special assessment, such as a school bond, in order to raise additional funds. Overall, real property taxes are taxes on land and buildings, while tangible property taxes are taxes on personal possessions. Both are used to fund public services, and their assessed value is determined by either the county assessor or the Department of Tax and Fee Administration.

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What is the difference between real and tangible property taxes?

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