What is the difference between a property tax rate and a tax rate?

Property taxes and tax rates are two different things. Property tax rates are the rates that a local government sets to collect taxes on certain properties. This rate is then applied to the assessed value of the property in order to calculate the amount of taxes owed by the property owner. Tax rates, on the other hand, refer to the taxes that are set as a percentage of income or the value of goods and services. These taxes are typically set by the state government in order to raise revenue for public services such as roads and schools. In North Dakota, property tax rates are set by individual county governments, while other taxes are set by the state government. The property tax rate for each county is determined by the local public services the county provides, such as public schools, fire and police departments, and road and bridge maintenance. The tax rate for other taxes, such as sales, income, and motor vehicle taxes, is typically set by the state legislature. In summary, the main difference between a property tax rate and a tax rate is that the former is set by local governments and specifically applies to property taxes, while the latter is set by state governments and applies to different types of payments or transactions.

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