Property Tax amounts are determined exclusively by the square footage of the property owned.

• A. False
• B. True
• C. Depends on assessed value
• D. Only for commercial properties

Answer: (A)

Property tax is not determined exclusively by how big a property is. The amount due is based on the assessed value, which is a taxable estimate of the property's worth, and this value is then multiplied by the local tax rate (plus any special assessments or exemptions). Square footage can influence assessed value, but many other factors—such as location, land value, improvements, property class, and available exemptions—also play a big role. So two properties with the same size can have different taxes, and a larger property can even be taxed less in a lower-rate area or with favorable exemptions.