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1. Define the term ad valorem tax. What are the three criticisms of the property taxes of local government? Elaborate. 2. A property tax owner

1. Define the term ad valorem tax. What are the three criticisms of the property taxes of local government? Elaborate. 2. A property tax owner owes eight mills in school taxes, 10 mills in city taxes, and five mills in county taxes. He/she qualifies for a $25,000 homestead exemption. How much would he/she owe on a property assessed at $80,000?

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