Indicate whether the following statements are "True" or "False" regarding characteristics of ad valorem taxes on realty. a. Some jurisdictions extend immunity from tax for a specified period of time (a tax b. C. d. holiday) to new or relocated businesses. Some states partially exempt the homestead, or personal residence, portion of property from taxation. Lower taxes may apply to a residence owned by a taxpayer aged 65 or younger. Property owned by the Federal government is exempt from this tax