Property tax is very important at the local levels, usually. Lots of revenue is generated. Properties such as homes are often taxed, using a tax rate multiplied by an "assessed value." "Assessed value" always equals the fair market value of the property on the assessment date. True of False?

Property tax is very important at the local levels, usually. Lots of revenue is generated. Properties such as homes are often taxed, using a tax rate multiplied by an "assessed value." "Assessed value" always equals the fair market value of the property on the assessment date. True of False?

True

False