Tax Drill - Deductibility of Property Taxes Indicate whether the following statements are "True" or "False" regarding deductibility of property taxes. a. Real estate taxes for the entire year are apportioned between the buyer and seller on True the basis of the number of days the property was held by each during the real property tax year. b. Deductible personal property taxes must be ad valorem (assessed in relation to the value of the property). c. As a general rule, real property taxes include taxes assessed for local benefits because such assessments tend to increase the value of the property