Ad valorem taxes are levied on real property such as land and buildings; personal property, including cars, boats, machinery, and the inventoried goods of a business; and on intangible property, including long-term real estate notes such as mortgages and deeds to secure debt and the transfer tax imposed on the sale of real property.
Sales and Use Taxes are Four different local-option sales and use taxes may be levied by local governments on the purchase, sale, rental, storage, use, or consumption of tangible personal property and related services. All local-option sales taxes must be approved by the voters in the jurisdiction. Counties and cities are subject to a 2 percent cap on the amount of local sales taxes they may levy.
