Types of properties in terms of tax base
The types of properties in terms of tax base are:
1. Real Property: This includes land, buildings, and other structures that are permanently attached to the land.
2. Personal Property: This includes movable items such as furniture, vehicles, boats, and other items that are not permanently attached to the land.
3. Intangible Property: This includes intellectual property such as patents, copyrights, and trademarks.
4. Natural Resources: This includes minerals, timber, and other resources found in nature.
5. Business Property: This includes business equipment, inventory, and other assets used in the operation of a business.