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Property Taxes vs. Income Taxes: Understanding the Difference

  As residents of Long Island, we all know how important it is to pay taxes, but sometimes, it can be hard to understand what exactly we are paying for. Two main types of taxes that we are all familiar with are property taxes and income taxes, but do you know the difference between them? Let’s explore the key differences between property taxes and income taxes to help you better understand where your money is going. What Are Property and Income Taxes? First, let's define what property taxes and income taxes are. Property taxes are taxes that are levied on real property, such as homes, land, and buildings. These taxes are calculated based on the value of the property and are typically paid to the local government. Income taxes, on the other hand, are taxes imposed on income earned by individuals or businesses. These taxes are collected by the federal government and vary depending on the amount of income earned. The Differences Between Property and Income Taxes One of the key differe

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