Property taxes are usually determined based on the property owner's income. the amount of money invested in the property. the earnings generated by the property. the value of the property.

The correct answer is the last one - the value of the property. Property value is determined by local tax assessor’s office. Property’s assessment is then multiplied by the local tax rate, sometimes called a millage rate. The assesement is based on sales comparison, the cost method and the income method.