Which tax is based on the assessed value of a property?

The correct choice is related to the concept of property taxation and specifically refers to how the value of a property is evaluated for tax purposes. Ad Valorem tax is a type of tax that is based on the assessed value of real property. This means that the tax amount is determined by the value that a government agency assigns to the property, which reflects its market value or assessed value.

Ad Valorem taxes are commonly used to fund local services such as schools, public safety, and infrastructure maintenance. These taxes are typically calculated as a percentage of the assessed value, meaning that as the value of a property increases or decreases, so does the amount of tax owed.

In contrast, the other taxes mentioned operate on different principles. Utility taxes are typically charges based on consumption of public services, income tax is levied on an individual's or corporation's earnings, and sales tax is charged on the sale of goods and services. Each of these other tax types does not rely on the assessed value of property as a basis for calculation, which is why they do not fit the description provided in the question.