Property tax

Property tax, or millage tax, is an ad valorem tax that an owner pays on the value of the property being taxed. Public finance is a field of economics concerned with paying for collective or governmental activities and with the administration and design of those activities The field of finance refers to the concepts of Time, Money and Risk and how they are interrelated Payroll tax generally refers to two kinds of taxes: Taxes which Employers are required to withhold from Employees Pay, also known as Withholding A capital gains tax (abbreviated CGT) is a Tax charged on Capital gains the profit realized on the sale of a non-inventory Asset that was purchased Stamp duty is a form of Tax that is levied on documents Historically a physical stamp (a Tax stamp) had to be attached to or impressed upon the document to denote Land value taxation (LVT (or site value taxation) is an Ad valorem tax where only the value of land itself is taxed A sales tax is a Consumption tax charged at the Point of purchase for certain goods and services Value added tax ( VAT) or goods and services tax ( GST) is a consumption Tax levied on value added. A flat tax (short for flat rate tax is a Tax system with a constant tax rate The tax tariff and trade laws of a political region State or Trade bloc determine which forms of consumption and production tend to be encouraged A tax haven is a place where certain Taxes are levied at a low rate or not at all In Economics, tax incidence is the analysis of the effect of a particular Tax on the distribution of economic welfare. In a Tax system and in Economics, the tax rate describes the burden Ratio (usually expressed as a Percentage) at which a business or person is A proportional tax is a Tax imposed so that the Tax rate is fixed as the amount subject to taxation increases A progressive tax is a Tax imposed so that the Tax rate increases as the amount subject to taxation increases A regressive tax is a Tax imposed in such a manner that the Tax rate decreases as the amount subject to taxation increases Tax advantage refers to the economic bonus which applies to certain accounts or Investments that are by Statute, tax-reduced tax-deferred or tax-free Personal income taxes See also Income tax in Australia Only the federal government imposes income taxes on individuals and this is the most significant source of Taxation in the British Virgin Islands is relatively simple by comparative standards photocopies of all of the tax laws of the British Virgin Islands would together amount to about 200 The level of Taxation in Canada is average among Organisation for Economic Co-operation and Development (OECD countries Taxes provide the most important revenue source for the Government of the People's Republic of China. See Government of Colombia for a wider perspective of Colombian government See Government of France for a wider perspective of French government Taxes in Germany —being a Federal Republic —are levied by the federation ( Bund) the States ( Länder) as well as the HK Inland Revenue Ordinance Cap112 is one of Hong Kong's Ordinances Taxes in India are levied by the Central Government and the State Governments This article ls with Taxation in Indonesia or pajak. Definitions "Pajak" in Indonesian for Tax and taxes whereas " Perpajakan The system of Taxation in Ireland is broadly similar to the system of Taxation in the United Kingdom. The Netherlands has a rich history dealing with taxation predating the Romanic period. Taxation in New Zealand is collected at a national level by the Inland Revenue Department (IRD on behalf of the Government of New Zealand. The Income tax in Peru is collected by the Superintendencia Nacional de Administración Tributaria, best known as SUNAT. The Russian Tax Code is the primary tax law for the Russian Federation. Individual income tax in Singapore forms part of two main sources of Income tax, the other being Corporate taxes on companies In Tanzania the Income Tax Act 2004 came into effect in July 2004 Taxation in the United Kingdom may involve payments to a minimum of two different levels of government The central government ( Her Majesty's Revenue and Customs) Taxation in the United States is a complex system which may involve payment to at least four different levels of government and many methods of taxation Value added tax ( VAT) or goods and services tax ( GST) is a consumption Tax levied on value added. Comparison of Tax Rates around the world is a difficult and somewhat subjective enterprise This table lists countries by total 2005 Tax revenues (federal state and local as a percentage of GDP (Gross Domestic Product Economic policy refers to the actions that Governments take in the economic field. Monetary policy is the process by which the Government, Central bank, or monetary authority of a country controls (i the Supply of Money, A central bank, reserve bank, or monetary authority is the entity responsible for the Monetary policy of a country or of a group of member states In Economics, money supply, or money stock, is the total amount of money available in an Economy at a particular point in time The gold standard is a monetary system in which a region's common media of exchange are paper notes that are normally freely convertible into pre-set fixed quantities of Gold Fiscal policy, taking the scope of Budgetary policy, refers to government policy that attempts to influence the direction of the economy through changes in government taxes Government spending or government expenditure is classified by economists into three main types A budget deficit occurs when an Entity (often a Government) spends more Money than it takes in Government debt (also known as public debt or national debt) is Money (or credit) owed by any level of government either Central government Trade is the willing exchange of goods, services, or both Trade is also called Commerce. For other uses of this word see Tariff (disambiguation. A tariff is a tax imposed on goods when they are moved across a political boundary A trade pact is a wide ranging Tax tariff and trade pact that often includes Investment guarantees The field of finance refers to the concepts of Time, Money and Risk and how they are interrelated In Economics, a financial market is a mechanism that allows people to easily buy and sell ( Trade) financial Securities (such as stocks and bonds There are two basic financial market participant categories Investor vs Corporate finance is an area of Finance dealing with the financial decisions Corporations make and the tools and analysis used to make these decisions Personal finance is the application of the principles of Finance to the monetary decisions of an individual or family unit Public finance is a field of economics concerned with paying for collective or governmental activities and with the administration and design of those activities Financial regulations are a form of Regulation or supervision which subjects Financial institutions to certain requirements restrictions and guidelines aiming to A banker or bank is a Financial institution whose primary activity is to act as a payment agent for customers and to borrow and lend money Fractional-reserve banking is the banking practice in which Banks keep only a fraction of the value of their Bank notes and demand deposits in reserve Full-reserve banking is the Banking practice in which the full amount of each depositor's funds are available in reserve at the bank when each depositor Free banking is a theory of Banking in which commercial banks and market forces control the provision of banking services Islamic banking refers to a system of banking or banking activity that is consistent with Islamic law ( Sharia) principles and guided by Islamic economics An ad valorem tax ( Latin: according to value) is a Tax based on the value of Real estate or Personal property.

There are three species or types of property: Land, Improvements to Land (immovable manmade objects; i. e. , buildings), and Personalty (movable manmade objects). Real estate, real property or realty are all terms for the combination of land and improvements. The taxing authority requires and/or performs an appraisal of the monetary value of the property, and tax is assessed in proportion to that value. Forms of property tax used vary between countries and jurisdictions.

The special assessment tax may often be confused with the property tax. Special assessment is the term used in the United States to designate a unique charge government units can assess against Real estate parcels for certain public projects These are two distinct forms of taxation: one (ad valorem tax) relies upon the fair market value of the property being taxed for justification, and the other (special assessment) relies upon a special enhancement called a "benefit" for its justification.

The property tax rate is often given as a percentage. In Mathematics, a percentage is a way of expressing a number as a Fraction of 100 ( per cent meaning "per hundred" It may also be expressed as a permille (amount of tax per thousand currency units of property value), which is also known as a millage rate or mill levy. A per mil or per mille (also spelled permil, per mill or promille) ( Latin, literally meaning 'for (every thousand' is a tenth A currency is a unit of exchange, facilitating the transfer of Goods and/or services It is one form of Money, where money is (A mill is also one-thousandth of a dollar. The mill or mille (₥ (sometimes mil in the UK, when discussing Property taxes in the United States, or previously in Cyprus The United States dollar ( sign: $; code: USD) is the unit of Currency of the United States; it has also been ) To calculate the property tax, the authority will multiply the assessed value of the property by the mill rate and then divide by 1,000. For example, a property with an assessed value of US$ 500,000 located in a municipality with a mill rate of 20 mills would have a property tax bill of US$ 10,000. 00 per year. [1]

1 Countries
2 Effects
- 2.1 Sprawl
- 2.2 Distributional
  - 2.2.1 Progressive policies
3 See also
4 External links

Countries

Canada

Many provinces in Canada levy property tax on real estate based upon the current use and value of the land and this is the major source of revenue for most municipal governments in Canada. While property tax levels vary between municipalities in a province there is usually common property assessment or valuation criteria laid out in provincial legislation. There is a trend to use a market value standard for valuation purposes in most provinces with varying revaluation cycles. A number of provinces have established an annual reassessment cycle where market activity warrants while others have longer periods between valuation periods.

Hong Kong

In Hong Kong, there is a kind of tax named a property tax, but it is not an ad valorem tax; it is actually classified as an income tax. An ad valorem tax ( Latin: according to value) is a Tax based on the value of Real estate or Personal property.

According to HK Inland Revenue Ordinance IRO s5B, all property owners shall not be subject to this tax; unless the HK property owner has received a consideration, the example is rental income for the year of assessment. HK Inland Revenue Ordinance Cap112 is one of Hong Kong's Ordinances Consideration is a central concept in the Common law of Contracts and Contract theory: it is value paid for a promise The property tax shall be computed on the net assessable value at the standard rate.

Year of Assessment

The period of assessment is from April 1st to March 31st of the following year.

Net assessable value

The formula is:

Net assessable value = 80% of Assessable value.

HK property tax payable = Net assessment value X Property tax standard rate

Assessable value = Rental income + Premium + (Rental bad debt recovered - Irrecoverable rent) - Rates paid by owner. Rates are a type of taxation system in the United Kingdom, and in places with systems deriving from the British one used to fund Local government.

See also

CAP 112 Inland Revenue Ordinance Section 5B - Charge of property tax

HK Inland Revenue Department: Departmental Interpretation and Practice Notes, DIPN 14

Jamaica

This tax is paid in the same way as a mortgage, an annual payment depending on the value of one's assets, such as property.

Netherlands

Property tax (Dutch: Onroerend goed belasting or Onroerende zaak belasting (OZB) ) is levied on homes on a municipal basis in two parts: for the one who lives in the house, and for the owner of the house. When one has a rental home, he/she should only pay the living part of the tax. The last year's lots caused concern because of the annual raise of this tax by more than 10% in some municipalities. As of 2005, there was a Parliament proposal to retain only the owner's part of the property tax, and to raise it annually not more than the inflation rate. The Tweede Kamer der Staten-Generaal ( literally "Second Chamber of the States-General" short Tweede Kamer, is the Dutch Lower house. In economics inflation or price inflation is a rise in the general level of prices of goods and services over a period of time

United Kingdom

There is currently no ad valorem tax on residential property. Two former systems were dropped because of their extreme unpopularity. They were

Schedule A income tax, a central government tax that was levied on the imputed rent, that is the rent that owner-occupiers of land would have been receiving from a tenant had they not been living in the houses they owned. Imputed rent is the economic theory of imputation applied to Real estate. An owner-occupier is a person who lives in a House that he or she owns However, actual (as opposed to imputed) rent is still subject to income tax under Schedule A;
Rates, a local government tax that was levied in proportion to the assessed value of property. Rates are a type of taxation system in the United Kingdom, and in places with systems deriving from the British one used to fund Local government. Local governments are administrative offices that are smaller than a State. This was replaced under the Thatcher government by a poll tax, which proved even more unpopular than the rates, and was replaced by a mixed council tax which combines elements of property tax and a poll tax. Margaret Hilda Thatcher Baroness Thatcher LG, OM, PC, FRS (born 13 October 1925 A poll tax, head tax, or capitation is a Tax of a uniform fixed amount per individual (as opposed to a percentage of income Council Tax is the system of local Taxation used in England, Scotland and Wales to part fund the services provided by local government in each Rates are still (2006) levied on business property, though some classes of business are exempt.

United States

In the United States, 'property tax' on real estate is usually assessed by local government, at the municipal or county level. The United States of America —commonly referred to as the Real estate is a legal term (in some jurisdictions notably in the USA, United Kingdom Local governments are administrative offices that are smaller than a State. Local governments are administrative offices that are smaller than a State. A county is a Land area of Regional Government within a larger State. A very important benefit of a tax on property over a tax on income is that the revenue always equals the tax levy, unlike income or sales taxes, which can result in shortfalls producing budget deficits. A budget deficit occurs when an Entity (often a Government) spends more Money than it takes in The property tax always produces the required revenue for municipalities' tax levies.

The assessment is made up of two components—the improvement or building value, and the land or site value. In some states, personal property is also taxed. A tax assessor is a public official who determines the value of real property for the purpose of apportioning the tax levy. An appraiser may work for government or private industry and may determine the value of real property for any purpose.

Tax assessor offices maintain inventory information about improvements to real estate. They also create and maintain tax maps. This is accomplished with the help of surveyors. Surveying is the technique and science of accurately determining the terrestrial or three-dimensional space Position of points and the distances and angles between On tax maps, individual properties are shown and given unique parcel identifiers. The tax maps help to ensure that no properties are omitted from the tax rolls and that no properties are taxed more than once. Real property taxes are usually collected by an official other than the assessor. Examples of a proposed reform to a property tax on real estate to one that falls more heavily on the land portion is provided at the following sites as sponsored by the The Henry George Foundation. Maryland, King County, Washington, Indiana, New Jersey, New York.

The assessment of an individual piece of real estate may be according to one or more of the normally accepted methods of valuation (i. e. income approach, market value or replacement cost). Assessments may be given at 100 percent of value or at some lesser percentage. In most if not all assessment jurisdictions, the determination of value made by the assessor is subject to some sort of administrative or judicial review, if the appeal is instituted by the property owner.

Ad valorem (of value) property taxes are based on fair market property values of individual estates. A local tax assessor then applies an established assessment rate to the fair market value. By multiplying the tax rate x against the assessed value of the property, a tax due is calculated.

Property taxes are imposed by counties, municipalities, and school districts, where the millage rate is usually determined by county commissioners, city council members, and school board members, respectively. The taxes fund budgets for schools, police, fire stations, hospitals, garbage disposal, sewers, road and sidewalk maintenance, parks, libraries, and miscellaneous expenditures. Budget (from French bougette, purse generally refers to a list of all planned expenses and revenues

Relatively recently, US property tax rates increased well above similar rates in other countries, and exceeded 5% in some US states, thus becoming the main dwelling expense after construction.

Property taxes were once a major source of revenue at the state level, particularly prior to 1900, which was before states switched to relying upon income tax and sales tax as their main sources of revenue [2].

After determining a budget at the municipal level, a legislative appropriation determines how the monies will be collected and distributed. Budget (from French bougette, purse generally refers to a list of all planned expenses and revenues After that, a tax authority levies the tax. An appeal is permitted. Equalization is then considered by a board of equalizers to assure fair treatment. Then a tax rate is determined by dividing the municipal budget by the assessment role of that municipality. Multiplying tax rate by the assessed value of one's property determines one's tax rate.

Some jurisdictions have both ad valorem and non-ad valorem property taxes (better known as special assessments). Special assessment is the term used in the United States to designate a unique charge government units can assess against Real estate parcels for certain public projects The latter come in the form of a fixed charge (regardless of the value of the underlying property) for items such as street lighting and storm sewer control.

In the United States, another form of property tax is the personal property tax, which can target

automobiles, boats, aircraft and other vehicles;
other valuable durable goods such as works of art (most household goods and personal effects are usually exempt);
business inventory;
intangible assets such as stocks and bonds. A boat is a Watercraft of modest size designed to float or plane on water and provide transport over it Vehicles, derived from the Latin word vehiculum, are non-living Means of transport. In Economics, a durable good or a hard good is a good which does not quickly wear out or more specifically it yields services or In Fine art, a work of art (or artwork or work) is a creation such as a Song, Book, Film, Video game, Inventory is a list for goods and Materials, or those goods and materials themselves held available in stock by a Business. Intangible assets are defined as identifiable non-monetary Assets that cannot be seen touched or physically measured which are created through time and/or effort and that are Software for Fixed assets management and Stock control developed in 2004. In Finance, a bond is a Debt security, in which the authorized issuer owes the holders a debt and is obliged to repay the principal and Interest

In some states, it is permissible to separate the real estate tax into two separate taxes—one the land value and one on the building value. (See Land Value Taxation. Land value taxation (LVT (or site value taxation) is an Ad valorem tax where only the value of land itself is taxed )

Personal property taxes can be assessed at almost any level of government, though they are perhaps most commonly assessed by states. A US state is any one of the fifty subnational entities of the United States of America that share Sovereignty with the federal government

Effects

Sprawl

In the absence of comprehensive urban planning policies, property tax on real estate changes the incentives for developing land, which in turn affects land use patterns. One of the main concerns is whether or not it encourages urban sprawl. Urban sprawl, also known as suburban sprawl, is the spreading of a city and its Suburbs over rural land at the fringe of an urban area

The market value of undeveloped real estate reflects a property's current use as well as its development potential. Market value is the price at which an asset would trade in a competitive Walrasian auction setting As a city expands, relatively cheap and undeveloped lands (such as farms, ranches, private conservation parks, etc. ) increase in value as neighboring areas are developed into retail, industrial, or residential units. This raises the land value, which increases the property tax that must be paid on agricultural land, but does not increase the amount of revenue per land area available to the owner. In business revenue or revenues is Income that a company receives from its normal business activities usually from the sale of goods and services This, along with a higher sale price, increases the incentive to rent or sell agricultural land to developers. On the other hand, a property owner who develops a parcel must thereafter pay a higher tax, based on the value of the improvements. This makes the development less attractive than it would otherwise be. Overall, these effects result in lower density development, which tends to increase sprawl.

Attempts to reduce the impact of property taxes on sprawl include:

Land value taxation - This method separates the value of a given property into its actual components - land value and improvement value. Land value taxation (LVT (or site value taxation) is an Ad valorem tax where only the value of land itself is taxed A gradually lower and lower tax is levied on the improvement value and a higher tax is levied on the land value to insure revenue-neutrality. This method is also known as two-tiered or split-rate taxation.
Current-use valuation - This method assesses the value of a given property based only upon its current use. Much like land value taxation, this reduces the effect of city encroachment.
Conservation easements - The property owner adds a restriction to the property prohibiting future development. In the United States, a conservation easement is an Encumbrance &mdash sometimes including a transfer of usage rights ( Easement) &mdash which creates This effectively removes the development potential as a factor in the property taxes.
Exemptions - Exempting favored classes of real estate (such as farms, ranches, cemeteries or private conservation parks) from the property tax altogether or assesing their value at a very minimal amount (for example, $1 per acre).
Forcing higher density housing - In the Portland, Oregon area (for example), local municipalities are often forced to accept higher density housing with small lot sizes. Portland is a city located in the Northwestern United States, near the Confluence of the Willamette and Columbia rivers This is governed by a multi-county development control board, in Portland's case Metro. Metro, formerly known as Metropolitan Service District, is the regional governmental agency for the Oregon portion of the Portland metropolitan area.
Urban growth boundary or Green belt - Government declares some land undevelopable until a date in the future. An urban growth boundary', or UGB, is a regional boundary set in an attempt to control Urban sprawl by allowing the area inside the boundary for higher A green belt or greenbelt is a policy or land use designation used in Land use planning to retain areas of largely undeveloped wild or agricultural land This forces regional development back into the urban core, increasing density but also land and housing prices. It may also cause development to skip over the restricted-use zone, to occur in more distant areas, or to move to other cities.

Distributional

Property tax has been thought, by some, to be regressive (that is, to fall disproportionately on those of lower income) when not correctly implemented because of its impact on particular low-income/high-asset groups such as pensioners and farmers in drought years. A regressive tax is a Tax imposed in such a manner that the Tax rate decreases as the amount subject to taxation increases A pension is a steady income given to a person upon Retirement, typically in the form of a guaranteed annuity. A drought is an extended period of months or years when a region notes a deficiency in its water supply Because these persons have high-assets accumulated over time, they have a high property tax liability, although their realized income is low. Therefore, a larger proportion of their income goes to paying the tax. In areas with speculative land appreciation (such as California in the 1970s and 2000s), there may be little or no relationship between property taxes and a homeowner's ability to pay them short of selling the property. [3] This issue was a common argument used by supporters of such measures as California Proposition 13 or Oregon Ballot Measure 5; some economists have even called for the abolition of property taxes altogether, to be replaced by income taxes, consumption taxes such as Europe's VAT, or a combination of both. Proposition 13, officially titled the "People's Initiative to Limit Property Taxation" was a ballot Initiative to amend the constitution of the state of California Ballot Measure 5 was a landmark piece of direct legislation in the U A consumption tax is a Tax on the income or expenditure for goods and services Value added tax ( VAT) or goods and services tax ( GST) is a consumption Tax levied on value added. Others, however, have argued that property taxes are broadly progressive, since people of higher incomes are disproportionately likely to own more valuable property. A progressive tax is a Tax imposed so that the Tax rate increases as the amount subject to taxation increases In addition, while nearly all households have some income, nearly a third of households own no real estate. Moreover, the most valuable properties are owned by corporations not individuals. Hence, property is more maldistributed than income.

It has been suggested that these two beliefs are not incompatible - it is possible for a tax to be progressive in general but to be regressive in relation to minority groups. However, although not direct, and not likely one-to-one, property renters are subject to property taxes as well. The owner's cost of taxation is passed on to the renter (occupant).

Progressive policies

As property increases in value the possibility exists that new buyers might pay taxes on outdated values thus placing an unfair burden on the rest of the property owners. To correct this imbalance municipalities periodically revalue property. Revaluation produces an up to date value to be used in determination of the tax rate necessary to produce the required tax levy.

A consequence of this is that existing owners are reassesed as well as new owners and thus are required to pay taxes on property the value of which is determined by market forces. In an effort to relieve the frequently large tax burdens on existing owners communities have introduced exemptions.

In some states, laws provide for exemptions (typically called homestead exemptions) and/or limits on the percentage increase in tax, which limit the yearly increase in property tax so that owner-occupants are not "taxed out of their homes". Homestead exemption is a legal regime designed to protect the value of the homes of residents from Property taxes, Creditors and circumstances arising from the death Generally, these exemptions and ceilings are available only to property owners who use their property as their principal residence. Homestead exemptions generally cannot be claimed on investment properties and second homes. When a homesteaded property changes ownership, the property tax often rises sharply and the property's sale price may become the basis for new exemptions and limits available to the new owner-occupant.

Homestead exemptions increase the complexity of property tax collection and sometimes provide an easy opportunity for people who own several properties to benefit from tax credits to which they are not entitled. Since there is no national database that links home ownership with Social Security numbers, landlords sometimes gain homestead tax credits by claiming multiple properties in different states, and even their own state, as their "principal residence", while only one property is truly their residence. In the United States, a Social Security number (SSN is a 9-digit number issued to citizens Permanent residents and temporary (working residents under section 205(c(2 [4] In 2005, several US Senators and Congressmen were found to have erroneously claimed "second homes" in the greater Washington, D. C. area as their "principal residences", giving them property tax credits to which they were not entitled. [5][6]

Undeserved homestead exemption credits became so ubiquitous in the state of Maryland that a law was passed in the 2007 legislative session to require validation of principal residence status through the use of a social security number matching system. [7] The bill passed unanimously in the Maryland House of Delegates and Senate and was signed into law by the Governor. [8]

The fairness of property tax collection and distribution is a hotly-debated topic. Some people feel school systems would be more uniform if the taxes were collected and distributed at a state level, thereby equalising the funding of school districts. Others are reluctant to have a higher level of government determine the rates and allocations, preferring to leave the decisions to government levels "closer to the people. "

Property taxes can have a negative impact on individuals with fixed incomes such as the elderly and those who have lost their jobs. Gentrification in low income areas of a city can drive property taxes to the point where long-time residents of an area are forced to leave. Gentrification, or urban gentrification, is the change in an Urban area associated with the movement of more affluent individuals into a lower-class

In Rhode Island efforts are being made to modify revaluation practices to preserve the major benefit of property taxation, the reliability of tax revenue, while providing for what some view as a correction of the unfair distribution of tax burdens on existing owners of property. [9]

The Supreme Court has held that Congress can directly tax land ownership so long as the tax is apportioned among the states based upon representation/population. The Supreme Court of the United States is the highest judicial body in the United States and leads the federal judiciary. In an apportioned land tax, each state would have its own rate of taxation sufficient to raise its pro-rata share of the total revenue to be financed by a land tax. So, for example, if State A has 5% of the population, the State A would collect and remit to the Federal government such tax revenue that equals 5% of the revenue sought. Such an apportioned tax on land had been used on many occasions up through the Civil War.

Indirect taxes on the transfer of land are permitted without apportionment: in the past, this has taken the form of requiring revenue stamps to be affixed to deeds and mortgages, but these are no longer required by federal law. A revenue stamp, tax stamp or fiscal stamp is a type of Adhesive label used to collect Taxes or fees on various items Under the Internal Revenue Code, the government realizes a substantial amount of revenue from income taxes on capital gains from the sale of land, and in estate taxes from the passage of property (including land) upon the death of its owner. The estate tax in the United States is a Tax imposed on the transfer of the "taxable estate " of a deceased person whether such property is transferred

The Supreme Court has not directly ruled on the question of whether Congress may impose an unapportioned tax on the "privilege" of owning land with the "measure" of the tax being the value of the land.

External links

Urban Sprawl and the Property Tax
Neutral Property Taxation
The Property Tax as a Tax on Value: Deadweight Loss
Property Tax Section of Taxation World
History of Property Taxes in the United States
A Measure of Constant Property Tax (Ottawa Canada)
HindSite provides a historical overview of state and local fiscal politics in the U. The Real Property Use Tax (RPUT is a tax system with assessment based on the size level of development and time-in-use of real property and designed for general revenue acquisition S. , with a focus on property taxation.
Guardian Newspaper article on property taxes with example from Denmark
How to calculate the millage rate in Georgia
Property tax rates in the different states

Dictionary

-noun

An (usually) ad valorem tax charged on the basis of the fair market value of property. The scope of taxable property varies by jurisdiction and it may include personal property in addition to real estate.

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