A Primer on Property Tax: Administration and Policy by William J. McCluskey, Gary C. Cornia, Lawrence C. Walters

By William J. McCluskey, Gary C. Cornia, Lawrence C. Walters

This encyclopedia offers an in-depth research of concerns on the topic of estate taxation, together with legislations, public finance, decentralization, valuation, and estate tax shape. This encyclopedia examines the factors utilized to judge the strengths and weaknesses of estate tax. this article additionally discusses the most valuation equipment and the industrial ideas underpinning them, and reports the criminal and administrative features of estate tax. delivering topical and hugely correct fabric, this article additionally appears to be like at a variety of efforts to reform the valuables tax in nations that experience structures in position deemed susceptible or useless

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Also, large developers could negotiate to provide transit construction improvements. The other charges noted earlier in this section that municipalities sometimes use are much more difficult to justify on any kind of benefits based principles. Land transfer taxes, for example, may be relatively easy to administer, but they are a very bad local tax. A land transfer tax is levied at the time of sale of a property and usually is calculated as a percentage of the value of the property transferred. The tax, which must be paid before the transfer is registered, is like a sales tax payable by the purchaser and is calculated as a percentage of the purchase price.

A more common option for rapidly fluctuating property values is to introduce a three-year moving average to smooth out rapid changes in assessment and property taxes. This is 12 A Primer on Property Tax not without problems, however, because properties with escalating prices do not pay their fair share of taxes during the increase and they are over-taxed when properties are decreasing in value. Since uniformity in assessment is a critical component of any properly functioning assessment system, special treatment should not be granted to certain property types; in particular, waterfront and vacation properties should not be given special consideration as some ratepayer groups in Canada, for example, have been advocating.

Rights of ways’ owned by utilities and railways are sometimes taxed at a fixed rate per acre/hectare. Most countries provide additional exemptions from property taxation. Some of these are mandated by senior levels of government and others are discretionary. Those that are most likely to be mandated include exemptions for properties owned and occupied by governments, universities, colleges, public hospitals, penal institutions, churches and cemeteries, and properties owned by charitable institutions.

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