Land, the Immovable, Personal and the Intangible Property Forms of Taxation
The real estate field has grown from a small field to an enormous one where it has been necessary for the authorities to charge property tax. A country or a state is the one that gives the rates in which property tax is assessed on buildings and on property. There will be an appointed authority that will be mandated to collect the property tax in places where the tax is. Different countries and states will asses property tax based on their own criteria, however, many of the states will follow the equality principle of taxation. As much as property tax is classified as a form of revenue, this form of tax does not raise a high revenue as compared to the other types of taxes.Property Tax is a broad topic that has its sub-branches namely land, the immovable, personal and the intangible property.
different states and countries will name property tax differently where in some countries it will exist and perform different roles from the others. You can find property tax by multiplying the value of property with the value of fair market value at an agreed percentage.This shows that property tax will not have a definite amount since the market value of a place will vary according to a number of factors and forces. Many time property tax will always be negotiated between a property owner either on the four forms of property tax to an agreed rate of percentage.
The payment of property tax is not defined for all persons but in most cases it is an arrangement of the property owner and the authorities on how to pay the tax to the authorities. efficiency and effectiveness have escalated as a result of technological rise of the property tax collection in different states and countries in the e-service system.
Authorities may assess your property giving one a very high rate which may not be convenient to the property owner which calls for the owner to appeal on such rates. Tax appeals mostly are done in front of the tribunal where the tribunal follows some acts and by law to make decisions. the property tax will give rise to better schools, better infrastructure, good health facilities as an added government revenue to the countries or states that practice it.
One should survey whether a state has property tax so as to know the charges that will accrue to him/ her before buying a property.Many developed countries will push for the property tax as it is said that it increases the country’s stability and development towards the real estate field.