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. Property tax can be defined as that tax that is assessed on properties as the name suggests where it solely depends on a country or a nation. There will be an appointed authority that will be mandated to collect the property tax in places where the tax is. in almost every taxation that is done in different states, equality taxation principle is followed o the latter.Property tax is one of the main forms of government revenue that accrues a very small percentage of revenue as said through statistics. Land, the immovable, personal and the intangible property are the main branches that can be classified under property tax.
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. market value is never a constant figure but it is a value that will keep fluctuating as it is controlled by the forces of the market that is supply and demand. as said earlier, the authorities that govern a state or a country will at times be the forces that will negotiate an agreed rate between the owner of a property on all different forms and the forces.
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. Collection of taxes has shifted from the analogue to the digital era where this has simplified and made work easier for the both.
one can appeal to a property tax rate that has been given to you by the authorities which may be way above the market value as at that time or which one may feel uncomfortable paying. In most countries the people who will govern the appeal are the tax tribunals where they will try and create a common ground for the property owner and the authorities. schools, health and so forth will benefit from the property taxes since it is a source of revenue from the government.
It is very crucial to know the rates that a country charges as property tax before buying from the country so as to decide whether to buy or not. The real estate world is having a rise with the property tax in question.