Property tax, or tax Milledge is an announcement of tax according to the value that the owner must pay the value of the property tax. Tax is levied on property tax can be defined as “generally, by the municipalities to property owners within its jurisdiction on the basis of the value of this property.” There are three species or types of property: land, reclamation of land (real estate artificially, ie, buildings), personal items and artificial (transferred). Real estate, real estate or real estate and all the necessary conditions for a set of land and improve it. The IRS requires and / or evaluate the monetary value of such property and taxes commensurate with the value. Forms of property tax records, and used in different countries and disciplines.
Are often confused with your taxes with property tax. These are two different forms of taxes: 1 value (taxes) based on the market value of property not justified to impose taxes, and other (special assessment) relies on a special building called a “benefit” to justify it.
It is usually the property tax rate as a percentage. It can also be expressed as a permille (the amount of tax per thousand currency units of property value), which is also known as Milledge plants or mill tax. (Mills, 1000 and monetary union.) To calculate the property tax, and the authorities will double the estimated value of the assets of the speed of the mill, and then divide by 1000. For example, a property with estimated value of 50,000 dollars, is one of the municipal mill rate from 20 factories will be through the property tax for periods beginning of 1000 dollars year.In more, divided by 10 mills (move the decimal to the left of 1) leads to the interest rate - 20 = 2,0% mills. Symbolically, to 20 ‰ = 2% - the abolition of ‘0 ‘.
Countries
Australia
In Australia, there are real estate tax, known as the property or land interest rates. Is determined land prices and the pace of payment by local councils. Each board and guess land, which is valued at the ground. It should be that the earth is the value of the land, but does not include existing housing on the property. Estimated cost of the land determines rates of the total cost. Prices may vary from 100 dollars in the quarter to 1000 dollars every three months, depending on the location and value of the land. Quarterly payments are common, but the rate varies according to terrain. Australian property owners and pay the price of water. These include some tips in the total number of the media, and provide data on water and land payments. This enables the administrator other boards separately. Depending on the municipality, and water charges can be either a fixed fee, you pay, or a combination of both. Potential buyers can obtain information on the prices of land and water from the local council before you buy.
Canada
In many provinces in Canada to meet the property tax on real estate based on the current use and value of land, and this is the main source of income for most municipalities in Canada. Although the level of property tax vary between municipalities in the province, there is usually a common property appraisal and evaluation criteria specified in domestic legislation. There is a tendency to use a standard market value for assessment purposes, in most districts with the cycles of re-evaluation of different. Has established a number of provinces for re-evaluation, where the annual market activity warrants while others are longer periods between periods of evaluation. The expense of individual property tax
In Ontario, for the majority of properties (for example, residential and farms), real estate taxes can be calculated by multiplying the assessment of progress and pointed to the notice of assessment of property tax rates.
Municipal tax rate as the evaluation stages of the tax year in particular = part of the municipal taxes for the County / tax rate regional o evaluation stages of the tax year in particular = area or part of the regional tax rate for education as the evaluation stages of the features of the year tax tax = Education Education
Part of the area + council tax or part of the regional tax, education tax + = total property tax
And may in some cases (for example, commercial, industrial and many residential real estate), a province or municipality to take measures that affect the actual real estate taxes. For more information, please contact the real estate tax bill or contact the local municipality.
Chilean
Is called the land tax tax “regional” or “contributions” paid annually in 4 batches during the year. Rate is 1-2% of the financial cost, depending on the use of property (agriculture, housing and commercial). Financial value is determined for each property by the IRS, based on the land and built this area, and the cost of construction materials, age, and the use of distance to places of business. Financial costs are usually much lower than market value. There are characteristics of a non-profit without a certain critical value are exempt from the financial (currently about $ 33k). Properties that are used in the business do not have exemption.The taxes collected go to the municipality that the property is located. Hong Kong
In Hong Kong, there are some kind of tax, called property tax, but not ad valorem tax ad, is classified as, in fact, the income tax.
According to the Hong Kong s5B IRO tax all property owners are not subject to this tax if the owner of the property obtained, for example, consideration of the Hong Kong rental income for the assessment year. Calculate the tax on the property subject to the tax net asset value at the standard rate.
User Rating
The evaluation period from April 1 to March 31 of next year.
Net taxable
Formula as follows:
Hong Kong property tax = Net pay property tax assessment standard rate of X
VAT = rental income + Premium + (bad debt recovery Rental - Loan repaid) - Prices paid by the owner.
Jamaica
This tax is paid on a mortgage, and pay the annual, depending on the price of assets such as real estate 1.
India
Property tax home tax is a local tax on buildings, together with the adjacent territories, and imposed on property owners, which is similar to the type the U.S. property tax and fee type is different from the rate in the United Kingdom, and the Tax Department in the State and is authorized under the law, local authorities, which indicates a way to assess the level of the team, as well as data collection procedures. Tax base year assessed value of the reaction), or order on the basis of the regions. Private and other property that can not produce a lease at cost, then converted to anti-retroviral drugs, using as a percentage of the cost, usually 6 percent vacant land. Generally not subject to tax. The properties of the central government exempted, instead of the ‘fee’ is permitted under the executive branch. Properties of foreign missions, and exemption from taxes, not to insist on the principle of reciprocity. Tax is usually accompanied by a number of taxes on services, for example, tax, water and sanitation, and environmental (sewage) from taxes, and lighting, they all use the same tax base. Flat rate structure on rural areas (Panchayats) properties, but in urban areas (municipalities) Areas progressive moderate about 80% of the estimated decline in the paintings of 2 1. By all accounts, property tax, under-utilized in the municipalities, and is not used effectively in the Panchayat, due mainly to the resistance to the taxpayer.
Netherlands
Property tax (Dutch: Onroerend serious belasting or Onroerende zaak belasting (OZB) imposed on municipal buildings through two phases: for those who live in the home and the owner of the house. When one has a rental house, he must pay a living part only of the taxes.
Britain
There is currently no ad valorem taxes on real estate. The former two systems were dropped because of extreme popularity. They
* Schedule of income tax, and the central government, which imposed on the imputed rent, that rent houses would get on the ground of the tenant if they do not live in homes that belong to it. However, the actual (as opposed to against) the rent is still subject to income tax in the list;
* All prices and local taxes on the government, which cost commensurate with the assessed value of the property. Was replaced with the Thatcher government, the obligations of the community (known as the head tax, “”), which proved even more popular than average, and was replaced by a mixed council tax, which combines elements of the property tax and poll tax. And prices are still (2010), which impose on commercial real estate, although not subject to tax some types of insurance.
United States
In the United States, and the property tax on real estate, which is normally required by local authorities at the municipal level or provincial.
Evaluation consists of two components: to improve or create value, and the earth or the value of the site. In some countries, personal property, and also for the tax. Tax experts is a public official who determines the value of real property for the distribution of taxes. The appraiser may work public or private institutions, and can determine the value of the property for any purpose. (In contrast with the value-added tax of land.)
In determining the residence, the appraiser is investigating the sale price of all other similar houses in the area, replacement value, if necessary, and the most affordable price, which should be the cost of a house. In some areas, view and / or the environment can also be evaluated (see taxes display). Is calculated and then assigns the value of the appraiser, which is usually within this range.
Expert tax offices maintain inventory information about improvements to real estate. In addition, they create and maintain tax maps. This is achieved by the surveyors. Maps on taxes, and show individual properties and given unique identifiers and parcel (known as parcel numbers resident - APNs, or identification numbers of ownership - Pin codes). Maps tax help to ensure not to exclude any of the properties taxes and lists the properties that are not subject to tax more than once. Typically, real estate taxes are collected by an officer is not an expert. One example of the proposed reform is the establishment of property 2, of course, “and the land tax.
Assessment of the individual property may be one or more of the common methods of evaluation (for example, the income approach, market value or replacement cost). And can provide an assessment in 100 percent of the cost, or some smaller percentage. In most, if not all jurisdictions assessment, and evaluation by experts that some of the administrative or judicial review if the appeal is the owner of the facility.
Ad valorem (value) property tax, based on the fair market value of the individual provinces. Expert local taxes and then apply the criteria required to assess the fair market value. The tax rate is calculated as double the value of the estimated property tax.
Real estate taxes imposed by the provinces, municipalities and school districts as is usually determined by the County Commissioners Millage rate, and city council members, members of the school board, respectively. Taxes to fund the budget for schools and police and fire departments, hospitals, garbage collection, sanitation and maintenance of roads and pavements, parks, libraries and other expenses.
Recently, the increased tax rate in the United States on the property much higher than those in other countries [citation needed] and more than 5% in some countries, thus becoming the main account for housing after completion of the building.
The real estate taxes once a major source of income at the state level, in particular, before the year 1900, which was submitted to the U.S. went on to rely on income tax and sales tax as a major source of income.
After you select the budget allocated to the municipal level, and determines how the legislative appropriation of funds will be collected and distributed. After that, the IRS charges and taxes. May be challenged May. He then looked at the Council on an equal basis to draw to ensure fair treatment. Then the tax rate is determined by dividing the municipal budget to assess the role of the municipality. Double the rate of tax on the assessed value of their property and defines the tax bill.
In some jurisdictions, as the ad valorem and non-ad valorem taxes on the property (known as the Special Rapporteur). The latter in the form of a flat fee (regardless of the value of the underlying assets) for items such as street lighting and stormwater management. In some areas, have led some veterans of the armed forces, and less than others.
In the United States, another form of taxation on property tax, personal property, which can be directed
* Cars, boats, aircraft and other vehicles;
* The value of durable goods, such as works of art (mostly household items and personal property, as a rule, exempt);
* Work of the inventory;
* Intangible assets such as stocks and bonds.
In some countries, it is permissible to divide the real estate taxes in two separate taxes, one value of land and construction value. (See tax value of the land.)
Can be assessed taxes on personal property at the level of nearly any government, even though they may be in most countries in many cases evaluated.
Some comfort for homeowners in some areas. In California, in some countries, such as Los Angeles, San Diego, Ventura, and the provision of housing to exclude property owners who live in the house.
In the state of Texas, and property taxes used to finance school districts.
Impact
Examples and perspective in this section primarily deal with the United States, and do not represent a worldwide view of the object. Please improve this article, and discuss this issue on the talk page.
Stretch
In the absence of urban planning policies, property tax and real estate changes incentives for land development, and this in turn affects the structure of land use. One of the major problems is whether encourages cities.
Market value of real estate reflects the untapped current use of property, as well as their capacity for development. The expansion of the city and the relatively cheap land and undeveloped (such as farms and gardens for conservation, etc.) increase in value, and the surrounding areas have become retail, and industrial buildings and residential. This increases the cost of land, which increases the property tax, which must be paid to agricultural land, but not to increase income for the area available to the owner. This, in addition to higher selling prices, and increased incentives for rent or sale of agricultural land to developers. On the other hand, the owner, who is developing a package and then have to pay higher taxes on the cost of improvements. This makes development less attractive than it otherwise. In general, these effects lead to the development of low-density, which tends to increase the pace of urbanization.
Attempts to reduce the impact of taxes on property in the expansion include the following:
* The cost of land tax - This method separates the value of property in the actual components - the value of land and the value of improvement. Impose the least slowly and low taxes on higher value and improve the tax on land value, to ensure revenue neutrality. It is also known this method as a level two or the division of tax rates.
* Estimated current use - this method resides value of the property only on the basis of current use. As taxes on land value, it reduces the impact of the abuse of the city.