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. where property tax is charged, this is mostly done by the local authorities of a certain state but not by the government itself. in almost every taxation that is done in different states, equality taxation principle is followed o the latter. Statistics has it that property tax will not bring large monies in the economy compared to different types of other taxes. 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. In any market the forces that keep the market value of property fluctuating is the one that will make this kind of tax to lack a definite figure. 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.
Payment of the property tax is not defined to a strict mode but it is given to a way that both the property owner and the authorities agree upon. Collection of taxes has shifted from the analogue to the digital era where this has simplified and made work easier for the both.
In most cases the people who own the properties will like to appeal on the tax that is assessed by the authorities on their properties. In most cases when appeals are given, a tribunal finds its way to solve and the property owner and the authorities, mediating and giving better rates where at times the authorities may as well decide. Tax from the property is used to fund many governmental actions which in turn is to help the common man that is through the health department, and many others.
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.