By William J. McCluskey, Gary C. Cornia, Lawrence C. Walters
This encyclopedia presents an in-depth research of matters on the topic of estate taxation, together with legislation, public finance, decentralization, valuation, and estate tax shape. This encyclopedia examines the standards utilized to judge the strengths and weaknesses of estate tax. this article additionally discusses the most valuation equipment and the industrial rules underpinning them, and stories the criminal and administrative features of estate tax. offering topical and hugely proper fabric, this article additionally seems at a variety of efforts to reform the valuables tax in international locations that experience platforms in position deemed vulnerable or useless
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Additional info for A Primer on Property Tax: Administration and Policy
In the majority of countries, responsibility for assessment rests with at least one level of government. In a few countries, generally those that are relatively poor with little tax administrative capacity, self assessment may be the practice. Here, property owners assess their own property and pay a tax based on this assessed value. Hungary, Tunisia and Thailand are examples of countries that have self assessment systems (for a discussion of self assessment systems, see Property Tax: A Situation Analysis and Overview 13 Bird and Slack, 2004a).
Each tier should also use variable tax rates (described below) if service levels and standards vary across the municipality or jurisdictional area. Limits on property tax rates The practice of imposing tax limits on municipal governments by a senior level of government is more prominent in some countries than in others. In the USA, for example, a number of state governments have imposed limits on tax rates for local government (O’Sullivan, 2001; Brunori, 2007). In Canada, provincial governments have not placed limits on the general municipal tax rate although some provinces have legislated the amount by which commercial/industrial tax rates must differ from the residential rate.
It can be designed to recover the increase in land value arising from a public investment. Municipal spending on public infrastructure and subsequent zoning decisions can increase the commercial value of holdings of private landowners. Value capture levies are justified if the public investment creates windfall gains for the private developer. The levy permits the municipality to capture (some of) the economic rents accruing to the private sector that have been created by this local infrastructure spending.