A Primer on Property Tax: Administration and Policy by William J. McCluskey, Gary C. Cornia, Lawrence C. Walters

By William J. McCluskey, Gary C. Cornia, Lawrence C. Walters

This encyclopedia offers an in-depth research of concerns regarding 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 commercial rules underpinning them, and reports the felony and administrative facets of estate tax. offering topical and hugely correct fabric, this article additionally appears to be like at a variety of efforts to reform the valuables tax in nations that experience platforms in position deemed vulnerable or useless

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Furthermore, indexing that captures relative price changes by location and type of property could minimize some of the large assessment changes that might otherwise occur at the time when properties are actually reassessed. 3 shows the range in the frequency of reassessing properties. Although there are exceptions, the legislated interval for reassessing properties is generally reported to be from 3 to 10 years. In practice, however, the interval is frequently longer. In Canada over the past decade, most provinces have moved to more frequent and up-to-date reassessments – some provinces now do them annually, most others every three or four years but many are moving towards annual reassessment.

Instead, they impose identical charges on all properties Property Tax: A Situation Analysis and Overview 25 of a particular type, regardless of location. While administratively convenient, this practice levies the same charge on residential dwellings in low-density neighbourhoods as on it does on residential dwellings in high-density neighbourhoods. This occurs even though the marginal cost per property of infrastructure projects in low-density areas is higher, which can lead to urban sprawl (Slack, 2002a).

Recent research on the success of these limits has addressed three main questions. First, have property tax limits reduced property tax revenues? Based on the evidence, the answer is yes. Property tax revenues have declined in constant dollars if not in current dollars. In California, proposition 13 led to an immediate decrease of about 45 per cent. , 2003). Overall in the USA, it has been estimated that local property taxes per capita fell by 3 per cent after tax limits were imposed (Shadbegian, 1999).

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