Property Tax and Its Significance In The Modern World
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. A country or a state is the one that gives the rates in which property tax is assessed on buildings and on property. where property tax is charged, this is mostly done by the local authorities of a certain state but not by the government itself. Different countries state all follow the same principles of taxation that include the main cannon of equality.Property tax is one of the main forms of government revenue that accrues a very small percentage of revenue as said through statistics. property tax remains to be a very broad form of revenue which is mainly broken down to the following land, the immovable, personal and the intangible property.
Property tax is not available in all countries but there are other countries that have the same type of tax which will be named otherwise but still function the same. property tax will vary in time in that it will always be calculated as per the market value at that time in question. 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.Property tax is sometimes negotiated between the owner of a property and the authorities of a place to come to a said amount or rate.
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.
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 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. the property tax will give rise to better schools, better infrastructure, good health facilities as an added government revenue to the countries or states that practice it.
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. Property tax is said to increase the country’s stability and development in the real estate field thus so many countries are pushing for this revenue.