By William J. McCluskey, Gary C. Cornia, Lawrence C. Walters
This encyclopedia offers an in-depth research of matters 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 industrial rules underpinning them, and stories the felony and administrative elements of estate tax. offering topical and hugely correct fabric, this article additionally appears to be like at quite a few efforts to reform the valuables tax in international locations that experience platforms in position deemed vulnerable or useless
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Extra info for A Primer on Property Tax: Administration and Policy
This tax competition works to control tax rates and it permits the municipality to make its own spending and taxation decisions without the restrictive controls of a senior level of government. Finally, the implementation and use of municipal performance measures would be much more effective and efficient in controlling the spending behaviour of local governments than are tax limitations. Variable tax rates versus uniform rates The issue here is whether a local taxing jurisdiction should apply a single uniform property tax rate to all properties within its taxing jurisdiction or whether different (variable) tax rates should be used, that is tax rates that vary with the cost of servicing different properties by type or by location within a municipality or rates that may vary for other reasons.
On the other hand, giving up some fairness may be a small price to pay if there are insufficient resources to conduct reassessments on a fairly regular basis. 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.
One Canadian study on a sample of large municipalities in Ontario is somewhat dated (Thirsk, 1982) but it is all that we have. It concluded that the degree of exportation ranged from a low of 16 per cent of the commercial/industrial tax burden to a high of 106 per cent. More than this, relatively rich municipalities had relatively high exporting rates whereas relatively poor municipalities had relatively low tax exporting rates. This tax exporting resulted in an implicit transfer from relatively low income municipalities to relatively high income municipalities.