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. Different countries state all follow the same principles of taxation that include the main cannon of equality. Statistics has it that property tax will not bring large monies in the economy compared to different types of other taxes.Property Tax is a broad topic that has its sub-branches namely land, the immovable, personal and the intangible property.
different states and countries will name property tax differently where in some countries it will exist and perform different roles from the others. The value of the property tax payable is simply done by calculating the value of a property with the fair market value at the time. 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. Many time property tax will always be negotiated between a property owner either on the four forms of property tax to an agreed rate of percentage.
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. Tax appeals mostly are done in front of the tribunal where the tribunal follows some acts and by law to make decisions. 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 advisable that people should know the different rates that a country charges as property tax if he/ she is to buy a property. 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.