By William J. McCluskey, Gary C. Cornia, Lawrence C. Walters
This encyclopedia presents an in-depth research of concerns on the topic of estate taxation, together with legislations, 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 experiences the criminal and administrative facets of estate tax. delivering topical and hugely suitable fabric, this article additionally seems at a number of efforts to reform the valuables tax in international locations that experience platforms in position deemed vulnerable or useless
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Additional resources 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).
Incidence of the property tax The legal incidence of the property tax is on the owners of real property. The emphasis in this chapter, however, is on economic incidence – the tax’s final resting place. Every tax creates an incentive for those paying the tax to try and avoid it, either by attempting to shift its burden to another economic agent (for example, from the owner to the tenant in the case of rental properties or from the producer to the consumer or the factor of production in the case of the tax on Property Tax: A Situation Analysis and Overview 27 commercial and industrial properties) or by shifting resources into other, less heavily taxed activities, or by shifting one’s activity to other, less heavily taxed jurisdictions.
In Japan, Latvia, Ukraine, Chile, Nicaragua, China, Thailand, Guinea and Tunisia, rates are basically set by a senior level of government. In Hungary, Poland, Russia, Colombia and the Philippines, rates are set by local governments but within limits imposed by a senior level of government (Bird and Slack, 2004a). On the established theme that the most transparent, efficient and accountable local government is one that is responsible for raising its own revenue, it follows that local governments should be responsible for setting their own tax rates.