By William J. McCluskey, Gary C. Cornia, Lawrence C. Walters
This encyclopedia offers 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 factors utilized to guage the strengths and weaknesses of estate tax. this article additionally discusses the most valuation equipment and the industrial ideas underpinning them, and experiences the criminal and administrative elements of estate tax. delivering topical and hugely suitable fabric, this article additionally seems at a number of efforts to reform the valuables tax in nations that experience structures in position deemed vulnerable or useless
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Extra resources for A Primer on Property Tax: Administration and Policy
Concern over the kinds of distortions noted above with the property tax on commercial and industrial properties has prompted at least one suggestion for reform in Canada (Bird and Mintz, 2000; Bird and Slack, 2004b; Bird and Wilson, 2003). Specifically, it has been argued that revenues from a portion of the non-residential property tax should be replaced with revenues from a new business value tax (BVT). This BVT would be a value-added tax. It would be levied on business income. It would be on production and not consumption.
The evidence, most of which is drawn from the USA, suggests that property tax differentials are relatively unimportant in intermunicipal or inter-regional location decisions but do play an important role in intra-municipal or intra-regional location decisions (Kitchen and Slack, 1993). Higher effective property tax rates on commercial and industrial properties in one municipality within a region or area when compared with neighbouring municipalities create incentives for firms and businesses to locate in the lower taxed municipalities.
If this is true, the local council can and should use variable tax rates to capture service differentials. Responsibility for assessment Reliance on a centralized uniform assessment manual is critical, but the way in which the assessment is carried out may also be important. In Canada, for example, assessors work for a variety of employers. In some provinces, they work for the province; in others, they work for an independent province-wide assessment authority; in another province, they work for a province-wide nonprofit corporation; and in a couple of provinces, municipalities hire their own assessors.