Property tax
Property tax is an ad valorem tax that an owner of real estate or other property pays on the value of the target of the tax. The taxing authority performs or requires an appraisal of the value of the property, and tax is assessed in proportion to that value. Forms of property tax used vary between countries. Examples are:
United Kingdom
There is currently no tax on residential property. Two former systems were dropped because of their extreme unpopularity. They were
- Schedule A Income tax, a central government tax that was levied on the imputed rent, that is the rent that owner-occupiers of land would have been receiving from a tenant had they not been living in the houses they owned;
- Rates, a local government tax that was levied in proportion to the assessed value of property. This was replaced under the Thatcher government by a poll tax, which proved even more unpopular than the rates, and led eventually to the downfall of the Prime Minister. Rates are still (2003) levied on business property, though some classes of business are exempt.
United States
In the United States, property tax on real estate is usually assessed by local government, at the municipal or county level.
Rising real estate property taxes were a cause of taxpayer revolt in the west; see California Proposition 13 (1978) and Oregon Ballot Measure 5 (1990) for more details.
In the US, another form of property tax is the personal property tax, which can target
Personal property tax can be assessed at almost any level of government, though they are perhaps most commonly assessed by states.
See also: Land Value Tax, California Proposition 13 (1978).
This article is a stub. You can help Wikipedia by fixing it.
Referenced By
List of benefits of marriage in the United States
|
