Tax of property

Under a property-tax system, the government requires or performs an appraisal of the monetary value of each property, and tax is assessed in proportion to that value.

The four broad types of property taxes are land, improvements to land (immovable man-made objects, such as buildings), personal property (movable man-made objects) and intangible property. Real property (also called real estate or realty) is the combination of land and improvements.

Forms of property tax vary across jurisdictions. Real property is often taxed based on its class. Classification is the grouping of properties based on similar use. Properties in different classes are taxed at different rates. Examples of property classes are residential, commercial, industrial and vacant real property. [2] In Israel , for example, property tax rates are double for vacant apartments versus occupied apartments. [3]

A special assessment tax is sometimes confused with property tax. These are two distinct forms of taxation: one ( ad valorem tax ) relies upon the fair market value of the property. The other (special assessment) relies upon a special enhancement called a "benefit" for its justification.

The property tax rate is typically given as a percentage. It may be expressed as a per mil (amount of tax per thousand currency units of property value), which is also known as a millage rate or mill (one-thousandth of a currency unit). To calculate the property tax, the authority multiplies the assessed value by the mill rate and then divides by 1,000. For example, a property with an assessed value of $50,000 located in a municipality with a mill rate of 20 mills would have a property tax bill of $1,000 per year. [4]

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The Tax Collector is part of Miami-Dade County's Finance Department. We collect current and delinquent real and personal property taxes, special assessments for all local taxing authorities, local business tax receipts and convention and tourist taxes. We act on behalf of the State of Florida to issue automobile, boat, hunting and fishing licenses.

2017 1st Quarter Tax Bills
This serves to notify that approximately 21,759 1st Quarter installment tax notices were mailed on Wednesday, May 31, 2017. Payment must be received in our office by the deadline of Friday, June 30, 2017. Postmarks will be honored.

2016 Delinquent Taxes
Taxes become delinquent on April 1, 2017. Delinquent taxes must be received in our office by May 31, 2017. Postmarks will not be honored for delinquent taxes. Acceptable Forms of Payment for Delinquent Taxes: Cashier's Check, Money Order, and Cash Payments (Accepted in Public Service Office).

The tax is administered at the local government level. Many states impose limits on how local jurisdictions may tax property. Because many properties are subject to tax by more than one local jurisdiction, some states provide a method by which values are made uniform among such jurisdictions.

Property tax is rarely self-computed by the owner. The tax becomes a legally enforceable obligation attaching to the property at a specific date. Most states impose taxes resembling property tax on vehicles registered in the state, and some states tax some other types of business property.

Most jurisdictions below the state level in the United States impose a tax on interests in real property (land, buildings, and permanent improvements) that are considered under state law to be ownership interests. [3] Rules vary widely by jurisdiction. [4] However, certain features are nearly universal. Some jurisdictions also tax some types of business personal property, particularly inventory and equipment. [5] States generally do not impose property taxes. [6]

Many overlapping jurisdictions may have authority to tax the same property. [7] These include counties or parishes , cities and/or towns , school districts , utility districts , and special taxing authorities which vary by state. Few states impose a tax on the value of property. The tax is based on fair market value of the subject property, and generally attaches to the property on a specific date. The owner of the property on that date is liable for the tax. [8]

The amount of tax is determined annually based on market value of each property on a particular date, [9] and most jurisdictions require redeterminations of value periodically. The tax is computed as the determined market value times an assessment ratio times the tax rate. [10] Assessment ratios and tax rates vary among jurisdictions, and may vary by type of property within a jurisdiction. [11] Most jurisdictions' legislative bodies determine their assessment ratios and tax rates, though some states impose constraints on such determinations.

Property tax  Wikipedia
Property tax Wikipedia.
MiamiDade County Tax Collector
MiamiDade County Tax Collector.
Property tax in the United States  Wikipedia
Property tax in the United States Wikipedia.
Property Tax HCAD  Harris County Tax Office
Property Tax HCAD Harris County Tax Office.
Property  Australian Taxation Office
Property Australian Taxation Office.
Australian Taxation Office  Official Site
Australian Taxation Office Official Site.
Renting out your property England and Wales Paying tax
Renting out your property England and Wales Paying tax.
Tax  Tax on property  OECD Data
Tax Tax on property OECD Data.
Property Tax In The United Kingdom
Property Tax In The United Kingdom.

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Тэги:Property tax Wikipedia, MiamiDade County Tax Collector, Property tax in the United States Wikipedia, Property Tax HCAD Harris County Tax Office, Property Australian Taxation Office, Australian Taxation Office Official Site, Renting out your property England and Wales Paying tax, Tax Tax on property OECD Data, Property Tax In The United Kingdom, Property Taxes New York City,

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