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. A country or a state is the one that gives the rates in which property tax is assessed on buildings and on property. There will be an appointed authority that will be mandated to collect the property tax in places where the tax is. Different countries state all follow the same principles of taxation that include the main cannon of equality.Property tax is one of the main forms of government revenue that accrues a very small percentage of revenue as said through statistics. property tax remains to be a very broad form of revenue which is mainly broken down to the following land, the immovable, personal and the intangible property.
Property tax is not available in all countries but there are other countries that have the same type of tax which will be named otherwise but still function the same. property tax will vary in time in that it will always be calculated as per the market value at that time in question. 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.
The payment of property tax is not defined for all persons but in most cases it is an arrangement of the property owner and the authorities on how to pay the tax to the authorities. efficiency and effectiveness have escalated as a result of technological rise of the property tax collection in different states and countries in the e-service system.
In most cases the people who own the properties will like to appeal on the tax that is assessed by the authorities on their properties. In most countries the people who will govern the appeal are the tax tribunals where they will try and create a common ground for the property owner and the authorities. the property tax will give rise to better schools, better infrastructure, good health facilities as an added government revenue to the countries or states that practice it.
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. The real estate world is having a rise with the property tax in question.