Property Tax
Property tax is a kind of levy levied by the government on the ownership, transfer or use of property. It is levied according to the situation and value of the taxpayers property, such as land, real estate, timber, securities, etc. The property tax depends on the total value of the property and is generally calculated as a percentage of the propertys estimated value. Property tax revenue is used to fund local services such as schools, fire departments and police departments.
Property tax is a kind of fiscal health indicator. The tax revenue gradually increases with the increase of local economic growth and the escalation of local urbanization. At the same time, it also runs through the levy of various taxes, reflecting the distribution of tax burden on various departments and individuals in the region and their performance of the tax burden.
Property tax is one of the important sources of the revenue of local governments. Property tax has always been one of the main sources of local taxation revenue in the western countries, such as the United States, Canada and Britain. However, due to the inadequate and weak revenue base of local finance, property tax accounts for a relatively small proportion of local government revenue in our country.
Taxpayers generally pay property tax according to their rate of assessment. Taxpayers are entitled to apply for a reappraisal if they believe that their assessment rate is unfair. Property taxes are generally paid on an annual basis, and some cities require two payments per year.
The administration of property tax is mainly based on the management of the property tax authorization, the collection of the tax and the management of the tax. The property tax administration shall investigate and inspect the property rights of the taxpayers, follow up the management of taxes on various taxable items and tax rates, complete the authentication of tax amount and tax filing procedures, generalize and publish the tax management decision-making results for taxation, and implement the tax collection.
Property tax is a kind of tax with diversification and considerable degree of discretion, so it is a test of the administrative ability of local governments. The administration ofproperty tax should pay attention to the national tax law regulations, respect the taxpayers rights of self-government, realize the fair payment principle within the framework of the law, protect the propert owners legitimate rights, supervise, investigate and collect taxes in strict accordance with the law, accurately identify the taxpayers and taxable items, and promote the standardized and regular management of property tax-deductions.
Property taxes are an important source of income for local governments in most countries. Property taxes provide incentives to conserve and protect useful resources and provide revenues for public services. At the same time, property tax is an important source of fiscal revenue for local governments, providing a stable and sustainable source of income to help with the development of local economies and improve basic public services.
