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    Real Estate Real Estate Window Tax Listed Buildings Stamp Duty Inheritance Tax Land-Value Tax

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    Maika J. Pudadera
    A property tax is a tax levied on the value of property that the owner is required to pay to the governing jurisdiction. Property can be taxed by multiple jurisdictions and includes land, buildings, and personal possessions. Property taxes are usually annual and based on the estimated value of the property. Some countries have also implemented event-driven property taxes collected during change of ownership or inheritance. While property taxes apply to land and buildings, land value taxes are specifically levied only on the value of unimproved land.

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    Real Estate Real Estate Window Tax Listed Buildings Stamp Duty Inheritance Tax Land-Value Tax

    Uploaded by

    Maika J. Pudadera
    15 views1 page
    A property tax is a tax levied on the value of property that the owner is required to pay to the governing jurisdiction. Property can be taxed by multiple jurisdictions and includes land, buildings, and personal possessions. Property taxes are usually annual and based on the estimated value of the property. Some countries have also implemented event-driven property taxes collected during change of ownership or inheritance. While property taxes apply to land and buildings, land value taxes are specifically levied only on the value of unimproved land.

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    A property tax is a tax levied on the value of property that the owner is required to pay to the governing jurisdiction. Property can be taxed by multiple jurisdictions and includes land, buildings, and personal possessions. Property taxes are usually annual and based on the estimated value of the property. Some countries have also implemented event-driven property taxes collected during change of ownership or inheritance. While property taxes apply to land and buildings, land value taxes are specifically levied only on the value of unimproved land.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    15 views1 page

    Real Estate Real Estate Window Tax Listed Buildings Stamp Duty Inheritance Tax Land-Value Tax

    Uploaded by

    Maika J. Pudadera
    A property tax is a tax levied on the value of property that the owner is required to pay to the governing jurisdiction. Property can be taxed by multiple jurisdictions and includes land, buildings, and personal possessions. Property taxes are usually annual and based on the estimated value of the property. Some countries have also implemented event-driven property taxes collected during change of ownership or inheritance. While property taxes apply to land and buildings, land value taxes are specifically levied only on the value of unimproved land.

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    of 1

    A property tax (or millage tax) is an 

    ad valorem tax levy on the value of property that the owner of


    the property is required to pay to a government in which the property is situated. Multiple
    jurisdictions may tax the same property. There are three general varieties of property: land,
    improvements to land (immovable man-made things, e.g. buildings) and personal property (movable
    things). Real estate or realty is the combination of land and improvements to land.
    Property taxes are usually charged on a recurrent basis (e.g., yearly). A common type of property
    tax is an annual charge on the ownership of real estate, where the tax base is the estimated value of
    the property. For a period of over 150 years from 1695 the government of England levied a window
    tax, with the result that one can still see listed buildings with windows bricked up in order to save
    their owners money. A similar tax on hearths existed in France and elsewhere, with similar results.
    The two most common types of event-driven property taxes are stamp duty, charged upon change of
    ownership, and inheritance tax, which many countries impose on the estates of the deceased.
    In contrast with a tax on real estate (land and buildings), a land-value tax (or LVT) is levied only on
    the unimproved value of the land ("land" in this instance may mean either the economic term, i.e., all
    natural resources, or the natural resources associated with specific areas of the Earth's surface:
    "lots" or "land parcels"). Proponents of land-value tax argue that it is economically justified, as it will
    not deter production, distort market mechanisms or otherwise create deadweight losses the way
    other taxes do.[13]
    When real estate is held by a higher government unit or some other entity not subject to taxation by
    the local government, the taxing authority may receive a payment in lieu of taxes to compensate it
    for some or all of the foregone tax revenues.
    In many jurisdictions (including many American states), there is a general tax levied periodically on
    residents who own personal property (personalty) within the jurisdiction. Vehicle and boat
    registration fees are subsets of this kind of tax. The tax is often designed with blanket coverage and
    large exceptions for things like food and clothing. Household goods are often exempt when kept or
    used within the household.[14] Any otherwise non-exempt object can lose its exemption if regularly
    kept outside the household. [14] Thus, tax collectors often monitor newspaper articles for stories about
    wealthy people who have lent art to museums for public display, because the artworks have then
    become subject to personal property tax.[14] If an artwork had to be sent to another state for some
    touch-ups, it may have become subject to personal property tax in that state as well.[14]
    Inheritance

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