Features of accounting for property taxes by institutions

2021 ◽  
pp. 32-43
Author(s):  
Larisa Nikolaevna Gerasimova
Keyword(s):  
Property Tax ◽  
Property Taxes ◽  
Residual Value ◽  
Land Plot ◽  
Average Value ◽  
Tax Bases

The article analyzes the basic rules of taxation for land tax and property tax. It is considered how to report on property taxes. The cases of payment of land tax by institutions, tax bases with and without cadastral value are analyzed. The variants when the land plot occupies the territory of several municipalities, cases when accounting periods are established and not established by local legislation are considered. The calculation of land tax and advance payments on it, as well as their reflection in accounting, is shown. The rules for determining the composition of property that is considered an object of taxation are considered, the calculation of property tax and the rules for reflecting it in accounting are given. Formulas and examples of calculating the average value of taxable property, residual value, advance payments for property tax for the reporting year, including and excluding benefits, and calculating property tax for the year are given.

scholarly journals Policy Forum: Implementing the Chippewas of Georgina Island First Nation Property Tax System—Opportunities, Challenges, and Lessons Learned

2021 ◽  
Vol 69 (3) ◽  
pp. 857-872
Author(s):  
Kate McCue ◽  
Bill McCue
Keyword(s):  
First Nations ◽  
Property Tax ◽  
Lessons Learned ◽  
First Nation ◽  
Property Taxes ◽  
Tax System ◽  
Fiscal Management ◽  
Local Services ◽  
Policy Forum ◽  
Do So

In 2018, the Chippewas of Georgina Island First Nation (GIFN) implemented a First Nation property tax system under the First Nations Fiscal Management Act (FMA)—one of the earliest First Nations in Ontario to do so. Implementation of a property tax system gave GIFN an opportunity to improve funding for and expand local services, and provide a more equitable sharing of local service costs between cottagers leasing First Nation land and the First Nation. Key challenges encountered when implementing the property tax system were building consensus around the need for a tax system, building an appropriate administrative infrastructure, carrying out property assessments, and professionals lacking knowledge of First Nation property tax. These challenges, however, presented opportunities to create a knowledge base around property taxation within GIFN, among cottage leaseholders, and in the wider community. Key lessons learned were (1) start as soon as possible; (2) First Nations Tax Commission support and standards are important; (3) staff training is important; (4) communicate early and often; (5) hold open houses; (6) local services are more than garbage collection; (7) property taxes do not harm lease rates or cottage sales; (8) educate lawyers, real estate agents, and other professionals; (9) startup costs were significant; (10) coordinate laws and standards with provincial variations; (11) modernize systems; and (12) utilize other parts of the FMA.

scholarly journals The Incidence of Property Taxes on Agricultural Land

1975 ◽  
Vol 7 (1) ◽  
pp. 131-136
Author(s):  
H. Evan Drummond
Keyword(s):  
Agricultural Land ◽  
Property Tax ◽  
Rapid Change ◽  
The United States ◽  
Property Taxes ◽  
Land Market ◽  
The Past ◽  
Land Owners ◽  
Alternative Hypotheses ◽  
Distributional Impact

Property tax systems have undergone rapid change in almost every state during the past few years. Consequently, their distributional impact merits investigation. The incidence of the property tax is at the heart of the distributional question. It is generally felt that land owners bear the full burden of property taxes and that changes in it are capitalized into property values. Usually it is assumed that property taxes are not shifted forward to the consumer, but there has been little empirical verification of this notion. This paper will develop a simple model of the land market to test several alternative hypotheses concerning the incidence of property taxes on agricultural land in the United States.

Fiscal Secession: An Analysis of Special Assessment Financing in California

2018 ◽  
Vol 56 (2) ◽  
pp. 480-512
Author(s):  
Mathew D. McCubbins ◽  
Ellen C. Seljan
Keyword(s):  
Ethnic Diversity ◽  
Local Governments ◽  
Property Tax ◽  
Property Taxes ◽  
Single Family ◽  
Progressive Taxation ◽  
Geographic Ranges ◽  
Alternative Method ◽  
Local Services ◽  
Special Assessment

Special assessments on property are a fiscal innovation employed by many local governments. Unable to raise property taxes due to limitations, localities have turned to these charges as an alternative method to fund local services. In this article, we seek to explain differential levels of special assessment financing through the analysis of property tax records of a sample of single-family homes in California. We theorize that special assessments, as opposed to other forms of taxation, will be used when residents hold anti-redistributive preferences. We show that annual assessment payments are correlated with the ethnic diversity and median family incomes of the census places within which they are located. We also show that assessments with narrow geographic ranges are levied extensively on expensive homes in poorer cities. We discuss the implications of special assessments for progressive taxation and the potential for fiscal secession within U.S. cities.

Taxation of Alternative Energy Facilities

Auditor ◽  
2020 ◽  
Vol 6 (2) ◽  
pp. 38-42
Author(s):  
Konstantin Tatarov
Keyword(s):  
Economic Activity ◽  
Alternative Energy ◽  
Property Tax ◽  
Residual Value ◽  
Initial Cost ◽  
Reducing Costs

Alternative energy begins to enter into economic activity, being a factor in reducing costs. The multivariance of the forms of its existence gives rise to differences in the formation of the initial cost, depreciation and calculation of residual value. With various options, it is possible to consider objects as movable or immovable property. The article proposes a methodology for calculating property tax of organizations depending on the purpose, type and installation of the object.

State Equalizing Aids and Metropolitan Tax Base Sharing: A Comparative Analysis

1981 ◽  
Vol 9 (4) ◽  
pp. 449-470 ◽  
Author(s):  
Peter S. Fisher
Keyword(s):  
Comparative Analysis ◽  
Local Government ◽  
Property Tax ◽  
The State ◽  
Twin Cities ◽  
Tax Base ◽  
Fiscal Capacity ◽  
Tax Bases

State gram programs aimed at equalizing local government fiscal capacities and metropolitan-wide programs for the sharing of property tax bases are very similar in terms of objectives as well as operation. The Twin Cities tax base sharing system, which has served as a model for numerous other proposals, has some serious deficiencies; a proposal for eliminating these defects is developed by viewing tax base sharing as a set of fiscal capacity equalizing grants. Alternative formulas are evaluated, and the merits of tax base sharing at the state rather than metropolitan level are discussed.

Property Taxes and House Values: The Theory and Estimation of Intrajurisdictional Property Tax Capitalization

1990 ◽  
Vol 9 (2) ◽  
pp. 282
Author(s):  
William A. Fischel ◽  
John Yinger ◽  
Howard S. Bloom ◽  
Axel Borsch-Supan ◽  
Helen F. Ladd
Keyword(s):  
Property Tax ◽  
Property Taxes ◽  
House Values ◽  
Tax Capitalization ◽  
Property Tax Capitalization

scholarly journals The Unintended Consequences of Property Tax Relief: New York’s STAR Program

2014 ◽  
Vol 9 (4) ◽  
pp. 446-480 ◽  
Author(s):  
Tae Ho Eom ◽  
William Duncombe ◽  
Phuong Nguyen-Hoang ◽  
John Yinger
Keyword(s):  
New York ◽  
Student Performance ◽  
New York State ◽  
Property Tax ◽  
Education Finance ◽  
Unintended Consequences ◽  
Property Taxes ◽  
Tax Rate ◽  
Tax Relief ◽  
Business Property

New York’s School Tax Relief Program, STAR, provides state-funded property tax relief for homeowners. Like a matching grant, STAR changes the price of education, thereby altering the incentives of voters and school officials and leading to unintended consequences. Using data for New York State school districts before and after STAR was implemented, we find that STAR increased student performance, school district inefficiency, and school spending by 2 to 4 percent in most districts, leading to an average school property tax rate increase of 14 percent. The STAR-induced tax rate increases offset about one third of the initial STAR tax savings and boosted property taxes for business property. STAR did little to offset the existing inequities in New York State’s education finance system, particularly compared to an equal-cost increase in state aid. This article should be of interest to policy makers involved in property taxes or other aspects of education finance.

Lost and found tax dollars: The impact of local option sales taxes on property taxes and own source revenue

2015 ◽  
Vol 27 (3) ◽  
pp. 318-351 ◽  
Author(s):  
Whitney B. Afonso
Keyword(s):  
Property Tax ◽  
Property Taxes ◽  
Policy Variable ◽  
Level Data ◽  
Lost And Found ◽  
Local Option Sales Tax ◽  
Local Option ◽  
The Impact ◽  
The Relationship ◽  
Primary Contribution

The relationship between the local option sales tax (LOST) and property taxes and own source revenue is not well documented in the literature. This may be due in part to the aggregated nature of the data, which fails to capture different motivations for adoption of LOSTs. Using county-level data from 35 states, this study finds that LOSTs increase own source revenue and in some circumstances decrease property tax burdens. The primary contribution of this research is that it uses a policy variable, the LOST rate, to distinguish between the two types of counties that use their LOST revenues differently. This research represents the first step in bridging the gap between the LOST literature and the tax mix choice literature.

scholarly journals LEGAL AND THEORETICAL ASPECTS OF PROPERTY TAXES

2016 ◽  
Vol 2627 (34) ◽  
pp. 195-222
Author(s):  
Agnieszka Żywicka ◽  
Tomasz Wołowiec
Keyword(s):  
Property Tax ◽  
Market Value ◽  
Property Taxes ◽  
Ad Valorem Tax ◽  
Property A ◽  
Real Property ◽  
Personal Property ◽  
The Government ◽  
Special Assessment ◽  
Fair Market Value

A property tax (or millage tax) is a levy on property that the owner is required to pay. The tax is levied by the governing authority of the jurisdiction in which the property is located; it may be paid to a national government, a federated state, a county or geographical region, or a municipality. Multiple jurisdictions may tax the same property. This is in contrast to a rent and mortgage tax, which is based on a percentage of the rent or mortgage value. There are four broad types of property: land, improvements to land (immovable man-made objects, such as buildings), personal property (movable man-made objects), and intangible prop-erty. Real property (also called real estate or realty) means the combination of land and improvements. Under a property tax system, the government requires and/or performs an appraisal of the monetary value of each property, and tax is assessed in proportion to that value. Forms of property tax used vary among countries and jurisdictions. Real property is often taxed based on its classification. Classification is the grouping of properties based on similar use. Properties in different classes are taxed at different rates. Examples of different classes of property are residen-tial, commercial, industrial and vacant real property. 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 being taxed for justification, and the other (special assessment) relies upon a special enhance-ment called a “benefit” for its justification

Show Me the Money

2016 ◽  
Vol 3 (2) ◽  
pp. 197-215
Author(s):  
Justin Simmons
Keyword(s):  
Sex Offenders ◽  
Sex Offender ◽  
Negative Impact ◽  
Property Tax ◽  
Property Values ◽  
Property Taxes ◽  
Tax Revenue ◽  
Property Value ◽  
Pros And Cons ◽  
The Impact

Many people have written scholarly articles highlighting the pros and cons of SORs. Some have taken the analysis a step further by pointing out the impact SORs have on the values of homes in the vicinity of a registered sex offender (“RSO”). While these studies have pointed out the impact the presence of an RSO can have on the property value for an individual homeowner, research regarding the impact RSOs have on property tax revenue for taxing districts is nonexistent. This Article highlights the correlation between the depressive effect the presence of RSOs has on property values, the impact this reduction in property value has on property tax revenue for taxing districts in Texas, and, as a corollary, the negative impact the decrease in revenue could have on the government’s ability to provide vital public services. The Article concludes by discussing different strategies states like Texas could use to allow taxing districts to recover some of this lost revenue. In particular, this Article suggests that states like Texas could (1) charge RSOs a premium on their property taxes to offset any losses their presence in the community causes; (2) pass laws that prevent RSOs from living in certain areas; (3) adjust the criteria used by taxing districts to appraise residential property; or (4) increase minimum sentences for sex offenders in an effort to reduce the number of registered sex offenders in the community.

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