scholarly journals The Comparable Properties Standard

2018 ◽  
Vol 4 (4) ◽  
pp. 361-382
Author(s):  
Timothy R. MacGorman
Keyword(s):  
Market Value ◽  
Tax Revenue ◽  
Tax Burden ◽  
Sales Price ◽  
Commercial Property ◽  
Uniform System ◽  
Property Owners ◽  
Valuation Methodology ◽  
To Come ◽  
Ad Valorem

The Texas Constitution mandates that taxation shall be equal and uniform, and that property shall be appraised at market value for the purposes of ad valorem property taxation. While valuation methodology is crucial to property owners in such a context, the “Comparable Properties Standard” embodied in Sections 41.43(b)(3) and 42.26(a)(3) of the Texas Tax Code appears to allow wealthy property owners to unconstitutionally manipulate the appraised value of their property for ad valorem taxation purposes and shift their tax burden to other taxpayers. Unless the Texas legislature enacts a mandatory sales price disclosure statute, or directly amends or repeals the Comparable Properties Standard, such unconstitutional results will continue to diminish revenues for taxing units and shift the tax burden from the wealthy to Texas’ lower and middle-class taxpayers. While scholars and practitioners have previously expressed the need for a Texas mandatory sales price disclosure statute in order to reduce inequity in other valuation contexts, City of Austin v. Travis Central Appraisal District (“City of Austin”) highlights the longstanding complaint that the Comparable Properties Standard, absent mandatory sales price disclosure, has distorted the appraisal process for ad valorem taxation purposes. With millions of dollars of tax revenue at stake, and a continuing shift of the tax burden from the wealthy to other Texans, the Comparable Properties Standard presents serious concerns that may ultimately affect Texans for years to come. Through the framework of City of Austin, this Article analyzes Texas’ difficulties in implementing an equal and uniform system of ad valorem taxation throughout the state, exposing the ways in which wealthy residential and commercial property owners exploit the Comparable Properties Standard in order to reduce their tax burden, and highlighting the necessity of mandatory sales price disclosure to ensure constitutionality in the ad valorem taxation process.

A Study on the Factors Affecting Sales Price of Commercial Property Auction in Seoul

2019 ◽  
Vol 18 (1) ◽  
pp. 181-202
Author(s):  
Hyun Rim Ko ◽  
Jae Young Yu ◽  
Young Sik Youn
Keyword(s):  
Sales Price ◽  
Factors Affecting ◽  
Commercial Property

The Relation between Business Property Values and Local Property Taxes

2014 ◽  
Vol 37 (1) ◽  
pp. 103-128 ◽  
Author(s):  
Kimberly G. Key ◽  
Teresa A. Lightner
Keyword(s):  
Property Values ◽  
Local Property ◽  
Property Taxes ◽  
Tax Revenue ◽  
Industrial Property ◽  
Business Taxes ◽  
Trade Offs ◽  
Property Owners ◽  
Capital Tax ◽  
Business Property

ABSTRACT This study examines the relation between commercial and industrial property values and local property taxes using 1999 to 2009 data for the state of Georgia. Results show a negative relation between commercial values and property taxes, consistent with the new view of capital tax prediction that these taxes are borne, at least in part, by property owners. Incidence estimates show very high to full capitalization. There is little evidence of a relation between industrial property values and property taxes, contrary to prior research. This study is the first to provide empirical evidence of differences in commercial and industrial property tax incidence. The study contributes to the understanding of the capitalization of business taxes, which has been the subject of very little prior research. The results can inform policymakers who consider trade-offs in tax revenue needs, economic development, and issues of fairness in their localities.

scholarly journals The IFRS 17 contractual service margin: a life insurance perspective

2021 ◽  
Vol 26 ◽  
Author(s):  
W. Yousuf ◽  
J. Stansfield ◽  
K. Malde ◽  
N. Mirin ◽  
R. Walton ◽  
...  
Keyword(s):  
Life Insurance ◽  
Market Value ◽  
Financial Statements ◽  
Insurance Contract ◽  
Accounting Standard ◽  
Insurance Contracts ◽  
Ifrs 4 ◽  
Insurance Perspective ◽  
To Come

Abstract IFRS 17 Insurance Contracts is a new accounting standard currently expected to come into force on 1 January 2023. It supersedes IFRS 4 Insurance Contracts. IFRS 17 establishes key principles that entities must apply in all aspects of the accounting of insurance contracts. In doing so, the Standard aims to increase the usefulness, comparability, transparency and quality of financial statements. A fundamental concept introduced by IFRS 17 is the contractual service margin (CSM). This represents the unearned profit that an entity expects to earn as it provides services. However, as a principles-based standard, IFRS 17 results in entities having to apply significant judgement when determining the inputs, assumptions and techniques it uses to determine the CSM at each reporting period. In general, the Standard resolves broad categories of mismatches which arise under IFRS 4. Notable examples include mismatches between assets recorded at current market value and liabilities calculated using fixed discount rates as well as inconsistencies in the timing of profit recognition over the duration of an insurance contract. However, there are requirements of IFRS 17 that may create economic or accounting mismatches of its own. For example, new mismatches could arise between the measurement of underlying contracts and the corresponding reinsurance held. Additionally, mismatches can still arise between the measurement of liabilities and the assets that support the liabilities. This paper explores the technical, operational and commercial issues that arise across these and other areas focusing on the CSM. As a standard that is still very much in its infancy, and for which wider consensus on topics is yet to be achieved, this paper aims to provide readers with a deeper understanding of the issues and opportunities that accompany it.

scholarly journals Implikasi Penerapan Undang-Undang Nomor 11 Tahun 2016 Tentang Pengampunan Pajak (Tax Amnesty) Dalam Meningkatkan Kepatuhan Wajib Pajak

2017 ◽  
Vol 7 (1) ◽  
pp. 1
Author(s):  
Agus Saiful Abib ◽  
Efi Yulistyowati ◽  
Amri Panahatan Sihotang
Keyword(s):  
Secondary Data ◽  
Fiscal Year ◽  
Tax Revenue ◽  
Short Term ◽  
Descriptive Research ◽  
Tax Amnesty ◽  
The Government ◽  
To Come ◽  
National Tax

<p>Tahun 2016, pemerintah mengeluarkan kembali kebijakan <em>Tax</em> <em>Amnesty </em>yang dituangkan dalam Undang-Undang Nomor 11 Tahun 2016 tentang Pengampunan Pajak. Pengampunan Pajak (<em>Tax</em> <em>Amnesty)</em> ini diharapkan dapat meningkatkan penerimaan pajak dalam jangka pendek melalui pembayaran uang tebusan, meningkatkan penerimaan pajak dalam jangka panjang melalui perluasan basis data pemajakan, meningkatkan kepatuhan Wajib Pajak, transisi ke sistem perpajakan baru yang lebih kuat dan adil, dan mendorong rekonsiliasi perpajakan nasional. Sehubungan dengan hal tersebut, untuk mengetahui apakah program <em>Tax</em> <em>Amnesty</em> Indonesia Tahun 2016 berhasil atau tidak, khususnya dalam meningkatkan kepatuhan wajib pajak, maka perlu dilakukan penelitian tentang : “Implikasi Penerapan Undang-Undang Nomor 11 Tahun 2016 tentang Pengampunan Pajak (<em>Tax</em> <em>Amnesty</em>) dalam Meningkatkan Kepatuhan Wajib Pajak”. Adapun permasalahan yang akan dibahas adalah bagaimana implikasi penerapan Undang-Undang Nomor 11 Tahun 2016 tentang Pengampunan Pajak<em> (Tax</em> <em>Amnesty)</em> dalam meningkatkan kepatuhan Wajib Pajak ? Berdasarkan implikasi tersebut, maka bagaimana sebaiknya pengaturan perpajakan yang akan datang ? Berdasarkan permasalahan tersebut jenis penelitian ini adalah yuridis normatif yang akan dikaji dengan pendekatan perundang-undangan, spesifikasi penelitiannya diskriptif analitis, data yang dipergunakan data sekunder, yang dianalisis secara kualitatif. Hasil penelitian menunjukkan bahwa implikasi penerapan Undang-Undang Nomor 11 Tahun 2016 tentang Pengampunan Pajak<em> (Tax</em> <em>Amnesty)</em> dapat meningkatkan kepatuhan Wajib Pajak, dan berdasarkan implikasi tersebut SE Dirjen Pajak No. SE - 06/PJ/2017 seharusnya tidak hanya untuk tahun pajak 2017 saja, tetapi juga untuk tahun-tahun yang akan datang. Di samping itu perlu ada peraturan yang mengatur tentang pengawasan terhadap pelaksanaan hak Wajib Pajak.</p><pre>In 2016, the government re-issue the Tax Amnesty policy as outlined in Law Number 11 Year 2016 on Tax Amnesty. The Tax Amnesty is expected to increase tax revenue in the short term through ransom payments, increase tax revenues over the long term through the expansion of taxation databases, increase taxpayer compliance, transition to a stronger and more just tax system, and encourage national tax reconciliation. In relation to this matter, to find out whether the program of Tax Amnesty Indonesia Year 2016 succeed or not, especially in increasing taxpayer compliance, it is necessary to do research on: "Implications Implementation of Law Number 11 Year 2016 on Tax Amnesty in Improving Taxpayer Compliance ". The problem to be discussed is how the implications of the implementation of Law Number 11 Year 2016 on Tax Amendment (Tax Amnesty) in improving taxpayer compliance? Based on these implications, then how should the taxation arrangements to come? Based on the problem, this type of research is normative juridical which will be studied with the approach of legislation, the analytical descriptive research specification, the data used secondary data, which analyzed qualitatively. The result of the research shows that the implication of the implementation of Law Number 11 Year 2016 on Tax Amnesty can improve Taxpayer compliance, and based on the implication of SE Dirjen Pajak No. SE - 06 / PJ / 2017 should not only be for the fiscal year 2017 alone, but also for the years to come. In addition, there should be a regulation that regulates the supervision of the implementation of taxpayers' rights.</pre>

scholarly journals When All Products Are Digital: Complexity and Intangible Value in the Ecosystem of Digitizing Firms

MIS Quarterly ◽  
2021 ◽  
Vol 45 (3) ◽  
pp. 1025-1058
Author(s):  
Pouya Rahmati ◽  
◽  
Ali Tafti ◽  
J. Christopher Westland ◽  
Cesar Hidalgo ◽  
...  
Keyword(s):  
Control Systems ◽  
Digital Technologies ◽  
Market Value ◽  
Positive Influence ◽  
Panel Regression ◽  
Tobin’S Q ◽  
Tobin's Q ◽  
Regression Methods ◽  
To Come ◽  
Do So

During the last four decades, digital technologies have disrupted many industries. Car control systems have gone from mechanical to digital. Telephones have changed from sound boxes to portable computers. But have the firms that digitized their products and services become more valuable than firms that didn’t? Here we introduce the construct of digital proximity, which considers the interdependent activities of firms linked in an economic network. We then explore how the digitization of products and services affects a company’s Tobin’s q—the ratio of market value over assets—a measure of the intangible value of a firm. Our panel regression methods and robustness tests suggest the positive influence of a firm’s digital proximity on its Tobin’s q. This implies that firms able to come closer to the digital sector have increased their intangible value compared to those that have failed to do so. These findings contribute a new way of measuring digitization and its impact on firm performance that is complementary to traditional measures of information technology (IT) intensity.

scholarly journals Tax efficiency in a model of endogenous markups

SERIEs ◽  
2019 ◽  
Vol 10 (3-4) ◽  
pp. 401-418
Author(s):  
Esra Durceylan
Keyword(s):  
Firm Heterogeneity ◽  
Consumer Preferences ◽  
Consumer Surplus ◽  
Consumer Welfare ◽  
Tax Revenue ◽  
Aggregate Productivity ◽  
Ad Valorem Tax ◽  
Unit Taxes ◽  
Efficiency Comparison ◽  
Ad Valorem

Abstract Efficiency comparison of ad valorem and unit taxes has been traditionally based on consumer welfare. However, if the tax instrument also affects the distribution of firms over their productivities, the policy maker may be concerned about the implications on aggregate productivity as well. This paper makes an efficiency comparison of ad valorem and unit taxes by allowing the distribution of firms to respond to changes in policy. First, I make an efficiency comparison in a model with monopolistically competitive firms that are homogenous with respect to their productivity levels. Consumer preferences exhibit love for variety and allow firms to adjust their markups. I find that ad valorem tax is more efficient. Allowing for firm heterogeneity overturns this result at high revenue requirements. As the tax rate increases, ad valorem tax causes excessive exit of firms which makes the market more competitive. Hence, few surviving firms price lower by decreasing their markups. Lower prices decrease the tax revenue collected. As a result under ad valorem tax regime, higher consumer surplus is dominated by lower tax revenue. On the other hand, production is concentrated among relatively more productive firms. Thus, aggregate productivity is higher under ad valorem tax regime.

Taking Community Seriously: Lessons from the Israeli Disengagement Plan

2014 ◽  
Vol 47 (1) ◽  
pp. 149-171
Author(s):  
Shai Stern
Keyword(s):  
Private Property ◽  
Market Value ◽  
Eminent Domain ◽  
Similar Formula ◽  
Property Owner ◽  
Residential Communities ◽  
Property Owners ◽  
The Subject ◽  
The Right

Eminent domain, or the expropriation of private property, is among the most controversial of legal arrangements. The challenges and threats that it poses to private property make it the subject of debate and dispute. Surprisingly, however, most Western jurisdictions embrace a similar formula to address expropriation, both in terms of the purposes that justify such action and the compensation that should be awarded to property owners.This article challenges the prevailing eminent domain formula, according to which, regardless of the circumstances of the expropriation, compensation to the property owner is determined by reference to the market value of the property. By exploring the case of Israel's 2005 disengagement plan, as a result of which 21 residential communities were uprooted by expropriation, this article argues that loss of communality should be taken into account in expropriations that uproot entire communities. However, in order for the legal arrangement to be efficient, fair and, of no less importance, to reflect the values embodied in the right to property, it should be constituted within a normative infrastructure that takes into account the values that the society wishes to endorse, and the inner meaning of these values.

scholarly journals Enforcing the ADA and Stopping Serial Litigants

2020 ◽  
Vol 6 (4) ◽  
Author(s):  
R. Cameron Saenz
Keyword(s):  
Real Estate ◽  
Commercial Real Estate ◽  
Real Estate Industry ◽  
Commercial Property ◽  
The Real ◽  
The Real Estate ◽  
Effective Implementation ◽  
Property Owners ◽  
Legal Challenges ◽  
Title Iii

This comment explores the evolution of Title III of the Americans with Disabilities Act (“ADA”) and argues for a new and more effective implementation of this important anti-discrimination law through the real estate industry. First, this comment discusses the intricacies of the ADA, including its revisions over time and impactful legislation it has spawned. Second, this comment addresses current practical and legal challenges to enforcement of Title III of the ADA, including commercial property owners’ lack of understanding ADA responsibilities, serial litigation, and standing in courts. Finally, this comment proposes a new emphasis on ADA enforcement within the real estate industry. Such focus would obviate the need for many private lawsuits, place responsibility for ADA enforcement on parties involved in commercial real estate transactions and result in more effective implementation of both the spirit and letter of the ADA.

scholarly journals THE ROLE AND SIGNIFICANCE OF THE BRAND FOR DEVELOPMENT AND PERSPECTIVE OF THE ENTERPRISES

2019 ◽  
Vol 26 (6) ◽  
pp. 1627-1630
Author(s):  
Neritan Turkeshi
Keyword(s):  
Quality Assurance ◽  
Competitive Advantage ◽  
Market Value ◽  
Marketing Strategies ◽  
Brand Strategy ◽  
Impact Point ◽  
Complicated Process ◽  
Strong Source ◽  
To Come ◽  
Constant Quality

The brands are always recognized for the quality that is delivered to the consumers, the distinction that they offer to the markets while gaining additional benefits to the companies and organizations, and they can also be characterized through the products, services, corporations, personalities and location.The influence of the brands cannot be overestimated, particularly taking into account the requirements of the organizations and enterprises to satisfy the needs of their clients and consumers, as well as to exist and compete in the market.Brands are in need of a continuous development and care, in order to come up towards the requirements of the clients, who, whereas they remain satisfied from the product and the service, the market becomes more and more suitable for their promotion and the positioning of the brand becomes increasingly important, particularly in achieving and realization of the main goal which is to be different from the majority of the competitors in the market.Key to the brand creation is the sustainability of the presentation, regardless what in fact the organization desires to share with its consumers. All that the organization creates,before anything else it has to speak about its brand.The appearance of a sustainable image of the product often happens to surprise the consumer. Whatever element of communication is being used, including advertising and PR, or some other impact point, first and foremost, to the consumer has to be transferred an uniformed and unambiguous message.44From here, it can be verified with certainty that communication is one of the most important and key sources for creation of a quality brand.The formation of the brand is a long and complicated process, which requires a quality cooperation with the team, as well as certain investments in the implementation of the previously well-advised marketing strategies. However, the investments themselves in this process will always pay off if are well thought and they increase the market value of the product, as well as to the company itself as a whole.Every product can be a brand if the communicationwith the consumer is clear, systematic, sustainable and creative. In order to make this possible, the first step isa clearly defined creation of the brand strategy, which will be the ground for all future communication activities.The brand strategy, where professional teams within the specialized agencies for branding and advertising in its processingare usually engaged, happens based on the detailed analysis of the product, the market, the competition, the needs, the desires and the habits of the consumers. From this analysis emerges what is called the essence of a product, its point of distinction in relation to all other products that fall into its category.45The brand represents a strong source of competitive advantage, as a sort of constant quality assurance that is knowable by name.Primarily, through the formation of its brand is built the loyalty of the consumer toward the product or the service itself. The same are set in a particular brand and with it, it increases the direct profit of the company. This is of a significant importance because the expenses are four to six times higher when is invested in finding new consumers rather than maintaining the existing ones. Likewise, the consumer’s sensitivity in the existing prices is also reduced and is strived more to convince them for the priorities of the competing brand.Finally, the data from the abovementioned analysis and research shows that on the market the branded products are more purchased than nameless products and services. Accordingly, the brand keeps the value because it is accepted as a product with a higher quality, implying a higher value for the invested money by the users, respectively the consumers.

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