march 23

march 23 - -impediment to construction-increases property...

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Property tax -post civil war, most wealth was held in property -towns needed to raise money to pay for damage done by civil war Types of taxation -horizontal equity in taxation -like value pieces of property taxed the same -vertical equity in taxation -more property value= more tax Benefits of property tax -easy to raise revenue -collateral (property) is immobile, it stays where it is -easy to identify who owns property -look in grantor/grantee index -during times of high inflation, property values go up, and therefore revenue goes up -hedges against future inflation -Fed/state gov’t forbibben to taxing property -only towns, cities, school districts, etc. Negatives -have to pay it if you are a landowner -raw land- no revenue coming in from land
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Unformatted text preview: -impediment to construction-increases property value which therefore increases tax-should be based on utility derived per tax dollar paid-ex. Pay total of $6000 in tax, $4200 goes to school district, but have no kids in school while neighbor with four kids in school pays same tax-no benefit derived from tax Type of property tax-Ad Valorem Tax (General Property Tax)-applies to all privately owned property within a taxing jurisdiction-taxing jurisdiction- anybody who can tax (govt entity) to raise revenue-churches, government owned property, property owned by nonprofit/charitable organizations don’t pay property tax-Special Assessment (improvement tax)-levied against specific parcels of privately owned property...
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