2 problems and limitations of property tax record

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Unformatted text preview: collection records in the treasurer's office somewhat undermine the potential benefits that could be realized from improving the fiscal cadastre. Records are managed manually; staff assignment is low, which coupled with lack of skill and incentive results in inefficient monitoring. There are no data available on the total amount of revenue lost due to delinquencies. Insufficient record management and failure to follow up on records result in weak enforcement of property tax. Underestimation of FairMarket Value Under the given system, accurate knowledge of the fair market value is essential for assessment of property tax over a period of time. Valuation of property tax is based on a schedule of fair market value. The city utilizes limited sources for determining fair market 191988 Annual Financial Reports of Local Government (Provinces, Cities and Municipalities) Vol. III, Local value. Assessment of fair market value is based either on sales records of land and property from the registry of dee...
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This document was uploaded on 01/27/2014.

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