Law of property taxation lecture notes in ppt
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A property tax is levied on the value of assets owned by individuals including financial assets like stocks, real estate property, vehicles, and artwork. Property taxes are a major local source of revenue despite being unpopular with owners due to low rates. Valuing property for tax purposes can also be challenging. In Ethiopia, property taxes have long been collected but reforms are underway including treating land as privately owned and taxed based on value rather than lease and rental fees due to low living standards.
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Law of property taxation lecture notes in ppt
- 1. Property/ Wealth taxation By:Alemu Taye (Asst. Prof.) Debre Markos University 1
- 2. A property tax is a tax on an individual’s wealth—the value of assets ◦ Financial e.g. Stocks and bonds ◦ Real e.g. Land, building ◦ Corporeal chattels e.g. Cars ◦ Incorporeal e.g. Artwork Salient features ◦ It’s a local tax by nature (loci)= implication in the federal setting ◦ Usually with low rate but its by far the largest source of revenue ◦ Unpopular with owners ◦ The base is wealth= property right or property? ◦ problems of valuation The case in Ethiopia ◦ Oldest form ◦ State ownership of land- preference to land use fees, and lease rents ◦ Low living standard and per capita ◦ Current initiation 2