Property tax

[3] [failed verification] France has a tax on vacant properties, which successfully reduced the vacancy rate.

These are two distinct forms of taxation: one (ad valorem tax) relies upon the fair market value of the property.

To calculate the property tax, the authority multiplies the assessed value by the mill rate and then divides by 1,000.

Comparatively, Armenia ranks low internationally in terms of property tax to GDP ratio.

Ontario, British Columbia, Prince Edward Island, Montreal, and the City of Toronto offer land transfer tax rebates for first-time homebuyers.

[19] An additional 15% tax that applies only to non-resident foreign home buyers in Greater Vancouver started on 2 August 2016.

The property purchased must be located in British Columbia, have a fair market value of $750,000, be smaller than 1.25 acres and be used as a principle residence.

For example, land sown, planted or replanted with wood can be 100% exempt for a period ranging from 10 to 50 years depending on the plantations.

The TLV is paid annually to the central government if the dwelling is located in a "zone tendue" and has been left unoccupied for at least one year.

The THLV is payable to municipalities that have opted to implement the tax, and applies to dwellings left unoccupied for more than two years.

This is because the property tax revenues are utilised on a municipal level to finance public facilities such as schools, libraries, daycare centers and local infrastructure projects.

In addition, the real property tax reform grants municipalities the right to set an increased rate of assessment on undeveloped, ready-to-build land from 2025 onwards for urban development reasons.

An exemption from property taxation is also made for non-profit organisations, that pursue exclusively and directly charitable, religious, cultural, scientific, or educational purposes.

It is a one-time payment which is levied on properties whose purchase price exceeds EUR 2.500 and is typically paid for by the buyer.

The municipal property tax (ΤΑΠ/ΔΤ/ΔΦ) is included in electricity bills and incorporates, among others, charges for street cleaning and lighting.

According to HK Inland Revenue Ordinance IRO s5B, property owners must pay this tax only if they received a consideration such as rental income for the year of assessment.

The tax power is vested in the states and is delegated to local bodies, specifying the valuation method, rate band, and collection procedures.

The rate structure is flat on rural (panchayat) properties, but in the urban (municipal) areas it is mildly progressive with about 80% of assessments falling in the first two brackets.

[40] Imposta sul valore degli immobili situati all’estero (LVIE) is a wealth tax on real estate properties owned outside of Italy.

Although its name implies a sense of unity, the IUC did not replace all municipal taxes; instead, it brought together three distinct components: the IMU (Imposta municipale propria), the TASI (Tributo per i servizi indivisibili) and the TARI (Tassa sui rifiuti).

First, the individual will have to pay the 'Portugal Property Transfer Tax' (as referred to as 'IMPOSTO MUNICIPAL SOBRE AS TRANSMISSÕES ONEROSAS DE IMÓVEIS).

This is one of the oldest taxes in Portugal, and it is applied to all the official paperwork, such as deeds, contracts, mortgage agreements, and bank statements that make the sale legal and 'official' according to the courts.

These taxes differ for residents and non-residents and encompass a range of fiscal obligations that property owners must navigate.

The other 97% is collected by counties, municipalities, schools, community colleges, and many other special-purpose governmental agencies, e.g. libraries, museums, parks, bridge authorities.

[70] The first ever tax records, dating from about six thousand years BCE, were in the form of soil tablets which were found in city-state of Lagash (Now in the territory of current Iraq).

Later, after 1215, King John was limited in his power to raise revenue, so from this point taxes could be collected only with permission of his barons.

The King's power of taxation became even weaker right after 1689 when the new law was introduced meaning that he could not tax without Parliament's permission.

By the time of the Great Depression, the property tax collection rates dropped as people's income decreased steeply.

Critics note that instances like this are a fairly frequent occurrence and demonstrate a threat to property rights, due process, and the rule of law.

[87] There is no tax on the private land in American Samoa, the Territory of Palmyra Island or Kingman Reef in the Pacific Ocean insular areas.