ch 7 Flashcards
Which form of government is most common internationally?
unitary
Which category of taxes appear to be most important internationally?
Taxes on goods and services.
Taxes on financial and capital transactions:
A tax on the difference between the price paid for an asset and the price realized from its later sale.
Some market participants may attempt to conceal the transfer, including not recording it, there will be attempts to conceal the real transfer price, housing will become less affordable and property markets will become less transparent and efficient.
Possible unintended, undesirable effects of very high real estate transfer taxes:
Is there more diversity among property tax systems in the US or Europe?
Europe
What is a distinguishing feature of the council tax in the United Kingdom?
Taxes are based on membership in one of eight value classes.
What are some features of her current property taxation in the Russian Federation?
The cadastral service has completed a nationwide reevaluation of land utilizing available market data, taxes on the property of businesses are based on book values and taxes on the property of individuals include some categories of personal property.
Which categories of property currently are taxable in the Baltic countries of Latvia and Lithuania?
Developed land and non-residential buildings and units.
Residential buildings and units are not taxable in these countries.
What is the only category of property currently taxable in the Baltic country of Estonia?
Developed land
Is a European union mandate to harmonize property tax systems among the factors that account for an interest in improving recurrent property taxation internationally?
no
In the context of the discussion of policy advocacy and assessing officers, what are the distinctions between positive and normative statements?
Positive statements are factual; normative statements embody value judgments.
What defines the relationship b/t sales and market value?
Sales Ratio study
What is the term when a supervisory agency adjusts local values to the statutory levels
equalization
A tax on a person is called
poll, head, capital
What type of property tax relief is income based and does not have to be repaid
circuit breaker
