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Equalization is a step in property taxation to bring a uniformity to tax assessment levels across different geographical areas or classes of properties. Equalization is usually in the form of a uniform percentage of increase or decrease to each area or class of property. [1]
Jurisdictions imposing property tax uniformly charge some official with determining value of property subject to tax by the jurisdiction. [37] This official may be an employee or contractor to the taxing government, and is generally referred to as the tax assessor in most jurisdictions. Some taxing jurisdictions may share a common tax assessor ...
The word tax assessment is used in different ways, but often refers to a tax liability owed by a taxpayer. In the case of property, a tax assessment is an evaluation or an estimate of value that is typically performed by a tax assessor. The assessment leads to an "assessed value," which is a base number used in the calculation of the property ...
Legislatively-referred amendment: Extends property tax exemption for veterans with disabilities to veterans with individual unemployability status. Citizen-initiated amendment : Requires statewide voter approval for local governments to retain property tax revenue which exceeds 4% from the total statewide property tax revenue collected in the ...
Most property taxes charge for both the value of the land and the value of any buildings or other improvements on the land. Carucage was a tax on land levied in Medieval England. The tax was only collected when the government required extra revenue and was never levied regularly. Council Tax is a tax in the United Kingdom on houses.
The corporate income tax rate in Alabama is 6.5%. The overall federal, state, and local tax burden in Alabama ranks the state as the second least tax-burdened state in the country. [238] Property taxes of .40% of assessed value per year, are the second-lowest in the U.S., after Hawaii. [239]
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Although the colony, now a nonprofit corporation, still holds land in the area and collects a relatively small ground rent, the land is subject to state and local property taxes. [102] Common property taxes include land value, which usually has a separate assessment. Thus, land value taxation already exists in many jurisdictions.
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