A Primer on Property Tax: Administration and Policy provides the reader with analysis of issues surrounding property tax, including economics, law, public finance, decentralization, valuation, GIS, and property tax reform. A key strength of this course lies in the vast international experience of the authors, who examine the criteria applied to evaluate the strengths and weaknesses of property tax, discuss the main valuation methods and the economic principles underpinning them, and review the legal and administrative aspects of property tax worldwide. Material contained in this course is topical, cutting-edge and highly relevant to many of the disciplines involved in property taxation.
Upon successful completion of this course, participants will be able to:
- Identify jurisdictions with the highest property tax revenues, jurisdictions that have rates set by the central government, and jurisdictions that avoid property tax.
- Recognize the assessment basis goal for transitional economies.
- Specify how uniformity in assessment is most easily achieved.
- Select methods to achieve economies of scale for assessments.
- Determine appropriate frequencies for assessments.
- Recognize appraisals that use multiple regression statistics.
- Identify the efficiencies of variable tax rates, and which properties are typically taxed at which rates.
- Recognize historical experience related to tax billing, collection and exportation.
- Specify the legal incidence of property tax, and how efficiencies are generally recognized.
- Identify the basis for property tax levies for most jurisdictions, along with distinctions across jurisdictions.
- Recognize rental valuation and property valuation options for property taxation.
- Specify highest and best use valuation terms.
- Identify traditional cost approaches for assessments and valuations.
- Recognize the unique characteristics of property taxation as a revenue generation method.
- Identify typical property tax relief methods.
- Determine the relationships between appropriate taxation and taxpayer benefits.
- Specify appropriate methodologies for rate and base setting.
- Specify typical tax administration responsibilities.
- Identify jurisdictions that place taxing authority at both the central and local level, and that utilize non-profit entities to administer tax policies.
- Recognize the benefits of local property tax administration.
- Identify the steps involved in administering property taxes including establishing the tax rate, as well as best practices including who should be responsible for administering the system.
- Recognize the relationships between tax rates, bases, revenues raised, and expenditure needs.
- Select the appropriate objective for property taxation and the primary components of a property taxation system.
- Identify property taxation and collection strategies and their typical results.
- Determine how tax departments should correctly assess tax liabilities and send notices.
- Specify steps typically included in property tax reforms.
- Identify characteristics of property tax that result in efficiency.
- Specify common objectives, design parameters, and tactical dimensions of property tax reforms.
- Recognize the final source of tax legislation interpretation.
- Identify how changes to taxation systems are typically made.
- Specify types of tax systems and their typical results.
- Recognize the fundamental source of wealth of a nation.
- Identify the purpose of legislation that protects and secures property rights.
- Identify requirements of the collection and enforcement process.
- Identify the basis of property taxation.
- Identify the basis of proportional taxation.
- Recognize the implications of typical tax policy designs.
- Identify local government responses that increase political currency.
- Determine causes of dysfunctional policies.
- Specify common methods to fund infrastructure.
- Identify efficient exchanges, the cost of compliance, and taxes with broad bases.
- Recognize the revenue potential of property taxation.
- Identify the repercussions of undeveloped land within property tax jurisdictions.
- Determine the standard model for implementing property taxes in transitional jurisdictions.
- Recognize jurisdictions that utilize different leasehold systems, and the effects of those systems.
- Recognize the origins of different types of informal settlements or occupations.
- Identify the origins and trends related to slum populations.
- Cite the results of property tax implementation in different jurisdictions.
- Determine the likelihood of tax evasion in different demographics.
- Identify natural incentives to land development.
- Recognize causes of tax revenue buoyancy.
- Identify the property tax issues related to rent control.
- Specify the key elements of a value banding system.
- Determine when a flat-rate tax system is typically used.
- Identify the history of computer assisted mass appraisal (CAMA).
- Specify the weaknesses of CAMA.
- Recognize the processes supporting CAMA.
- Determine regressive and progressive assessment processes.
- Identify the key components of geographic information systems (GIS), their benefits and challenges, and their alignment with CAMA.
- Recognize global versus local information applicability to GIS.
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