A land value tax (LVT) is a levy on the value of land without regard to buildings, personal property and other improvements upon it. Some economists favor LVT, arguing it does not cause economic inefficiency, and helps reduce economic inequality. A land value tax is a progressive tax, in that the tax burden falls on land owners, because land ownership is correlated with wealth and income. The land value tax has been referred to as "the perfect tax" and the economic efficiency of a land value tax has been accepted since the eighteenth century. Economists since Adam Smith and David Ricardo have advocated this tax because it does not hurt economic activity, and encourages development without subsidies.
Council Tax is a local taxation system used in England, Scotland and Wales. It is a tax on domestic property, which was introduced in 1993 by the Local Government Finance Act 1992, replacing the short-lived Community Charge, which in turn replaced the domestic rates. Each property is assigned one of eight bands in England and Scotland, or nine bands in Wales, based on property value, and the tax is set as a fixed amount for each band. The higher the band, the higher the tax. Some property is exempt from the tax, and some people are exempt from the tax, while some get a discount.
A property tax is an ad valorem tax on the value of a property.
His Majesty's Revenue and Customs is a non-ministerial department of the UK Government responsible for the collection of taxes, the payment of some forms of state support, the administration of other regulatory regimes including the national minimum wage and the issuance of national insurance numbers. HMRC was formed by the merger of the Inland Revenue and HM Customs and Excise, which took effect on 18 April 2005. The department's logo is the Tudor Crown enclosed within a circle.
Rates are a type of property tax system in the United Kingdom, and in places with systems deriving from the British one, the proceeds of which are used to fund local government. Some other countries have taxes with a more or less comparable role, like France's taxe d'habitation.
Real estate appraisal, property valuation or land valuation is the process of assessing the value of real property. Real estate transactions often require appraisals because every property has unique characteristics. The location also plays a key role in valuation. Appraisal reports form the basis for mortgage loans, settling estates and divorces, taxation, and so on. Sometimes an appraisal report is used to establish a sale price for a property.
In the United Kingdom, taxation may involve payments to at least three different levels of government: central government, devolved governments and local government. Central government revenues come primarily from income tax, National Insurance contributions, value added tax, corporation tax and fuel duty. Local government revenues come primarily from grants from central government funds, business rates in England, Council Tax and increasingly from fees and charges such as those for on-street parking. In the fiscal year 2023–24, total government revenue was forecast to be £1,139.1 billion, or 40.9 per cent of GDP, with income taxes and National Insurance contributions standing at around £470 billion.
The Assets Recovery Agency (ARA) was a non-ministerial government department in the United Kingdom. It was established under the Proceeds of Crime Act 2002 (POCA) to reduce crime by confiscating the proceeds of any crime. It was granted a new power of civil recovery through the High Court, and could also take over the powers of the HM Revenue and Customs (HMRC) to levy tax without identifying a source for taxed income.
Capitalization rate is a real estate valuation measure used to compare different real estate investments. Although there are many variations, the cap rate is generally calculated as the ratio between the annual rental income produced by a real estate asset to its current market value. Most variations depend on the definition of the annual rental income and whether it is gross or net of annual costs, and whether the annual rental income is the actual amount received, or the potential rental income that could be received if the asset was optimally rented.
Business rates in England, or non-domestic rates, are a tax on the occupation of non-domestic property. Rates are a property tax with ancient roots that was formerly used to fund local services that was formalised with the Vagabonds Act 1572 and superseded by the Poor Relief Act 1601. The Local Government Finance Act 1988 introduced business rates in England and Wales from 1990, repealing its immediate predecessor, the General Rate Act 1967. The act also introduced business rates in Scotland but as an amendment to the existing system, which had evolved separately to that in the rest of Great Britain. Since the establishment in 1997 of a Welsh Assembly able to pass legislation, the English and Welsh systems have been able to diverge. In 2015, business rates for Wales were devolved.
Business rates is the commonly used name of Non-Domestic Rates in Scotland, a tax on occupation of non-domestic property. Rates are a property tax used to fund local services that dates back to the Poor Law.
The Lyons Inquiry was an independent inquiry into the form, function and funding of local government in England. Appointed jointly by the Chancellor of the Exchequer and the Deputy Prime Minister in the summer of 2004, Sir Michael Lyons produced several reports over the next 3 years, culminating in a final report on the future of local government published alongside the Chancellor's Budget in March 2007.
Most local governments in the United States impose a property tax, also known as a millage rate, as a principal source of revenue. This tax may be imposed on real estate or personal property. The tax is nearly always computed as the fair market value of the property, multiplied by an assessment ratio, multiplied by a tax rate, and is generally an obligation of the owner of the property. Values are determined by local officials, and may be disputed by property owners. For the taxing authority, one advantage of the property tax over the sales tax or income tax is that the revenue always equals the tax levy, unlike the other types of taxes. The property tax typically produces the required revenue for municipalities' tax levies. One disadvantage to the taxpayer is that the tax liability is fixed, while the taxpayer's income is not.
A property tax known as "rates" has been levied in Hong Kong since 1845. The tax applies to all domestic and commercial properties unless exempted, and is based upon the rental value of the property, re-assessed each year. Formerly part of the revenue went to the Urban Council and, from 1986, the Regional Council, but since 2000 the whole amount goes to the Hong Kong Government.
Domestic rates are the local government taxation in Northern Ireland. Rates are a tax on property based on the capital value of the residential property on 1 January 2005. Domestic rates consist of two components, a regional rate set by the Northern Ireland Assembly and a district rate set by local councils. Rate levels are set annually. Valuation and rating of property is handled by Land and Property Services. Domestic rates are unique to Northern Ireland, in the rest of the United Kingdom the local taxation is Council Tax.
Rates are a tax on property in the United Kingdom used to fund local government. Business rates are collected throughout the United Kingdom. Domestic rates are collected in Northern Ireland and were collected in England and Wales before 1990 and in Scotland before 1989.
The Local Government (Rating) Act 2002 of New Zealand is an Act of New Zealand's Parliament that empowers Local Government bodies to levy property taxes on property owners within their jurisdictions. These property taxes are called rates. They are assessed annually and usually paid in four equal instalments.
Business rates is the commonly used name of Non-Domestic Rates in Wales, a tax on occupation of non-domestic property. Rates are a property tax used to fund local services that date back to ancient times.
Tŷ William Morgan is a UK Government building and hub in the centre of the city of Cardiff, Wales. It primarily serves as a base for HM Revenue and Customs (HMRC) and also houses staff from other UK Government Departments including Wales Office, Department for Business and Trade, Department for Culture, Media and Sport, Ministry of Housing, Communities and Local Government, Ofgem, Valuation Office Agency and the UK Space Agency.
The Valuer-General of Tasmania is a statutory officer appointed by the Government of Tasmania under the Valuation of Land Act 2001 (Tasmania). The Valuer-General is responsible for overseeing Tasmania's land valuation system, ensuring accurate, impartial, and independent valuations of land and property. These valuations play a critical role in supporting Tasmania's taxation framework, municipal ratings, and other property-related decisions. The office also provides expertise in infrastructure planning, fosters collaborative stakeholder engagement, and supports effective land management strategies.
