There are a lot of different taxes that are imposes all over the globe. Tax that is imposed towards the owners of certain property within their jurisdiction by the municipalities is known as Property Tax. The property tax or also called mileage tax in some countries around the world is normally based on the value of the property itself.
The properties are of the group under three different categories: land, personal and improvement of the land. The land defines the land itself, the staff are defined as man-made furniture objects on the ground and that make the objects made by the building such as buildings in the land improvement category.
Real estate, real estate properties are commonly used terms for the combination of improvements and land. To exclude the tax, the Authority will carry out and will require an assessment of the monetary value of the property that the property tax is based on. In some cases, a third party is assigned to perform the evaluation.
This type of tax is often mistaken as a special evaluation fee, but the two forms of taxes are distinct from each other. As the property tax depends on the valuation of goods based on fair market value for justification, the special evaluation fee is based on a special improvement also called "profit" for justification.
The rate of this tax is frequently given as a percentage or express as a mileage rate. The mileage rate is for a thousand currency units taxed with reference to the value of the property itself.