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Lecture 6

LECTURE 6 REAL ESTATE TAXATION.docx

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Department
Administrative Studies
Course Code
ADMS 3810
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unknown

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LECTURE 6: REAL ESTATE TAXATION Tax Principles: Equity – the basic rule of equity in taxation is the equal treatment of equals. Benefits Received – under this principle equity is interpreted as requiring that the burden of taxation be allocated among taxpayers in relation to the benefits each derives from public services. Ability to Pay – under this principle equity requires the equal treatment of individuals possessing the same capacity to pay taxes. Adequacy – a tax system must be capable of providing the flow of funds that a government requires in any given period. Flexibility – a tax system should allow discretionary action to increase or decrease the flow of funds as required. Elasticity – a tax system should have taxes whose yield respond to changing economic circumstances with deliberate changes in rates. Balance – the need for a balanced plurality of taxes is grounded in the requirements of flexibility and elasticity, partly in equity and partly in administrative considerations. Neutrality – taxes should result in the least price distortion possible. Neutrality is violated if the revenue system imposes heavier taxes on some forms of business organizations than others. Certainty – the principle of certainty as to time, manner and amount of tax has been advocated for centuries. Taxes that cannot be shifted are superior to any taxes that can be hidden or easily shifted. Simplicity – this principle dictates the greatest possible clarity within the limits set by certainty and equity. Convenience – this is significant in relation to the time, place and manner in which a taxpayer is called upon to discharge their obligations. Economy of Collection and Compliance – this applies both to the costs incurred in collection and to the cost of taxpayer compliance. Progressive Tax System: Individuals with higher income pay more. For example personal income taxes Regressive Tax System: Income makes no difference. Example would be HST or provincial sales taxes. MUNICIPAL REVENUE SOURCES Where do municipalities obtain their revenues? • Development charges/ lot levies • Federal/Provincial transfers • Conditional/Unconditional Grants • User Fees • Licenses and Permits • Fines • Other (Investment income, rentals, water, other taxes and income) VARIOUS TAXES ON REAL ESTATE Property Taxes: Real Estate Tax Federal Provincial Local Realty Taxes
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