PADP 6930 Lecture Notes - Lecture 8: Internal Control, Tax Foundation

• School: University of Georgia
• Department: Public Administration and Policy
• Course: PADP 6930
• Professor: Moldogaziev

Document Summary

Lecture 8 : taxation of property: two main types of taxes, taxes on flows, taxes on transactions (sales) Property tax background: tax > on stock value at a point in time (not on value of ow of transaction) Usually assessed by government agents or by private contractors hired by governments (2) personal property. Usually self-assessed & seldom audited: us trend. Mostly real property, limited coverage of personal property. States may exclude household personal property & business inventory but other business personal property is taxed. Special personal property tax on motor vehicles. Property tax politics: local property tax regularly found to be most unfair of broad base taxes. From survey by advisory committee on intergovernmental relations & tax. Foundation: state politicians often run against property tax, local governments survive on revenue from property tax, academics regard real property taxes as vital for local scal autonomy in 21st century tax systems. Backbone of fiscal federalism: valuing the tax base, taxpayer passive system.