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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.
Commissioners also assist taxpayers in completing state tax returns and filing forms. The Virginia General Assembly grants the Commissioner of the Revenue the power to summons taxpayers, to issue statutory assessments, to audit taxpayer returns, and, if necessary, to file civil and criminal proceedings against taxpayers for failure to file ...
Property tax revenue from property-wealthy school districts is distributed to those in property-poor districts, in an effort to equalize the financing of all districts throughout Texas. Especially in the metropolitan areas, Texas also has numerous private schools of all types (non-sectarian, Catholic, and Protestant). The TEA has no authority ...
Personal property taxes are taxes levied on personal property as opposed to real property. They often fund schools and roads and other public works projects . They’re imposed by states and ...
[6] [7] [8] The mission of the agency is to "serve the public by acting ethically and efficiently in our administration of Virginia’s tax laws." [ 1 ] The agency is currently led by Craig M. Burns, who has served as Tax Commissioner since November 2010 [ 9 ] [ 10 ]
Some jurisdictions also tax some types of business personal property. [83] Rules vary widely by jurisdiction. [84] Many overlapping jurisdictions (counties, cities, school districts) may have authority to tax the same property. [85] Few states impose a tax on the value of property. Property tax is based on fair market value of the
For the 10 years of the tax benefit period, reduced local school district revenues are substantially replaced with state funds through the state public school finance system. [4] The Texas Tax Code gives the Texas Comptroller's office responsibility and authority to adopt rules necessary for the implementation and administration of the program. [5]
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