Posts Tagged ‘property tax’
The Director of Fiscal Services and Control of Collection of the National Tax Administration Office (ONAT), Juan Carlos Vilaseca Mendez, said the press that this year must file their affidavit more than 180 000 taxpayers across the country, which processed by your county prosecutor.
This time the taxpayers help forthcoming to fill the model with specialists of the National Association of Economists and Accountants of Cuba, in the figures of Collector paying bookkeepers and municipal specialists ONAT.
This year, other individuals, including musicians, writers and others not classified as Self-Employed, also have the traditional model Affidavit income in pesos and foreign currencies, whether they have been exempted from payment, as decisions given by the Ministry of Finance and Prices.
In press reports published today is stated that the property tax or possession of vessels to cover up tomorrow, while land transportation will culminate on May 31 this year.
The County Tax Office is an agency independent of government and is elected for a term of four years in the presidential election year. It is essential that a county tax collector is independent to ensure that it can serve the taxpayers, local businesses and local and state agencies properly.
The functions of a county tax office are: • collection of property taxes each local government agency with power to collect taxes • serving the state as an agent for the Department of Highway Safety and Motor Vehicles, the department of environmental protection, the department of revenue and other local revenue programs • management, such as occupational licensing and collection of tourist development taxes the County Tax Office is a vital link between citizens and various programs that affect them and have the authority and resources to manage the state and local revenue programs.
A county tax office collections and distributions can have billions of dollars a year. This treatment requires conveniently located offices, skilled employees and innovative data systems to ensure that the functions of the county tax office efficiently and, most importantly, it works accurately.
Although revenues collected by the county tax office are mostly tax, county tax office is not funded with tax dollars but it is a fee office. Fees collected for services rendered by the county tax office used to finance the operating budget, which is approved by the department of revenue. Unfortunately, the workload of a County Tax Office, together with the profitability of operations, usually produce share gains that are over budget. Excessive rates are returned to local government bodies in proportion to the amount paid by the county tax office to receive tax collection services at the lowest possible cost.
Among other issues, the County Tax Office collects taxes invoice and real and personal property for the department of revenue. The actual tax amount is based on the appraised value of the property and the mileage rate, which is set by various taxing authorities. State cars also emit license applications and processes titles on cars, trucks, RVs and boats of the Department of Highway Safety and Motor Vehicles.
Most of the personal income tax with some form of qualification of municipal tax collector is sponsored by the local government services. This is because a tax collector has many financial obligations and responsibilities to be fulfilled in a timely manner. Achieving the status of qualified tax office indicates that an individual has demonstrated competence, knowledge and professionalism in the field.
In years after the revaluation year the homeowner should find out what the assessment to sales ratio for his or her taxing district is in New Jersey. This ratio is announced each year and is available from the local tax assessor’s office. It represents the average at which the assessed value for all properties that sold in the past year was compared to their sales value in the municipality. Why is it important? It may provides a key factor in proving that you have received an unequal assessment and are entitled to file a discrimination challenge to your property assessment to win a tax reduction.
An unequal assessment is one made at a higher proportion of market value than an average of the other parcels on the roll. A year or so after a revaluation housing inflation often makes the assessment your tax assessor placed on your home look low compared to sales prices of comparable sold homes in your neighborhood. But watch out!
A low assessment to sale ratio in a municipality can fool some taxpayers into thinking that they are being assessed below market value and are therefore getting a break. However, if all assessments are set below market value then the tax rate must be increased in order to collect the necessary amount of tax revenue. The same amount of tax is collected, but the taxpayers are fooled into thinking they’ve gotten a break and do not search for malassessments.
Now, do not forget that the assessment to sales ratio (or common level ratio) is a key factor in getting you property tax relief. Let me explain. An important test for fairness of your assessment is not just its relationship to market value. It is also whether or not it is fair in relation to assessments on other properties in your town. For example, if you have a home with a market value of $800,000, but it is assessed at $600,000, you may think you are getting off cheaply. However, if your neighbor’s house which is comparable to yours is assessed at only $200,000, you are paying three times as much real property tax as you should!
When your property is under appeal the County Board of Taxation can adjust your home’s value to the common level. The taxpayer should know the average ratio in the municipality where the property under appeal is located before filing a tax appeal. Remember the ratio changes annually on October 1, for use in the subsequent tax year. Also, remember this adjustment to the common level is not used in the year of revaluation or reassessment when all properties have been brought to 100% of market value.
Once the County Tax Board determines the true market value of a property they are required to automatically compare that true market value to its assessment value. If the ratio of the assessment to the true value exceeds the average ratio by 15%, then the assessment is automatically reduced to the common level. The homeowner gets his property tax relief. But watch out! If the assessment to true value ratio falls below the common level, the County Tax Board is obligated to increase the assessment to the common level. The homeowner would then get his property tax increased. If the assessment falls within the common level range no adjustment is made.
Each year on October 1 of the pre-tax year the assessor establishes a value for each of the properties in the municipality for the following tax year. The annual assessment value is considered tentative during the period of public inspection of the new tax list from January 1 to January 10th. The purposes of the inspection period is to enable the taxpayer to ascertain what assessments have been made against him or her and to confer informally with the assessor as to the correctness of the assessments.
At this point your approach can be informal and will not require a formal, written appeal. Taxpayers have an opportunity only once each year to file a formal property tax appeal. Get your tax form for property tax appeal purposes from your County Board of Taxation web site. Generally, it must be received by the County Board of Taxation on or before April 1 of the tax year. If the taxpayer misses the deadline for filing a formal appeal the taxpayer must wait until the following year to make a challenge for any tax relief.
The Property Tax Doctor can help the average homeowner win his rightful property tax relief. Under the common level adjustment, described above, the New Jersey’s statutory standard for an acceptable property tax assessment margin of error in its calculation is 15%. In New Jersey where the average homeowner in 2006 paid about $5,000 per year in property taxes that amounts to an acceptable error of $750 in the propertytax bill. If we administered our Federal Tax bill with that 15% margin of error we would have a taxpayer revolt.
Because each home owner who protest their assessments, with a knowledge of how the property tax assessment system works, often recieve $500 to $1000 tax savings, if not more annually on their property tax bill. Simply stated the property tax bill is calculated by multiplying the homeowner’s assessment times the local property tax rate and subtracting any tax deductions for which the individual home owner is eligible.The property tax doctor can show you how to lower your assessment and thereby reducepx d your property tax bill! The property tax doctor is a former tax assessor who knows first hand how difficult it is for the average person to penetrate the tax assessor’s bureaucratic jungle comprised of arcane terms and practices.
Because each home owner who protest their assessments, with a knowledge of how the property tax assessment system works, often recieve $500 to $1000 tax savings, if not more annually on their property tax bill. Simply stated the property tax bill is calculated by multiplying the homeowner’s assessment times the local property tax rate and subtracting any tax deductions for which the individual home owner is eligible. Read the rest of this entry »