Australia
Australia has property taxes known as property or land rates. Land rates and frequency of payment are determined by local councils. Each council has land valuers who value the land's worth. The land's worth is the value of the land only; it does not include existing dwellings on the property. The assessed value of the land determines the total charges of rates. Rates can range from $100 per quarter to $, but frequency varies by locality. Australian property owners also pay water rates. Some councils include this in the total of the rates notice and provide a breakdown of water and land charges. Other councils may charge this separately. Depending on the municipality, water rates can be either a flat fee, user pay or a combination of both. Prospective buyers can get details about land and water rates from the local council before purchase.
Australia also has stamp duty, applied at the time a property is sold, by the purchaser to the Office of State Revenue. In addition to stamp duty there is also a Land Transfer Charge under the NSW State Revenue Legislation Amendment Bill 2010 (1 July 2010). The Charge will be levied as an ad valorem tax to be paid by the purchaser, for property above $500,000 in value, and is payable at the time a transfer document is lodged for registration with Land & Property Information (LPI).
Stamp duty rates are applied on a sliding scale of 1% to 6.75% based on the value of property and the state of Australia.
Canada
Many provinces in Canada levy property tax on real estate based upon the current use and value of the land. This is the major source of revenue for most municipal governments in Canada. While property tax levels vary among municipalities in a province there is usually common property assessment or valuation criteria laid out in provincial legislation. There is a trend to use a market value standard for valuation purposes in most provinces with varying revaluation cycles. A number of provinces have established an annual reassessment cycle where market activity warrants while others have longer periods between valuation periods.
Calculating Individual Property Taxes
In Ontario, for most properties (e.g., residential, farms), the property taxes can be calculated by multiplying the phased-in assessment indicated on the Property Assessment Notice by the tax rate.
Municipal tax rate x phased-in assessment for the particular taxation year = municipal portion of tax
county/regional tax rate x phased-in assessment for the particular taxation year = county/regional portion of tax
education tax rate x phased-in assessment for the particular taxation year = education portion of tax
municipal portion of tax + county/regional portion of tax + education portion of tax = Total Property Tax
In some cases (e.g., commercial, industrial, multi-residential properties), the Province or municipality may implement measures that affect the actual taxes paid on a property.
Chile
Land property taxes, called "territorial tax" or "contributions", is an annual amount paid quarterly by the property's owner. It is determined as a percentage of the property's "fiscal value," which is calculated by the Internal Revenue Service, based on the property's land and built area, the value of the construction materials, its age and its use. The fiscal value, which is usually much lower than the market value, may be disputed by the owner. The annual levy varies between 1 to 2% of this value, depending on the property's use (residential, agricultural or commercial). Residential properties valued below US$40K (as of 2013) are not taxed; those above that threshold are taxed only on the amount exceeding it.[4] The collected taxes go to the municipality administering the property's commune.[5] All municipalities contribute a share of the revenue to a "common municipal fund," which is then redistributed back to municipalities according to their needs (commune's poverty rate, etc.).[6][7] Additionally, municipalities charge a quarterly trash collection tax, which is often paid together with the territorial tax (if applicable).
Denmark
The property tax in Denmark is 1% for property valued at less than DKK 3 million and 3% for property valued above DKK 3 million.
Greece
Greece has a Municipal and a Government property tax. The municipal property tax (ΤΑΠ/ΔΤ/ΔΦ) is included in electricity bills and incorporates, among others, charges for street cleaning and lighting. The Government property tax (ENFIA) is a combination of the individual asset's tax based upon floor-area and a progressive real-estate wealth tax per individual which is based on the estimated net-worth of all properties and can reach 2%.
Hong Kong
In Hong Kong, there is a kind of tax named a property tax, but it is not an ad valorem tax; it is actually classified as an income tax.
According to HK Inland Revenue Ordinance IRO s5B, all property owners shall not be subject to this tax; unless the HK property owner has received a consideration, the example is rental income for the year of assessment. The property tax shall be computed on the net assessable value at the standard rate.
Year of Assessment
The period of assessment is from 1 April to 31 March of the following year.
Net assessable value
The formula is:
Net assessable value = 80% of Assessable value.HK property tax payable = Net assessment value X Property tax standard rateAssessable value = Rental income + Premium + (Rental bad debt recovered — Irrecoverable rent) – Rates paid by owner.
Jamaica
This tax is paid in the same way as a mortgage, an annual payment depending on the value of one's assets, such as property.
India
Property tax or 'house tax' is a local tax on buildings, along with appurtenant land, and imposed on owners. It resembles the US-type wealth tax and differs from the excise-type UK rate. The tax power is vested in the states and it is delegated by law to the local bodies, specifying the valuation method, rate band, and collection procedures. The tax base is the annual rental value (ARV) or area-based rating. Owner-occupied and other properties not producing rent are assessed on cost and then converted into ARV by applying a percentage of cost, usually six percent. Vacant land is generally exempt. Central government properties are exempt. Instead a 'service charge' is permissible under executive order. Properties of foreign missions also enjoy tax exemption without an insistence for reciprocity. The tax is usually accompanied by a number of service taxes, e.g., water tax, drainage tax, conservancy (sanitation) tax, lighting tax, all using the same tax base. The rate structure is flat on rural (panchayat) properties, but in the urban (municipal) areas it is mildly progressive with about 80% of assessments falling in the first two slabs.[8]
Ireland
A Local Property Tax will come into effect in Republic of Ireland on 1 July 2013, and will be collected by the Revenue Commissioners. The tax will be on residential properties, with the owner a property being liable (though in the case of leases over twenty years, the tenant will become liable). The revenue raised will be used to fund the provision of services by local authorities. Such services currently include public parks; libraries; open spaces and leisure amenities; planning and development; fire and emergency services; maintenance and cleaning of streets; and street lighting.
The tax will be based upon the market value of the property, taxed via a system of market bands. The initial national central rate of the tax will be 0.18% of a property's value up to