Tax Refund A tax refund or tax rebate is a refund on taxes when the tax liability is less than the taxes paid. The return of excess amounts of income tax that a taxpayer has paid to the state or federal government throughout the past yearTaxpayers can often get a tax refund on their income tax if the tax they owe is less than the sum of the total amount of the withholding … [Read more...]
Millage Rate:Explained
Property tax, or millage tax, is an ad valorem tax that an owner is required to pay on the value of the property being taxed. Property tax can be defined as "generally, tax imposed by municipalities upon owners of real property within their jurisdiction based on the value of such propertyThe property tax rate is often given as a percentage. It may also be expressed as a … [Read more...]
Ad Valorem Tax
An ad valorem tax is a tax based on the value of real estate or personal property. It is more common than a specific duty, a tax based on the quantity of an item regardless of price.The funds raised by such taxes are used to support the workings of government. Many provincial governments have an ad valorem tax code, and municipalities have their own ad valorem taxes, such as … [Read more...]
What is an Exemption?
The basic definition of an exemption is immunity from an obligation or duty. For tax purposes, an exemption allows an individual to additional amount of money from your gross income earning to be deducted. A tax exemption lowers the amount of tax you owe because the exemption itself lowers your taxable income. Personal exemptions and dependent exemptions are two types of … [Read more...]
Property Tax India
Property tax is a tax that an owner of property i.e a person who owns the property is liable to pay. The amount of tax is estimated on the value of the property being taxed (advalorem tax). Property Tax in India is levied on residents by local municipal authorities to upkeep the basic civic services in the city. Property, again consists of three entities: 1. Land 2. … [Read more...]