The prevailing market rates of the land and building play an important role in calculating the property tax rate even though the methods may differ in every country. In India this rate is already specified in the Section 45B of the Stamps Act issued by the Department of Registration and Stamps.
Local administrative bodies are empowered to determine the tax rates of properties according to their respective class and usage. In certain countries the local governmental bodies also determine the tax rates for empty lands and buildings. The rates are normally issued through publications that are brought out by them.
The property owners are asked to assess the property taxes keeping in mind the amount of empty land and the measurements of the particular building. The taxes in such cases are calculated after applying the rebates relevant for particular categories like size of the house. The particular nature of the property and the time when the owners pay the taxes are important considerations as well.
The tax rate of a particular property also depends on certain factors like the land value and the expenses that have been incurred in constructing the building. The depreciation costs also play an important role in calculating the tax rate of a certain property.
There are tax rates all over the world for various kinds of properties like the vacant lands, the residential properties and the buildings that are used for commercial purposes. The attributes of a building like its length and width are often used for calculating its property tax rate.
