“What A Chinese Property Tax Might Look Like” plus 3 more |
- What A Chinese Property Tax Might Look Like
- No property tax hikes in Waynesville budget
- Planet Election Guide: Property tax hike
- Coles residents to begin receiving property tax bills
| What A Chinese Property Tax Might Look Like Posted: 02 May 2010 06:35 AM PDT I highly recommend a recent article in the Economic Observer-A Property Tax is Coming ... But Not as We Know It. (Original Chinese: 物业税变形房产税 上半年择机出台). I have written about the possibility of a new property tax in Will Declaring Chinese Officials' Assets Cause 'Chaos'? And Will That Delay The Introduction Of A Property Tax? and New Real Estate Regulations From China's State Council That May Bite. Still No Property Tax. The Economic Observer provides much more detail about what a tax might look like, echoing a description in the latest issue of Caixin's Century Weekly. But if this article is correct (and if you believe the Shanghai Securities News it may not be) it is still not a done deal. Regardless, I think it is interesting to look at how the EO says a tax may be introduced. Here are some key excerpts: Many Chinese property owners have been looking on with a sense of dread as economists and policy-makers have discussed the likelihood of the central government introducing a property tax (物业税 or wùyèshuì) to curb the rapid rise in housing prices in some of the country's first-tier cities over recent weeks. According to information obtained by The Economic Observer, an annual tax on the property assets of Chinese property owners will be piloted in four of China's largest cities this year, but the tax will be different from the property tax that many first anticipated. Instead, it's been revealed that the central government plans to trial a real estate tax (房产税), in the cities of Beijing, Shanghai, Chongqing and Shenzhen within the year. After the tax has been piloted in these four cities, it will be applied on a national scale. The real estate tax was previously only imposed on properties being operated on a commercial basis and not on owner-occupied residences. Now it seems likely that residential properties that meet certain, as yet unspecified, conditions will also be subject to the tax. Property Tax Shift The EO has learned that the People's Bank of China, China's Banking Regulatory Commission, the State Administration of Taxation, the Ministry of Land and Resources, the Ministry of Finance and the Ministry of Public Security have been in discussions about when and how to impose a property tax. According to some participants, all the parties agree that local governments are suffering from a lack of revenue and that the central government has no option but to work out a method of providing them with a stable source of fiscal income. The piloting of a property tax in select cites and provinces in recent years - though the tax was never actually implemented, only trialled on a mock payment basis - was considered by many as a solution and that revenue from such a tax could serve as a major source of revenue for local governments. But there are various obstacles hindering the implementation of such a property tax, including legal obstacles and disagreements over how to design and calculate the tax. As a new tax item, it needs to be approved by the National People's Congress, a lengthy process, before it can be issued. Continue reading this post at Sinocism→ Five Filters featured article: The Art of Looking Prime Ministerial - The 2010 UK General Election. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. | |
| No property tax hikes in Waynesville budget Posted: 02 May 2010 10:39 AM PDT |
Under the 2010-11 preliminary budget document presented by Town Manager Lee Galloway Tuesday night, Waynesville taxpayers will see minor fee increases, but no property tax hike. Town aldermen will meet at 5:30 p.m. Monday, May 3, to review the $26.8 million budget document in detail and suggest revisions.Galloway said the sharp reduction in sales tax revenue made crafting a balanced budget particularly difficult this year. To make ends meet, he and Eddie Caldwell, the town's finance director, relied on a $906,000 transfer from the town's fund balance. Such a transfer will reduce the fund balance from 42 percent of the budget to 24 percent if the entire transfer is needed. Most towns the size of Waynesville carry a fund balance of between 35 and 38 percent, though the minimum required by state law is 8 percent. It is the proposed fund balance transfer that will allow the town to maintain the present level of services without raising property taxes. New costs include substantial increased in the cost of providing employee health insurance and funding employee retirement costs, he said. Nonetheless, the town is feeling the pinch of cutbacks stemming, in part, from a total of $460,000 in reduced sales tax revenues over the past two years. That amount is equivalent to almost 5 cents on the town's property tax rate, he added. A total of nine town positions have been eliminated, but luckily, Galloway said, it was during a time the post was vacant so no employee was faced with a layoff. The savings from the downsizing is about $950,000, which includes the benefits package. The budget for all departments was cut back 3 percent last year to make ends meet, and the proposed budget holds a tighter rein on expenses, he told the board. Other revenue estimates fell short of projections, partly because of the sluggish economy that halted much building and expansion. The electric fund revenues came in $600,000 below expectations, but that shortfall was partially offset because the town didn't need to buy as much power and thus incur the expense. Galloway said the reduced demand was primarily due to Associated Packaging's new schedule of operating 24 hours a day for five days a week rather than the previous seven. The reduced work schedule resulted in an employee layoff and stemmed from the loss of a major customer, he said. "This is virtually the same budget dollarwise as two years ago," Galloway told the board members, "but the expense picture is different. There were two very large increases in health insurance and retirement." He said "creative financing," or ordering items in the 2010-11 fiscal year but at a time that postpones payment to the following fiscal year, helped make ends meet, as well. In addition, the proposed budget recommends a 5 percent rate increase in the water rates and pump fees, beginning Aug. 1. Galloway said he anticipated an improved budget picture next year as a result of reduced unemployment rates and a better economy. "Projections are there will be a turnaround, but not a dramatic one," he said. "It will take several years for revenue to return to previous levels." Even though the town has endured several tough budget years, there is plenty to be proud about. There's the state-of-the-art police department and town office building. The town is beginning the process to renovate its Hazelwood offices and then combine all the finance functions under one roof. The town applied and received a $240,000 grant to help rehabilitate the former Wellco building for reuse by Haywood Vocational Opportunities, an expansion that will provide more than 50 new jobs in the community. The town has partnered with Eagle's Nest homeowners to provide a new water system in the community. Grant funds have helped replace 3,000 feet of water lines and provide 1,000 new water meters, as well as three new police officers. "Waynesville continues to have the highest number of incident calls in the county," Galloway said, "even more than the sheriff's office." Galloway said he is often asked if he is comfortable with the budget as presented. This year the answer is, comfortable, yes, satisfied, no. "Although we have a healthy fund balance with more than $4 million in reserves, we have worked hard to keep it there," he said. "We view it as a rainy day fund, but hate to use that money, particularly to this degree. Perhaps as we work through the budget we can trim that down some." The aldermen thanked Galloway and Caldwell for their work and will begin their detailed review next week. Five Filters featured article: The Art of Looking Prime Ministerial - The 2010 UK General Election. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. |
| Planet Election Guide: Property tax hike Posted: 02 May 2010 07:44 AM PDT Dear Reader - We wish to keep our comments section as open and unfettered a forum as possible. However, in posting below you agree to the following guidelines: Be relevant. Keep your comments germane to the issue. Be respectful of others, the writer and the subjects of the story. Do not post potentially libelous statements or ad hominen attacks; obscene, explicit, or racist language; personal insults or threats. Never use another person's real name to disguise your identity. Be aware, in accordance with the Communications Decency Act, you are responsible for comments posted on this Web site. And while you may post anonymously, your anonymity is not guaranteed. All IP addresses are kept on file by Telluride Daily Planet. TDP is not liable for messages from third parties. TDP reserves the right to edit or remove any posting. Thank you for your comments, Five Filters featured article: The Art of Looking Prime Ministerial - The 2010 UK General Election. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. | |
| Coles residents to begin receiving property tax bills Posted: 01 May 2010 10:28 PM PDT | Coles residents to begin receiving property tax bills
CHARLESTON — Coles County property taxpayers soon will receive their real estate tax bill.
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