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Introduction to Property Taxation (CEV 1010)

Introduction to Property Taxation (CEV 1010)

Assessment

Flashcard

Business

University

Practice Problem

Hard

Created by

SR SITI NOR ZUHERRYNA BINTI DIMYATI (INSPEN)

Used 1+ times

FREE Resource

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56 questions

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1.

FLASHCARD QUESTION

Front

What is an Assessment Rate?

Back

It is a local government tax levied on property owners, calculated based on the annual or improved value of the property.

2.

FLASHCARD QUESTION

Front

What is the maximum percentage for Assessment Rates according to Section 127 of the LGA?

Back

35% of the annual value or 5% of the improved value, as applicable.

3.

FLASHCARD QUESTION

Front

What is the definition of 'Rateable Properties'?

Back

Rateable properties are defined as any land held under a separate document of title, including buildings and common property in subdivided buildings.

4.

FLASHCARD QUESTION

Front

What is the difference between Annual Value and Improved Value?

Back

Annual Value is the rental value a property can be let for from year to year, while Improved Value is the market value of the property.

5.

FLASHCARD QUESTION

Front

What are the grounds for objections to the Valuation List?

Back

Objections can be made if the property is overvalued, not rateable, omitted from the list, undervalued, or incorrectly valued.

6.

FLASHCARD QUESTION

Front

What exemptions exist under Section 134 of the LGA?

Back

Exemptions apply to properties used exclusively for public worship, burial grounds, public schools, and charitable purposes.

7.

FLASHCARD QUESTION

Front

What is the 'Rebus Sic Stantibus' principle in property assessment?

Back

This principle states that the holding is assessed as it stands and as used and occupied at the time of assessment.

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