BUSINESS ADMINISTRATION
BUSINESS MATHEMATICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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increase $76
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decrease $96
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increase $791
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decrease $695
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Detailed explanation-1: -Capital Value System (CVS): The property tax is calculated as a percentage of the property’s total market value under the Capital Value System. The market value of the property is calculated by the local administration such as the municipal body or the local government, depending upon the locality.
Detailed explanation-2: -The standard formula that is followed during the calculation of Property Tax is: Property tax = base value × built-up area × Age factor × type of building × category of use × floor factor.
Detailed explanation-3: -Definition: For the purpose of taxation, a property is assessed for its monetary worth. This ascertained price is known as assessed value. Description: This assessment is done at an annual basis, considering factors such as property values and market conditions in the neighboring areas.
Detailed explanation-4: -Method of fixing Annual value for Super Structure only: (Landowner being separate) Annual rental value-10% x (MRV x 12) Half yearly Property Tax for any property is calculated as percentage of annual rental value.