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Collecting property tax - Assignment Example

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These are exercisable under the property tax lien, to the extent of the defaulted tax. The governments can enforce lien in a property through a sale of the property to settle the defaulted…
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Collecting property tax
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Collecting property tax and local government have a number of approaches for compelling people to pay taxes. These are exercisable under the property tax lien, to the extent of the defaulted tax. The governments can enforce lien in a property through a sale of the property to settle the defaulted tax from proceeds. This option compels people to pay taxes because of the greater loss in the property whose value is normally higher the outstanding tax or rates. Another approach to compelling people to pay tax is the government’s acquisition of the subject property under right of lien and application of interest charge upon repossession of the property. This forces people to pay tax and rates in order to avoid the possible penalties (Prah, 2012).
Reliance on the approaches constrains people’s financial position by reducing a person’s net worth through loss of property or charges. It also leads foreclosure of liabilities on the subject properties (Prah, 2012).
Tax amnesties are attractive, especially forgiveness for part of interest and charges, and reduced recovery rates, because they relieve the payment burden and makes it easier to pay the dues.
Reference
Prah, P. (2012). Losing your home to a small tax debt? Retrieved from: http://www.pewstates.org/projects/stateline/headlines/losing-your-home-to-a-small-tax-debt-85899412245 Read More
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