The Assessment Ratio is the ratio of the assessed value of a property to its market value, often used to determine property taxes. It is a vital aspect in the evaluation of real estate for taxation purposes.
The blended rate refers to the time- and rate-weighted effective billing rate, interest rate, or tax rate, providing an average rate that incorporates varying rates and applied durations.
A Head of Household tax filing status applies to unmarried taxpayers who maintain a home as the principal residence for a designated dependent. This status offers a lower tax rate than Single filers and provides significant tax benefits.
Proportional taxation is a tax system where the tax rate remains constant regardless of the amount of income earned. It applies a uniform tax rate to all individuals, which means that both the wealthy and poor pay the same percentage of their income in taxes.
The rate of value added tax (VAT) applied to all goods and services sold by taxable persons that are not exempt, zero-rated, or subject to a special rate. For the 2016-17 tax year, the standard rate was 20%. It is also the marginal tax rate for most taxpayers.
A tax bracket refers to a range of income that is taxed at a specific rate. As income increases and moves into higher brackets, the rate of taxation is adjusted according to predefined thresholds set by the tax authority.
A tax rate is the percentage at which an individual or corporation is taxed. Tax liability is calculated by applying the appropriate tax rate to the tax base.
