National and Rating Taxation

At the end of this course, students should be able to: 1. explain landed property taxation as a means of revenue generation; 2. perform valuation for the determination of ground rents, land use charges; and 3. undertake valuation for rating and taxation.

Income tax: nature and incident. Allowances on deductions. Assessment of owners and occupiers of landed property. Taxation of capital estate duty. Capital transfer tax. Elementary principles of national finance with particular reference to central and local government finance. The caucus and principles of taxation. Taxation distinguished from other land burdens. Methods of taxation proprietary interests in land. Income tax. Inheritance tax. Local rates and other statutory charges. National taxation policies relating to land. Organization and administration of rating. Valuation list and preparation objections; proposal and appeals. Assessment of property. Occupation and hereditament. Tone of list; gross value; net annual value; rateable value. Rebus sic stantibus. Rating valuation practice. Hypothetical tenant. Valuation assumptions. Vacant and to let exemptions. Adjustment of gross value to net annual value. Alterations of the valuation list. 400 Level Estate Management