| Abstract [eng] |
The Describtion and Evaluation of Real Estate Tax The Master's thesis describes and evaluates the real estate taxation of the Republic of Lithuania. Theoretically analyzing the concept of the real estate tax, the first part of the Master's thesis describes the historical development of the real estate tax and its legal nature. The second part of the Master's thesis reveals the regulation of the real estate tax - such structural parts of the tax as object, payers, tariff, base, tax period, advantages or exemptions and administration are analyzed. The third part of the Master's thesis describes real property valuation, reveals the contents of real estate valuation methods, and the fourth part presents some examples of foreign real estate tax and real estate valuation practices. The real estate tax can be defined as a periodic tax to municipal budgets, which is levied on buildings that are managed and used in the circumstances prescribed by law. Real estate tax is also attributed to direct and local taxes, considered as an ad valorem tax and is not associated with a specific owner. After examining real estate tax regulation, the author notes that real estate tax can be seen as a stable, predictable financial source and, therefore, provides stable budget revenue. The subject of the property is extremely difficult to hide. In most cases, the amount of the tax is determined by the average market value of the tax object and the tax revenue is transmitted to the budget of the municipality. Municipalities retain the discretion to exempt or reduce this tax at the expense of their budget. However, many scientists, economists and lawyers agree that current real estate tax regulation is unfair. In this way, the issue of real estate taxation remains relevant due to the complex issue of unjustified tax advantages, the creation of multiple taxation, the inaccurate real estate valuation and other problems, and therefore needs to be examined. The major problems identified by the author of the Master's thesis are the abundance of unjustified tax advantages and the inaccurate calculation of the taxable value resulting in the loss of municipal budgets. Unjustified advantages violate the principle of universal mandatory and the real estate valuation system used in the calculation of the tax value is not precise enough to make the real estate tax effective, therefore is considered incorrect. These and several other issues encourage a re-analysis of real estate tax and its problematic aspects. |
