(3) STATUTORY TAX DISTRICTS: If the Property is situated in a utility or other statutorily created district providing water, sewer, drainage, or flood control facilities and services, Chapter 49, Texas Water Code, requires Seller to deliver and Buyer to sign the statutory notice relating to the tax rate, bonded
What does statutory tax rate mean?
A statutory tax rate is the legally imposed rate. An income tax could have multiple statutory rates for different income levels, where a sales tax may have a flat statutory rate. The statutory tax rate is expressed as a percentage and will always be higher than the effective tax rate.
What is the role of tax districts?
Taxing districts are, generally, independent single-purpose units of government established for performing prescribed functions within limited boundaries. (Citizens may circulate a petition to call a referendum to overturn property tax rates that would generate a revenue increase of more than 4 percent.)
What is special tax district?
Special tax districts are those units of local government, exclusive of the county and incorporated municipality, which have separate governing bodies, independent, in general, of other local governments, with power to provide some governmental or quasi-governmental service and to raise revenue by taxation, special
What is statutory burden?
Tax Incidence: The manner in which the burden of a tax is distributed among economic units – consumers, producers, employees, employers, and so on. The actual tax burden does not always fall on those who are statutorily assigned to pay the tax (the legal assignment is called the Statutory Incidence).
How do you calculate statutory tax rate?
Your effective tax rate equals your tax liability divided by your total income (Line 22 on Form 1040), or 8.77 percent. (Note that for corporations, the formula would be their tax liability divided by the profit before tax.)
What is the statutory tax rate in Canada?
The general corporate tax rate on business income—the net tax rate after the general tax reduction, is 15%. For Canadian-Controlled Private Corporations (CCPCs)s eligible Small Business Deduction (SBD), the net tax rate 9% as of January 1, 2019.
What is a special taxing district in Florida?
A special taxing district is a specific area created to provide public improvements and special services through a non-ad valorem assessment. Types of services provided are: neighborhood street lighting, security guards, multipurpose landscaping and lake maintenance, and certain capital improvement projects.
What is ad valorem in real estate?
An ad valorem tax is a form of taxation based on the value of a transaction or a property, either real estate or personal property. It is generally calculated as a percentage of the value of the property, rather than on size, weight, or quantity. Ad valorem is Latin for “according to value.”
Which is an example of a special district?
Single-function special districts are the most common type, examples of which include school building authorities, libraries, hospitals, health, highways, air transportation, fire protection, drainage or flood control, irrigation, sewerage, solid-waste management, water supply, cemeteries, and mosquito abatement.
What is the real estate tax rate in Fairfax County VA?
Overview of Fairfax County, VA Taxes In fact, Fairfax County holds a moderate average effective property tax rate of 1.03%, which compares well to the 1.07% national average. Because home values here are high, though, the median annual property tax payment in Fairfax County is $5,641.
What’s so special about special districts?
So, what’s so special about special districts? Focused services. Special districts are a type of local government that delivers specific public services within defined boundaries. Special districts deliver highly diverse services including water, electricity, mosquito abatement, and fire protection.
What is statutory total income?
Statutory Net Income. Statutory Net Income means, with respect to any Insurance Subsidiary for any computation period, the net income earned by such Person during such period, as determined in accordance with SAP (“Underwriting and Investment” exhibit, “Statement of Income”, Line 16 of the Annual Statement).
What is the difference between effective and statutory tax rate?
The effective tax rate for a corporation is the average rate at which its pre-tax profits are taxed, while the statutory tax rate is the legal percentage established by law.
What is the statutory corporate tax rate?
Under current law, corporations in the United States pay federal corporate income taxes levied at a 21 percent rate plus state corporate taxes that range from zero to 11.5 percent, resulting in a combined average top tax rate of 25.8 percent in 2021.