How to calculate the property tax for individuals and legal entities.

Taxation of property existsmillennia. It was used already in the Roman Empire, and for many centuries it was the main form of replenishment of the state treasury. In the ancient world, such kind of fees were made in relation to individuals rather than natural persons. The monetary accumulations and real estate objects belonging to a particular person were taxed. Today, property tax for individuals and legal entities is calculated in different ways.

how to calculate property tax

How to calculate property tax for physicalface? In order to find out, you need to refer to Federal Law No. 2003-1, adopted on 9.12.1991. Here is defined the list of persons who are taxpayers - they are sole proprietors of property, as well as persons owning property on the basis of common joint or common share ownership. Also listed is a list of taxable objects, among which there are shares in common property, garages, cottages, rooms, apartments, houses and other structures. Thus, in accordance with this law, you can learn how to calculate the property tax, which is immovable.

The law specifies tax rates - from 0.1up to 2.0 percent of the total inventory (non-market) value of taxable items. The latter is established every year by a federal body authorized to conduct cadastral activities as of January 1. And on its basis, the tax authorities independently calculate the amount of tax payable, and send a receipt at the place of registration of the taxpayer. The probability of errors in calculating the amount of tax is always present, so it's better to know for yourself how to calculate the property tax.

how to calculate property tax

The tax on certain "movable" property inRussian practice is represented by a transport tax. It is calculated proceeding from the requirements of Chapter 28 of the Tax Code of our country, where it is indicated that the payers are persons (legal and physical) to which a particular vehicle (machine, aircraft, water craft, etc.) is registered. The tax rate is calculated based on the engine power and mode of transport, and ranges from 1 to 200 rubles (per horsepower). Individuals are well aware of the subtleties of how to calculate the tax on property of this kind, because the receipt for payment is again sent by the tax authorities. But legal entities carry out transportation tax calculations themselves.

how to calculate property tax

Also, legal entities independently calculateother payments. Therefore, the accountant should know how to calculate the property tax of the organization. The peculiarity of taxation in this case is that the tax is calculated both in respect of immovable property and in respect of certain types of movable property located in the organization in the ownership or transferred by the organization to trust management, temporary possession, etc. The accrual is made for the amount of the average annual value of property objects and is no more than 2.2% of this figure. The specific rate is determined by the subjects of the Russian Federation. Detailed information on how to calculate the property tax of a legal entity is detailed in Chapter 30 of the Tax Code of the Russian Federation.

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