The largest portion of local government tax revenue in the United States comes from residential and commercial property taxes. Overall, local governments obtained more than 75 percent of their fiscal year 2010 tax revenues from property taxes, as reported by the U.S. Census Bureau. During that same fiscal year, New Hampshire was the state whose local governments relied most heavily on property taxes, with New Jersey and Vermont in second and third place, respectively.Know More
Local government in the U.S. refers to those jurisdictions below the state level, and it includes counties and, at one level below, the various forms of municipalities such as cities, towns, boroughs and villages. From their earliest beginnings, municipalities looked to real estate as a source of tax revenue. It was plainly visible, fixed in place, its value was well known and the revenues collected could be allocated directly to the sector of government in which the property was located.
The 10th Amendment to the U.S. Constitution, which was ratified in 1791, made the various forms of local government a matter for state governments to decide, with the exceptions of the District of Columbia and U.S. territories. The result was that the states implemented varying types of structural and taxation systems for their county and municipal governments.
The U.S. Census Bureau is charged with the task of compiling statistics relating to local government every 5 years. Detailed information is collected and made publicly available regarding local government organization, employment and tax revenues.Learn more about Taxes
Tax exempt refers to a person or company that is not required to pay taxes, such as income taxes, property taxes or sales tax on specific items. Eligible individuals and organizations have a tax exempt ID number to prove that they are not required to pay certain taxes.Full Answer >
Unearned revenue is not an asset, according to Investopedia. Unearned revenue is actually a liability to the company that has the account on its books, because it represents payments already made for a promised good or service.Full Answer >
Paris residents must pay property taxes, residency tax, garbage collection tax and street cleaning tax. Visitors to Paris must pay a city tax, which is charged on all accommodation in the city.Full Answer >
Income from traditional retirement sources, such as Social Security, pensions, annuities, tax-deferred accounts and Roth IRAs, is subject to different tax rates, depending on the source. Some of these income sources are taxed as ordinary income, while others are subject to lower tax rates or are tax-free.Full Answer >