Property taxes in Spain compared to property taxes in the USA скачать в хорошем качестве

Property taxes in Spain compared to property taxes in the USA

Spain: Property taxes in Spain are based on the cadastral value, which is a value determined by local authorities and typically lower than the property's market value. This value is updated periodically (but not annually), and it can vary depending on the region and the specific property. USA: In the USA, property taxes are generally based on the market value of the property, which is determined by the local assessor’s office. The value is often updated annually or every few years, depending on the jurisdiction. 2. Tax Rates Spain: Property taxes in Spain are relatively low compared to the USA. The rates for the Impuesto sobre Bienes Inmuebles (IBI) (the equivalent of a property tax) generally range from 0.4% to 1.1% of the cadastral value, depending on the municipality. There can also be additional taxes for urban or rural properties. USA: Property tax rates in the USA vary significantly by state and local jurisdiction. On average, property tax rates in the USA range from 0.5% to 2.5% of the assessed value; however, in some areas, rates can be significantly higher, particularly in states such as New Jersey, Illinois, or Texas. 3. Frequency of Payment Spain: Property taxes are usually paid annually, and the payment dates are set by the local municipality. Some municipalities also allow payment in installments. USA: In the USA, property taxes are typically paid once or twice a year, depending on the local jurisdiction. Many homeowners also set up escrow accounts through their mortgage lenders to ensure taxes are paid on time. 4. Who Pays the Tax Spain: The property owner is responsible for paying property taxes in Spain. If the property is leased out, the owner may be able to pass on some of the tax burden to the tenant, but this depends on the lease agreement. USA: Similarly, the property owner is responsible for paying the property tax in the USA. However, in the case of rental properties, landlords often pass the tax burden on to tenants through higher rent. Conclusion: Tax Structure: Spain tends to have lower property tax rates but more limited deductions or exemptions, and taxes are based on cadastral values. The USA has higher property taxes on average and a more varied system, with taxes based on market value and more frequent exemptions or deductions available. Regional Variation: Property tax laws vary significantly between regions in both Spain and the USA, but they are more decentralized in the USA, where local municipalities have more control over the rates and rules. Copyright-free music: https://pixabay.com/music/upbeat-simp... Copyright-free video clip: https://yarn.co/yarn-clip/f6446ba8-c7...