LAND VALUE TAX - LVT
A tax imposed on the value of a piece of land that is vacant or not developed. The tax is a segment of the real estate property tax but it only takes the fair value of the land into account. The taxation, very straightforward and requires only the land’s valuation, is decided by the local property tax assessor.
A land’s value is determined by its supply and demand from one place to another. It is implemented in various countries around the world, which is believed to be the best tax in terms of economic efficiency.
POPULAR TERMS
Property Tax
Local governments assess property tax on real estates. The tax is often based on the property’s value.
Onerous Contract
A contract that produces products or services for a bigger amount that would be anticipated profit. A lease contract is an example of onerous contr ...
Overhead
It is an accounting term that refers to all current business expenses not including o direct labor, direct materials or third-party expenses which ...
Substitute
Product or service replacing and satisfying the need of a consumer. This can be perfect or imperfect, depending on whether the substitute partially ...
Materials Requirement Planning - MRP
A production planning and inventory control system designed to manage manufacturing processes and production. A software based integrated informati ...
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Gauging Inflation
In the United States, the inflation rate was 0.2% through the 12 months ended July. In the United Kingdom, inflation was 0.1% in July.
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