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- Aug 20, 2017
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1. Establish uniform procedures that will be applied in each state to determine the taxable value of all real property in the state that is not completely exempt from taxation and calculate the total taxable value of all real property in each state.
2. All corporations and all individual persons who have taxable real property in a state will pay taxes on the property according the formula {[a/b]/1000}{y}{z}} where a = the total taxable value of the taxpayer’s real estate; b = the total taxable value of all real estate in the state and y = the taxation coefficient established by the taxation authority which shall be uniform for all taxpayers and z is an ownership coefficient that shall be applied whenever the taxpayer is not a resident or does not maintain a corporate headquarters within the jurisdiction of the taxation authority.
2. All corporations and all individual persons who have taxable real property in a state will pay taxes on the property according the formula {[a/b]/1000}{y}{z}} where a = the total taxable value of the taxpayer’s real estate; b = the total taxable value of all real estate in the state and y = the taxation coefficient established by the taxation authority which shall be uniform for all taxpayers and z is an ownership coefficient that shall be applied whenever the taxpayer is not a resident or does not maintain a corporate headquarters within the jurisdiction of the taxation authority.