Tax on Production and Imports: Property Tax


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    IMPLAN Support
    The biggest source of confusion on this tends to arise because this Taxes on Production & Imports: Property taxes includes both the taxes on commercial and private properties- in other words all real estate taxes are tied up in this. This results from the BEA (Bureau of Economic Analysis) classification of home ownership as an Industry for the purposes of being able to count the value of home ownership to national GDP. Since home ownership is classified as an imputed Industry by BEA and thus by IMPLAN, both types (commercial and residential) are rolled together into the Taxes on Production & Imports value. This often leads to the question of what Personal Property taxes are. These are defined as: Household personal property tax payments to State and Local governments. Dividend, interest, and rental income of persons with capital consumption adjustment are sometimes referred to as property income. So these include taxes on personal income and in states where applicable luxury items (such as a yacht tax). In terms of the calculation itself, the data is based on actual collected data for collected taxes for each Industry for each region, and while we have total Taxes on Production & Imports by Industry, the distribution of how these are paid in the tax impact report will be the same regardless of the which Industry is impacted, but is still regionally specific. So if the concern is around the distribution of taxes to this component, you may need to adjust according to local knowledge. We hope this helps to address your concerns, but if not, if you could please help us to understand more about the nature of the clients concern, we'd happy to dig into it further. -Thanks!
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