Deduction of debts from urban property value limits additional wealth-tax and prevents levy beyond a taxpayer's net wealth. Additional wealth-tax on urban immovable properties is assessed on the equity in each charged urban asset, i.e., market value less debts specifically charged to it. Debts not attributable to particular assets are to be deducted first from other assets and only excess amounts may be applied against urban assets. From the amended Schedule, debts incurred for acquiring, improving or constructing an urban asset-secured or unsecured-are deductible from that asset's gross value. Administratively, no additional levy should be imposed when net wealth is negative or below the exemption, nor exceed the taxpayer's net wealth.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Deduction of debts from urban property value limits additional wealth-tax and prevents levy beyond a taxpayer's net wealth.
Additional wealth-tax on urban immovable properties is assessed on the equity in each charged urban asset, i.e., market value less debts specifically charged to it. Debts not attributable to particular assets are to be deducted first from other assets and only excess amounts may be applied against urban assets. From the amended Schedule, debts incurred for acquiring, improving or constructing an urban asset-secured or unsecured-are deductible from that asset's gross value. Administratively, no additional levy should be imposed when net wealth is negative or below the exemption, nor exceed the taxpayer's net wealth.
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