Ratable
The adjective 'ratable' describes something that is subject to being rated, evaluated, or assessed, particularly for tax purposes. It often refers to property or assets that can be legally assessed for their value to determine a tax liability. It implies a systematic and objective process of valuation, typically by a government or regulatory body, to establish a basis for taxation or other financial obligations. The term emphasizes the fairness and equity of the assessment, aiming to ensure contributions are proportionate to the value of the item. It may also relate to the evaluation of services or performance, making them eligible for grading or pricing.
Ratable meaning with examples
- The city's tax assessors determined that the commercial property was ratable at $1.5 million, leading to an annual property tax bill. This evaluation ensured the property owners paid taxes based on the assessed value, contributing to the city's budget. The assessment considered various factors like location, building size, and current market conditions, making the evaluation fair and based on defined criteria.
- During the audit, the company's inventory of machinery was deemed ratable for depreciation purposes, impacting the company's financial statements. This assessment allowed the business to allocate a portion of the machinery's value as an expense over its useful life. Tax assessors also reviewed sales prices and equipment valuations, following IRS guidelines. Depreciation decreased the taxable value of the company's assets.
- The government implemented a new policy making all rental properties ratable, allowing the authorities to generate more revenue and fund public services. The policy required landlords to declare the value of their properties, as well as the income of the property and tenants. It was designed to address a budget deficit by increasing tax collections, though some landlords protested that this was unfair.
- After the renovations, the homeowners were informed that their property would be re-ratable to reflect its increased market value. The assessors calculated the value using the sales price of similar homes in the area. This would increase their property taxes accordingly. This resulted in a recalculation of their property taxes. It was expected due to the significant investment made on the property.
- The regulatory body made all renewable energy projects ratable, allowing them to be evaluated for eligibility for tax credits and subsidies. The assessment was based on their environmental impact and cost-effectiveness. Renewable energy's impact allowed the government to direct resources toward projects which would promote environmental sustainability and energy independence. The valuation will determine future funding.
Ratable Crossword Answers
7 Letters
ALBERTA
8 Letters
RATEABLE