Local Ad Valorem Tax Rate
What is the process to input local ad valorem tax rates to the Implan system once the product is installed. Is adding local tax rates part of the installation/set up procedures for the product? Is this data easily updated when local taxing entities make their annual rate adjustments?
Thank you
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All the tax data used in the tax reports is from the Social Accounting Matrix (SAM) data. There are no tax rates per se. The IMPLAN tax impacts represents the historical distribution of collected indirect business taxes for the region based on data from the Census of Government Finance. Similarly for payroll taxes and income taxes, we have estimates of overall labor income and taxes paid on those incomes. In effect, we are estimating an overall average tax rate for each of the indicators. The tax data reflects actual tax receipts for the year of your IMPLAN data. Assuming that annual rate adjustments are reflected in the Census data, they will also be reflected in the IMPLAN data.
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