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<1Principles and Practice of Rating Valuation>1
<1Chapter 1>1
<2INTRODUCTION>2
<2General meaning of Rate and Rateable Value>2
1.1 A rate is a tax, and its distinguishing feature lies in the
approach of the rating authority to the problem of raising revenue.
With taxation by rates the amount of revenue required is first
decided and this total liability is then distributed among the
taxpayers--or ratepayers as they are called--according to some
definite standard. On the other hand, when any other kind of tax is
levied the total revenue is the sum of the individual payments and
this amount cannot be known precisely at the time when the tax is
imposed. Modern methods of estimating the yield of taxes are such
that the certainty of the amount produced is no longer a special
advantage of rates, but when the machinery of assessment and
collection was crude this characteristic made rat . . .
