Estate tax in the United States exemption level with a 2001 top rate. That is, had no further legislation been passed, the estate of a person who died in the year 2010 would have been entirely exempt from tax while that of a person who died in the year 2011 or later would have been taxed as heavily as in 2001. However, on December 17, 2010, Congress passed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. Section 301 of the 2010 Act reinstated the federal estate tax. The new law set the exemption for U.S. citizens and residents at $5 million per
Property tax in the United States Some jurisdictions have set limits on how much property values may be increased from year to year for property tax purposes. These limits may be applied yearly or cumulatively, depending on the jurisdiction's rules. The assessment process varies widely by jurisdiction as to procedure and timing. In many states, the process of assessment and collection may be viewed as a two-year process, where values are determined in the first year and tax assessed and paid in the second. Most jurisdictions encourage property owners to declare the value of their property at the start of the assessment process. Property owners in