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Since the beginning of decentralization of responsibility for administration of the property tax in Serbia in 2006, this tax has significantly gained in importance for the budgets of local governments. While the first steps towards decentralization of property tax were aimed at broadening the tax base, the latest amendments to the Law on Property Tax make significant steps to introduce modern model of determining the tax base, as a particularly complex and important element of administering this tax from the standpoint of tax equity and revenue generation. In this paper we discuss different approaches to determining the property tax base and their implications. Then we review the current legal framework for determining the property tax base in Serbia. We find positive developments in terms of narrowing application of the dual model of determining the tax base that treated differently physical and legal persons. In the quantitative segment of this research, we use a robust database of local governments' ordinances setting the key elements for determining the property tax in 138 of the total 145 local government units in the country in 2014 and 2015 to apply analyses of the coefficient of variation of individual values of the average prices of different categories of immovable properties in different zones. Then we compare values determined for the year of 2015 with those set for 2014. Based on that research, we find relatively good performance of the current system of taxation of residential buildings but also identify existence of impermissible inconsistencies in determining the property tax base in the case of land (agriculture, forest and construction land), which undermines the principle of tax equity and limits the revenue potential of the property tax

Setting the property tax base: Some methodological issues, practice in Serbia and the results