Yinger / Bloom / B”rsch-Supan Property Taxes and House Values

The Theory and Estimation of Intrajurisdictional Property Tax Capitalization
1. Auflage 2013
ISBN: 978-1-4832-6576-6
Verlag: Elsevier Science & Techn.
Format: PDF
Kopierschutz: 1 - PDF Watermark

E-Book, Englisch, 232 Seiten, Web PDF

Property Taxes and House Values: The Theory and Estimation of Intrajurisdictional Property Tax Capitalization explains the link between property taxes and house values and elaborates public policies that alter property taxes, such as assessment reform and state aid. This book introduces the concept of property tax capitalization and discusses the importance of tax capitalization for public policy. The topics include the simple algebra of property tax capitalization, inherent econometric difficulties, and household utility maximization problem. The anticipation of revaluation, revaluation in Brockton, and nonlinear two-stage least squares estimator are also described. This text likewise covers the estimates of the degree of property tax capitalization and horizontal equity of tax rate changes. This publication is recommended for academics, public officials, and homeowners.

Autoren/Hrsg.

Yinger, John

Bloom, Howard S.

Börsch-Supan, Axel

Mills, Edwin S.

Inhaltsverzeichnis

1;Front Cover
;1
2;Property Taxes and House Values: The Theory and Estimation of Intrajurisdictional Property Tax Capitalization
;4
3;Copyright Page
;5
4;Table of contents
;6
5;Preface;10
6;Chapter 1.
What Is Property Tax Capitalization?;14
6.1;1. WHAT IS PROPERTY TAX CAPITALIZATION?;14
6.2;2. WHAT DOES THIS BOOK CONTRIBUTE?;16
6.3;3. HOW DOES PROPERTY TAX CAPITALIZATION ARISE?;17
6.4;4. WHY DOES PROPERTY TAX CAPITALIZATION MATTER?
;19
6.5;5. HOW IS THIS BOOK ORGANIZED?;22
6.6;NOTES
;23
7;Chapter 2. A Review of Previous Empirical Studies of Property Tax Capitalization
;24
7.1;1. THE BASIC CAPITALIZATION EQUATION;24
7.2;2. STUDIES BEFORE 1980;28
7.3;3. STUDIES SINCE 1980;44
7.4;4. CONCLUSIONS;57
7.5;NOTES;58
8;Chapter 3. A Theoretical Analysis of Intrajurisdictional Property Tax Capitalization
;62
8.1;1. OVERVIEW;62
8.2;2. THE BASIC THEORY OF PROPERTY
TAX CAPITALIZATION;64
8.3;3. THE SETTING: REVALUATION IN MASSACHUSETTS;74
8.4;4. DERIVING AN ESTIMATING EQUATION;76
8.5;5. SUMMARY;87
8.6;NOTES;88
9;Chapter 4. Sample Communities, Data Sources, and
Revaluation Histories;92
9.1;1. COMMUNITY SELECTION;92
9.2;2. DESCRIPTION OF THE SAMPLE COMMUNITIES;93
9.3;3, DATA SOURCES;94
9.4;4. REVALUATION HISTORIES;97
9.5;5. CONCLUSIONS;101
9.6;NOTES;101
10;Chapter 5.
Econometric Methodology;102
10.1;1. IDENTIFICATION OF THE BASIC MODEL AND THE FULL MODEL;102
10.2;2. THE NONLINEAR TWO-STAGE LEAST
SQUARES ESTIMATOR;105
10.3;3. A LINEAR APPROXIMATION;107
10.4;4. SUMMARY;109
10.5;NOTES;109
11;Chapter 6. Estimates of Intrajurisdictional Property Tax
Capitalization in Massachusetts;110
11.1;1. LINEAR ESTIMATION RESULTS;111
11.2;2. NONLINEAR ESTIMATION RESULTS;116
11.3;3. ANTICIPATION OF PROPERTY TAX CHANGES;119
11.4;4. HOUSING AND NEIGHBORHOOD CHARACTERISTICS;122
11.5;5. RESTRICTIONS ON THE COMPONENTS OF
PROPERTY TAX RATE CHANGES;126
11.6;6. CONCLUSIONS;132
11.7;NOTES;133
12;Chapter 7.
Property Tax Capitalization and Public Policy;136
12.1;1. INTERPRETATION OF CAPITALIZATION ESTIMATES;137
12.2;2. THE ASSESSOR'S PROBLEM;144
12.3;3. CAPITALIZATION AND THE ECONOMIC EFFICIENCY
OF THE PROPERTY TAX;144
12.4;4. CAPITALIZATION AND THE HORIZONTAL EQUITY
OF THE PROPERTY TAX;148
12.5;5. THE DISTRIBUTION OF GAINS AND LOSSES FROM
REVALUATION IN WALTHAM;151
12.6;6. CAPITALIZATION AND THE VERTICAL EQUITY OF
THE PROPERTY TAX;154
12.7;7. CONCLUSIONS;156
12.8;NOTES;158
13;Appendix A Data Sources
;164
13.1;1. SALES AND ASSESSMENT DATA;164
13.2;2. HOUSING AND NEIGHBORHOOD CHARACTERISTICS;175
13.3;3. NOMINAL TAX RATES;177
14;Appendix .
Housing Price Indices;180
15;Appendix C
Complete Estimation Results;188
16;References;220
17;Subject Index;226
18;Name Index;230
19;Studies in Urban Economics;232