Timothy R. Hodge, Timothy M. Komarek, Andrew McAllister
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A Double Negative: Capitalizing on Assessment Regressivity
We estimate the degree to which tax inequity generated through property tax assessment practices are capitalized into residential property values. Our analysis not only evaluates whether property buyers understand the tax obligations they are likely to face at the purchase of their property, we also document varying effects based on assessment status. Overassessed, lower-valued property sell for a discount and underassessed, higher-valued property sell for a premium. Specifically, overassessed property sells for an undercapitalized discount of 13%, while underassessed property sells for overcapitalized premiums equal more than 10%. Together, our results imply assessment practices impact wealth both during and after property ownership, potentially widening the wealth gap between high- and low-income homeowners.
期刊介绍:
Public Finance Review is a professional forum devoted to US policy-oriented economic research and theory, which focuses on a variety of allocation, distribution and stabilization functions within the public-sector economy. Economists, policy makers, political scientists, and researchers all rely on Public Finance Review, to bring them the most up-to-date information on the ever changing US public finance system, and to help them put policies and research into action. Public Finance Review not only presents rigorous empirical and theoretical papers on public economic policies, but also examines and critiques their impact and consequences. The journal analyzes the nature and function of evolving US governmental fiscal policies at the national, state and local levels.