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Political costs and fiscal benefits: The political economy of residential property value assessment under Proposition 212

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  • Makowsky, Michael
  • Sanders, Shane

Abstract

We use a 15-year panel of property value assessment data from 351 Massachusetts municipalities. Appraised values grow more slowly in municipalities with elected assessors. When municipalities pass, via referenda, large increases in the cap on tax revenues, value assessments grow faster under appointed assessors and slower under elected assessors. Appraisals grow slower when alternative revenue sources are available.

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File URL: http://www.sciencedirect.com/science/article/pii/S0165176513002474
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Bibliographic Info

Article provided by Elsevier in its journal Economics Letters.

Volume (Year): 120 (2013)
Issue (Month): 3 ()
Pages: 359-363

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Handle: RePEc:eee:ecolet:v:120:y:2013:i:3:p:359-363

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Web page: http://www.elsevier.com/locate/ecolet

Related research

Keywords: Property taxes; Property appraisal; Elected versus appointed; Tax referenda;

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References

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  1. Lutz, Byron F., 2008. "The Connection Between House Price Appreciation and Property Tax Revenues," National Tax Journal, National Tax Association, vol. 61(3), pages 555-72, September.
  2. Bradbury, Katharine L. & Mayer, Christopher J. & Case, Karl E., 2001. "Property tax limits, local fiscal behavior, and property values: evidence from Massachusetts under Proposition," Journal of Public Economics, Elsevier, vol. 80(2), pages 287-311, May.
  3. Justin M. Ross, 2011. "Assessor Incentives and Property Assessment," Southern Economic Journal, Southern Economic Association, vol. 77(3), pages 776-794, January.
  4. Helland, Eric & Tabarrok, Alex, 2002. "The Effect of Electoral Institutions on Tort Awards," Berkeley Olin Program in Law & Economics, Working Paper Series qt8rm9358c, Berkeley Olin Program in Law & Economics.
  5. Bowman, John H. & Mikesell, John L., 1989. "Elected Versus Appointed Assessors and the Achievement of Assessment Uniformity," National Tax Journal, National Tax Association, vol. 42(2), pages 181-89, June Cita.
  6. Jan K. Brueckner & Luz A. Saavedra, 2000. "Do Local Governments Engage in Strategic Property-Tax Competition?," Econometric Society World Congress 2000 Contributed Papers 0357, Econometric Society.
  7. Thomas A. Garrett & Gary A. Wagner, 2007. "Red ink in the rearview mirror: local fiscal conditions and the issuance of traffic tickets," Working Papers 2006-048, Federal Reserve Bank of St. Louis.
  8. Cornia, Gary C. & Walters, Lawrence C., 2006. "Full Disclosure: Controlling Property Tax Increases During Periods of Increasing Housing Values," National Tax Journal, National Tax Association, vol. 59(3), pages 735-49, September.
  9. Justin M. Ross, 2012. "Interjurisdictional Determinants of Property Assessment Regressivity," Land Economics, University of Wisconsin Press, vol. 88(1), pages 28-42.
  10. Byron F. Lutz, 2008. "The connection between house price appreciation and property tax revenues," Finance and Economics Discussion Series 2008-48, Board of Governors of the Federal Reserve System (U.S.).
  11. David M. Cutler & Douglas W. Elmendorf & Richard Zeckhauser, 1997. "Restraining the Leviathan: property tax limitations in Massachusetts," Finance and Economics Discussion Series 1997-47, Board of Governors of the Federal Reserve System (U.S.).
  12. Michael D. Makowsky & Thomas Stratmann, 2009. "Political Economy at Any Speed: What Determines Traffic Citations?," American Economic Review, American Economic Association, vol. 99(1), pages 509-27, March.
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