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Property Assessments and Information Asymmetry in Residential Real Estate

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  • Fathali Firoozi

    ()
    (Department of Economics, University of Texas at San Antonio, 6900 North Loop 1604 West, San Antonio, Texas, 78249-0633)

  • Daniel R. Hollas

    ()
    (Department of Economics, University of Texas at San Antonio, 6900 North Loop 1604 West, San Antonio, Texas, 78249-0633)

  • Ronald C. Rutherford

    ()
    (Department of Economics, University of Texas at San Antonio, 6900 North Loop 1604 West, San Antonio, Texas, 78249-0633)

  • Thomas A. Thomson

    ()
    (Department of Economics, University of Texas at San Antonio, 6900 North Loop 1604 West, San Antonio, Texas, 78249-0633)

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    Abstract

    This paper presents a game theoretic model of property tax assessment that allows a tax appraiser to either choose a high or a low assessment. The owner either accepts or challenges this assessment. A ‘‘fixed effects’’ regression model is used to evaluate the differences in the assessed values of a sample of houses from Bexar County, Texas during 2000 and 2001. Where the owner of the house is identified as a state licensed property tax consultant, the assessed value, after adjusting for size, age, and other economic characteristics, ranged from a statistically robust 2.5% to 6.2% lower than neighboring houses.

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    File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol28n03/04.275_292.pdf
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    Bibliographic Info

    Article provided by American Real Estate Society in its journal journal of Real Estate Research.

    Volume (Year): 28 (2006)
    Issue (Month): 3 ()
    Pages: 275-292

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    Handle: RePEc:jre:issued:v:28:n:3:2006:p:275-292

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    Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
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    Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
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    Web: http://aux.zicklin.baruch.cuny.edu/jrer/about/get.htm

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    References

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    1. Paul Milgrom & Nancy L.Stokey, 1979. "Information, Trade, and Common Knowledge," Discussion Papers 377R, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
    2. John M. Clapp & Walter Dolde & Dogan Tirtiroglu, 1995. "Imperfect Information and Investor Inferences From Housing Price Dynamics," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 23(3), pages 239-269.
    3. Mark J. Garmaise, 2004. "Confronting Information Asymmetries: Evidence from Real Estate Markets," Review of Financial Studies, Society for Financial Studies, vol. 17(2), pages 405-437.
    4. Clapp, John M. & Tirtiroglu, Dogan, 1994. "Positive feedback trading and diffusion of asset price changes: Evidence from housing transactions," Journal of Economic Behavior & Organization, Elsevier, vol. 24(3), pages 337-355, August.
    5. Rutherford, R.C. & Springer, T.M. & Yavas, A., 2005. "Conflicts between principals and agents: evidence from residential brokerage," Journal of Financial Economics, Elsevier, vol. 76(3), pages 627-665, June.
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    Cited by:
    1. Pedro M. M. L. Garcês & Cesaltina Pacheco Pires, 2011. "New housing supply: what do we know and how can we learn more?," CEFAGE-UE Working Papers 2011_18, University of Evora, CEFAGE-UE (Portugal).

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