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Intrajurisdictional Segmentation of Property Tax Burdens: Neighborhood Inequities Across an Urban Sphere

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  • Brent C Smith

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    (Virginia Commonwealth University Richmond, VA 23284)

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    Abstract

    The results from this study extend the academic literature on vertical inequities in real property taxation by analyzing within jurisdictional variations in the property tax burden on residents of Chicago, Illinois. A two stage model with an instrumental variable identifies tax burden variations between neighborhoods in a single metropolitan tax jurisdiction. A second model incorporates neighborhood and property characteristics in an examination of variations in the ratio of property tax to market value. The findings are vitally important to policymakers interested in funding urban redevelopment programs targeting wealth building through real estate ownership in low-income neighborhoods. The evidence is equally important to analysts concerned with market segmentation and the implications of property tax variations on real estate markets.

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    File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol30n02/04.207_224.pdf
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    Bibliographic Info

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

    Volume (Year): 30 (2008)
    Issue (Month): 2 ()
    Pages: 207-224

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    Handle: RePEc:jre:issued:v:30:n:2:2008:p:207-224

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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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    1. Leah J. Tsoodle & Tracy M. Turner, 2008. "Property Taxes and Residential Rents," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 36(1), pages 63-80, 03.
    2. Earl D. Benson & Arthur L. Schwartz, Jr., 2000. "An Examination of Vertical Equity Over Two Reassessment Cycles," Journal of Real Estate Research, American Real Estate Society, vol. 19(3), pages 255-273.
    3. Clapp, John M, 1990. "A New Test for Equitable Real Estate Tax Assessment," The Journal of Real Estate Finance and Economics, Springer, vol. 3(3), pages 233-49, September.
    4. Mark A. Sunderman & John W. Birch & Roger E. Cannaday & Thomas W. Hamilton, 1990. "Testing for Vertical Inequity in Property Tax Systems," Journal of Real Estate Research, American Real Estate Society, vol. 5(3), pages 319-334.
    5. Sirmans, G. Stacy & Diskin, Barry A. & Friday, H. Swint, 1995. "Vertical Inequality in the Taxation of Real Property," National Tax Journal, National Tax Association, vol. 48(1), pages 71-84, March.
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    Cited by:
    1. Sean P. Salter & Ernest W. King, 2009. "Price Adjustment and Liquidity in a Residential Real Estate Market with an Accelerated Information Cascade," Journal of Real Estate Research, American Real Estate Society, vol. 31(4), pages 421-454.

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