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Illinois' Response to Rising Residential Property Values: An Assessment Growth Cap in Cook County

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  • Dye, Richard F.
  • McMillen, Daniel P.
  • Merriman, David F.

Abstract

A recent policy change caps the annual percentage increase in the assessed value of owner–occupied homes in Cook County, Illinois. Assuming that total revenue would remain constant, the result is relief for some financed by higher taxes on others. We estimate these tax burden shifts using data on all individual parcels and individual units of government in the county. We examine other aspects of the policy. In particular, we look at some of the difficulties in using changes in aggregate tax shares for residential versus non–residential property over time to justify or analyze a policy like this.

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Bibliographic Info

Article provided by National Tax Association in its journal National Tax Journal.

Volume (Year): 59 (2006)
Issue (Month): 3 (September)
Pages: 707-16

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Handle: RePEc:ntj:journl:v:59:y:2006:i:3:p:707-16

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Cited by:
  1. Alm, James & Buschman, Robert D. & Sjoquist, David L., 2011. "Rethinking local government reliance on the property tax," Regional Science and Urban Economics, Elsevier, vol. 41(4), pages 320-331, July.
  2. 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.).
  3. Lai, Fu-Chuan & McDonald, John F. & Merriman, David F., 2010. "Housing appreciation (depreciation) and owners' welfare," Journal of Housing Economics, Elsevier, vol. 19(1), pages 66-73, March.
  4. Timothy R. Hodge & Mark Skidmore & Gary Sands & Daniel McMillen, 2013. "Tax Base Erosion and Inequity from Michigan's Assessment Growth Limit: The Case of Detroit," CESifo Working Paper Series 4098, CESifo Group Munich.
  5. Cheung, Ron & Cunningham, Chris, 2011. "Who supports portable assessment caps: The role of lock-in, mobility and tax share," Regional Science and Urban Economics, Elsevier, vol. 41(3), pages 173-186, May.

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