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Full Disclosure: Controlling Property Tax Increases During Periods of Increasing Housing Values

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  • Cornia, Gary C.
  • Walters, Lawrence C.
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    Abstract

    This paper examines the outcome of a non–binding full disclosure process to control increases in the property tax. The data used in the study cover a 20–plus–year period in five MSAs in Utah. During the period of our analysis, metro areas in Utah experienced rapid increases in the market value of residential housing. The results of our analysis suggest that local assessors in Utah captured this increased value in their appraisal and reappraisal processes. However, our results also demonstrate that the effective property tax rate did not keep pace with increases in assessed property values, implying that a non–binding full disclosure law did limit growth in the property tax. Furthermore, it limited the property tax while avoiding some of the unintended consequences imposed by binding property tax limitations.

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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: 735-49

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    Handle: RePEc:ntj:journl:v:59:y:2006:i:3:p:735-49

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    Cited by:
    1. Makowsky, Michael & Sanders, Shane, 2013. "Political costs and fiscal benefits: The political economy of residential property value assessment under Proposition 212," Economics Letters, Elsevier, vol. 120(3), pages 359-363.
    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. James Alm & Robert D. Buschman & David L. Sjoquist, 2012. "Rethinking Local Government Reliance on the Property Tax," Working Papers 1215, Tulane University, Department of Economics.

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