IDEAS home Printed from https://ideas.repec.org/a/ntj/journl/v59y2006i3p707-16.html
   My bibliography  Save this article

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

Author

Listed:
  • 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.

Suggested Citation

  • Dye, Richard F. & McMillen, Daniel P. & Merriman, David F., 2006. "Illinois' Response to Rising Residential Property Values: An Assessment Growth Cap in Cook County," National Tax Journal, National Tax Association, vol. 59(3), pages 707-716, September.
  • Handle: RePEc:ntj:journl:v:59:y:2006:i:3:p:707-16
    as

    Download full text from publisher

    File URL: https://www.ntanet.org/NTJ/59/3/ntj-v59n03p707-16-illinois-response-rising-residential.pdf
    Download Restriction: no

    File URL: https://www.ntanet.org/NTJ/59/3/ntj-v59n03p707-16-illinois-response-rising-residential.html
    Download Restriction: no

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Skidmore, Mark & Ballard, Charles L. & Hodge, Timothy R., 2010. "Property Value Assessment Growth Limits and Redistribution of Property Tax Payments: Evidence From Michigan," National Tax Journal, National Tax Association, vol. 63(3), pages 509-537, September.
    2. 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.
    3. Ron Cheung & Chris Cunningham, 2009. "Voters Hold the Key: Lock-in, Mobility and the Portability of Property Tax Exemptions," Working Papers wp2009_03_01, Department of Economics, Florida State University.
    4. 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.
    5. Alm, James & Buschman, Robert D. & Sjoquist, David L., 2014. "Foreclosures and local government revenues from the property tax: The case of Georgia school districts," Regional Science and Urban Economics, Elsevier, vol. 46(C), pages 1-11.
    6. 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.).
    7. 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.
    8. William H. Hoyt & Aaron Yelowitz, 2016. "Anticipated Property Tax Increases and the Timing of Home Sales: Evidence from Administrative Data," CESifo Working Paper Series 6264, CESifo Group Munich.
    9. 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.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ntj:journl:v:59:y:2006:i:3:p:707-16. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Ann Crampton). General contact details of provider: http://edirc.repec.org/data/ntaaaea.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.