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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.

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;National Tax Journal, vol. 59(3), pages 707-716, September.
    • Handle: RePEc:ntj:journl:v:59:y:2006:i:3:p:707-16
    DOI: 10.17310/ntj.2006.3.20
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    Citations

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    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;National Tax Journal, 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. Mark Skidmore & Mehmet S. Tosun, 2011. "Property Value Assessment Growth Limits, Tax Base Erosion, and Regional In-Migration," Public Finance Review, , vol. 39(2), pages 256-287, March.
    6. Mary Beal & Mary O. Borg & Harriet Stranahan, 2017. "The Equity Effects of Property Tax Caps: Evidence from Florida," Academic Journal of Interdisciplinary Studies, Richtmann Publishing Ltd, vol. 6, July.
    7. 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.
    8. 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.).
    9. 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.
    10. 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.
    11. Timothy R. Hodge & Mark Skidmore & Gary Sands & Daniel McMillen, 2015. "Tax Base Erosion and Inequity from Michigan’s Assessment Growth Limit," Public Finance Review, , vol. 43(5), pages 636-660, September.
    12. 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.

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