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Forecasting Open Space with a Two-Rate Property Tax

  • Seong-Hoon Cho
  • Dayton M. Lambert
  • Roland K. Roberts

A two-rate property tax (TPT) imparts different tax rates on land and structures. A hypothetical TPT is evaluated as an instrument to promote open space preservation. The potential TPT effects on open space equilibrium levels were compared with simulated equilibrium levels reflecting the TPT policy shock. Ex ante results suggest that equilibrium open space levels were positively displaced following a revenue-neutral tax policy on land. About 76% of the households valued open space more following a land value tax rate of 9.04%, which suggests that households in certain locations are likely to support programs or policies preserving open space.

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File URL: http://le.uwpress.org/cgi/reprint/86/2/263
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Article provided by University of Wisconsin Press in its journal Land Economics.

Volume (Year): 86 (2010)
Issue (Month): 2 ()
Pages: 263-280

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Handle: RePEc:uwp:landec:v:86:y:2010:i:2:p:263-280
Contact details of provider: Web page: http://le.uwpress.org/

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  1. Anderson, John E., 1986. "Property taxes and the timing of urban land development," Regional Science and Urban Economics, Elsevier, vol. 16(4), pages 483-492, November.
  2. Irani Arraiz & David M. Drukker & Harry H. Kelejian & Ingmar R. Prucha, 2008. "A Spatial Cliff-Ord-type Model with Heteroskedastic Innovations: Small and Large Sample Results," CESifo Working Paper Series 2485, CESifo Group Munich.
  3. Lichtenberg, Erik & Tra, Constant & Hardie, Ian, 2007. "Land use regulation and the provision of open space in suburban residential subdivisions," Journal of Environmental Economics and Management, Elsevier, vol. 54(2), pages 199-213, September.
  4. Breusch, T S & Pagan, A R, 1979. "A Simple Test for Heteroscedasticity and Random Coefficient Variation," Econometrica, Econometric Society, vol. 47(5), pages 1287-94, September.
  5. Bucholtz, Shawn & Geoghegan, Jacqueline & Lynch, Lori, 2003. "Capitalization of Open Spaces into Housing Values and the Residential Property Tax Revenue Impacts of Agricultural Easement Programs," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 32(1), April.
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