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The Property Tax Bound

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  • Giertz, J. Fred

Abstract

In most states, the property tax departs markedly from the ideal of a low–rate, broad–based tax that treats various types of real property uniformly. Recently, many states have responded to rapidly rising residential property values with new constraints such as assessment caps. This paper will review property tax performance and analyze several arguments relating to alleged deficiencies of the property tax. The analysis suggests that the property tax has performed well by most measures and that it ranks high in terms of both stability and revenue elasticity. The restrictions and constraints imposed on the property tax are likely the result of the pursuit of political objectives by decision makers and not the result of structural problems with the tax itself.

Suggested Citation

  • Giertz, J. Fred, 2006. "The Property Tax Bound," National Tax Journal, National Tax Association;National Tax Journal, vol. 59(3), pages 695-705, September.
    • Handle: RePEc:ntj:journl:v:59:y:2006:i:3:p:695-705
    DOI: 10.17310/ntj.2006.3.19
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    Cited by:

    1. Lutz, Byron & Molloy, Raven & Shan, Hui, 2011. "The housing crisis and state and local government tax revenue: Five channels," Regional Science and Urban Economics, Elsevier, vol. 41(4), pages 306-319, July.
    2. James R. Follain & Seth H. Giertz, 2016. "US House Price Bubbles and Busts," Public Finance Review, , vol. 44(1), pages 132-159, January.
    3. Agnese Sacchi & Simone Salotti, 2017. "The influence of decentralized taxes and intergovernmental grants on local spending volatility," Regional Studies, Taylor & Francis Journals, vol. 51(4), pages 507-522, April.
    4. 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.
    5. 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.).
    6. 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.
    7. François Geerolf & Thomas Grjebine, 2014. "Assessing House Price Effects on Unemployment Dynamics," Working Papers 2014-25, CEPII research center.

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