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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.

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.

Suggested Citation

  • Cornia, Gary C. & Walters, Lawrence C., 2006. "Full Disclosure: Controlling Property Tax Increases During Periods of Increasing Housing Values," National Tax Journal, National Tax Association;National Tax Journal, vol. 59(3), pages 735-749, September.
    • Handle: RePEc:ntj:journl:v:59:y:2006:i:3:p:735-49
    DOI: 10.17310/ntj.2006.3.22
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    Citations

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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. 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.
    3. 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.).
    4. Ross, Justin M. & Yan, Wenli, 2013. "Fiscal Illusion From Property Reassessment? An Empirical Test of the Residual View," National Tax Journal, National Tax Association;National Tax Journal, vol. 66(1), pages 7-32, March.
    5. 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.
    6. Rebecca Hendrick & Jared Crawford, 2014. "Municipal Fiscal Policy Space and Fiscal Structure: Tools for Managing Spending Volatility," Public Budgeting & Finance, Wiley Blackwell, vol. 34(3), pages 24-50, September.
    7. 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.
    8. Goodman, Christopher B, 2018. "House Prices & Property Tax Revenues During the Boom & Bust: Evidence from Small-Area Estimates," SocArXiv fam2d, Center for Open Science.

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