IDEAS home Printed from https://ideas.repec.org/a/taf/rjelxx/v21y2013i1p3-24.html
   My bibliography  Save this article

A Monte Carlo Exploration of the Vertical Property Tax Inequity Models: Searching for a ‘Best’ Model

Author

Listed:
  • Joshua Fairbanks
  • Paul Goebel
  • Michael Morris
  • William Dare

Abstract

We apply vertical inequity models to real estate data from Lubbock, Texas. We use Monte Carlo simulations to explore the performance of each inequity model. We generate eight different contrived inequity patterns from three different data-generating processes, which create 24 stylized data sets. The first data-generating process treats assessed values as a noisy function of sale prices, which reflect home values. The second process considers the sale price as a noisy function of assessed values. The final process considers both sale prices and assessed values to be a noisy measure of home values. Although our findings do not yield a “best” model, the results allow us to draw some conclusions and provide practitioners and academics with a road map to test for vertical tax inequity in future real estate data.

Suggested Citation

  • Joshua Fairbanks & Paul Goebel & Michael Morris & William Dare, 2013. "A Monte Carlo Exploration of the Vertical Property Tax Inequity Models: Searching for a ‘Best’ Model," Journal of Real Estate Literature, Taylor & Francis Journals, vol. 21(1), pages 3-24, January.
    • Handle: RePEc:taf:rjelxx:v:21:y:2013:i:1:p:3-24
    DOI: 10.1080/10835547.2013.12090355
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1080/10835547.2013.12090355
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1080/10835547.2013.12090355?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    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:taf:rjelxx:v:21:y:2013:i:1:p:3-24. See general information about how to correct material in RePEc.

    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 bibliographic 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.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/rjel20 .

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

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.