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Vertical Tax Equity: An Analysis of Residential Valuation in a Major U.K. City

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  • Stanley McGreal
  • Louise Brown
  • Alastair Adair
  • James Webb

Abstract

This study uses a sample of houses sold in 2005 in the Belfast metropolitan area (UK) to test the accuracy of single-family residence valuations and whether the valuation for tax purposes is significantly different than market value as evidenced by sale price. This study examines how accurately the assessed values reflect market value, whether there are differences across statistical distributions and whether differences between assessed value and market value can be attributed to particular property characteristics. The results indicate that there is a tendency to over-value lower priced properties and under-value higher priced property demonstrating regressive vertical tax inequity. In addition, the net economic effect of valuation inaccuracy is shown to be a modest gain in revenue but one that is unequally distributed across house owners.

Suggested Citation

  • Stanley McGreal & Louise Brown & Alastair Adair & James Webb, 2007. "Vertical Tax Equity: An Analysis of Residential Valuation in a Major U.K. City," Journal of Housing Research, Taylor & Francis Journals, vol. 16(1), pages 1-18, January.
    • Handle: RePEc:taf:rjrhxx:v:16:y:2007:i:1:p:1-18
    DOI: 10.1080/10835547.2007.12091973
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