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Property Tax Policy and Housing Affordability

Author

Listed:
  • Emily Horton
  • Cameron LaPoint
  • Byron Lutz
  • Nathan Seegert
  • Jared Walczak

Abstract

We examine property tax reduction as a tool for increasing housing affordability. Analyzing various tax reduction policies through the lens of property tax incidence reveals a complex relationship between affordability and property taxes, with differential effects across demographic groups. Many policies often fail to improve affordability for young first-time homebuyers and renters, sometimes worsening affordability. We present a new nationwide atlas documenting the prevalence of local measures altering property tax burdens. Quasi-experimental evidence from Georgia’s homestead exemption valuation freezes suggests strong capitalization of assessment limits into home values, reinforcing that property tax relief may worsen affordability for first-time buyers.

Suggested Citation

  • Emily Horton & Cameron LaPoint & Byron Lutz & Nathan Seegert & Jared Walczak, 2024. "Property Tax Policy and Housing Affordability," National Tax Journal, University of Chicago Press, vol. 77(4), pages 861-901.
    • Handle: RePEc:ucp:nattax:doi:10.1086/732777
    DOI: 10.1086/732777
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