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Property taxes and municipal finance

In: Research Handbook on City and Municipal Finance

Author

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  • Joan Youngman

Abstract

Property taxes can offer a stable source of independent revenue particularly well suited to local government finance. A value-based tax is an appropriate means of financing public investments that enhance property values, and an immovable tax base has significant advantages for local administration. The land portion of a real estate tax, being truly immovable and drawing value from social development, has special equity and efficiency benefits. The taxation of specific types of property, such as farmland, vacant buildings, and second homes, often reflects land policy objectives as much as revenue goals. The experience of asset taxation throughout the long history of the property tax has much to offer current debate over the appropriate taxation of wealth. Issues of valuation and administration require close attention, for they will determine the ultimate impact and operation of the tax.

Suggested Citation

  • Joan Youngman, 2023. "Property taxes and municipal finance," Chapters, in: Research Handbook on City and Municipal Finance, chapter 2, pages 24-41, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:20063_2
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    File URL: https://www.elgaronline.com/doi/10.4337/9781800372962.00008
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