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The Hated Property Tax : Salience, Tax Rates, and Tax Revolts
Cabral, Marika - 2012
Because of the obtrusive manner in which they are normally paid, property taxes are likely the most salient taxes in the U.S. However, they are much less salient to homeowners with tax escrow. Exploiting geographical variation in tax escrow, we test how salience affects property tax rates and...
Persistent link: https://www.econbiz.de/10013098472
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City Taxes and Property Tax Bases
Bradbury, Katharine; Ladd, Helen F. - 2022
This paper investigates the simultaneous relationship between tax rates and city property tax bases using data for 86 large U.S. cities in 1967, 1972, 1977, and 1982. We find that a 10 percent increase in the city's property tax rate decreases the city's tax base by about 1.5 percent. In...
Persistent link: https://www.econbiz.de/10013293440
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Perception of House Price Risk and Homeownership
Adelino, Manuel - 2018
This paper analyzes the importance of household perceptions of house price risk in explaining homeownership choice … rent are strongly correlated with perceptions of house price risk. Households' exposure to housing risk due to financial … constraints, expected mobility or labor income risk affect the decision to buy versus rent but do not mitigate the impact of risk …
Persistent link: https://www.econbiz.de/10012910636
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Liquidity Constraints and Housing Prices : Theory and Evidence from the Va Mortgage
Vigdor, Jacob L. - 2010
This paper employs a simple intertemporal model to show that presence of liquidity constraints can depress the price of a durable good below its net present rental value, regardless of the overall supply elasticity. The existence of price effects implies that the relaxation of liquidity...
Persistent link: https://www.econbiz.de/10012762617
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No-Bubble Condition : Model-Free Tests in Housing Markets
Giglio, Stefano - 2014
We test for the existence of housing bubbles associated with a failure of the transversality condition that requires the present value of payments occurring infinitely far in the future to be zero. The most prominent such bubble is the classic rational bubble. We study housing markets in the...
Persistent link: https://www.econbiz.de/10013053476
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Arbitrage in Housing Markets
Glaeser, Edward L. - 2015
Urban economists understand housing prices with a spatial equilibrium approach that assumes people must be indifferent across locations. Since the spatial no arbitrage condition is inherently imprecise, other economists have turned to different no arbitrage conditions, such as the prediction...
Persistent link: https://www.econbiz.de/10012750289
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Owner-Occupied Housing as a Hedge Against Rent Risk
Sinai, Todd M. - 2012
in house values. However, homeownership also provides a hedge against fluctuations in future rent payments. This paper … households so housing market risk actually increases homeownership rates and house prices. Further, the net effect of rent risk … on the demand for homeownership increases with a household's expected length of stay in its home, as the cumulative rent …
Persistent link: https://www.econbiz.de/10012755861
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The Labor Market Consequences of Refugee Supply Shocks
Borjas, George J. - 2016
The continuing inflow of hundreds of thousands of refugees into many European countries has ignited much political controversy and raised questions that require a fuller understanding of the determinants and consequences of refugee supply shocks. This paper revisits four historical refugee...
Persistent link: https://www.econbiz.de/10012982930
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Inefficiencies from Metropolitan Political and Fiscal Decentralization : Failures of Tiebout Competition
Calabrese, Stephen - 2011
We examine the welfare effects of provision of local public goods in an empirically relevant setting using a multi-community model with mobile and heterogeneous households, and with flexible housing supplies. We characterize the first-best allocation and show efficiency can be implemented with...
Persistent link: https://www.econbiz.de/10013121991
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Property Taxation, Zoning, and Efficiency : A Dynamic Analysis
Coate, Stephen - 2011
This paper revisits the classic argument that a system of local governments financing public service provision via property taxes will produce an efficient allocation of both housing and services if communities can implement zoning ordinances. The novel feature of the analysis is a dynamic model...
Persistent link: https://www.econbiz.de/10013123687