Capitalization of Intrajurisdictional Differences in Local Tax Prices.
This article describes a model in which the excess of local public sector benefits over tax liability causes shifts in the demand curves for various classes of residential property. The model is used to generate statements about market distortions or the lack thereof, and the progressivity of the ta...
| Publicado en: | American Economic Review Vol. 66; no. 5; pp. 743 - 754 |
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| Formato: | Artículo |
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American Economic Association
Dec76
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=hlh&AN=4504565&site=ehost-live header: @attributes: shortDbName: hlh uiTerm: 4504565 longDbName: Humanities International Complete uiTag: AN controlInfo: bkinfo: jinfo: jid: 00028282 AER jtl: American Economic Review issn: 00028282 maglogo: N pubinfo: dt: Dec76 vid: 66 iid: 5 pid: 22 pub: American Economic Association artinfo: ui: 4504565 ppf: 743 ppct: 11 formats: tig: atl: Capitalization of Intrajurisdictional Differences in Local Tax Prices. aug: au: Hamilton, Bruce W. affil: The Urban Institute and The Johns Hopkins University su: Property tax Residential real estate Demand function Public sector Land use Mieszkowski, Peter sug: subj: Property tax Residential real estate Demand function Public sector Land use Mieszkowski, Peter ab: This article describes a model in which the excess of local public sector benefits over tax liability causes shifts in the demand curves for various classes of residential property. The model is used to generate statements about market distortions or the lack thereof, and the progressivity of the tax/benefit package under a variety of circumstances. Until the work of Peter Mieszkowski, most economists regarded the property tax as simply one more example of an excise tax which drove a wedge between purchase and sale price, thus generating a deadweight loss. Problems of unequal assessment aside, the question of progressivity was to be answered by measuring the income elasticity of expenditure on housing, which is of course identical to the income elasticity of demand if the price elasticity of demand is unity. With a proportional property tax, a free market will generate an oversupply of low income housing, and some form of control such as zoning is necessary to restore efficiency. The vertical distribution of net fiscal burdens is determined by the allocation of land among activities and is independent of the structure of taxes except insofar as the tax structure influences land use. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: Y dt: @attributes: year: 1976 holdings: @attributes: islocal: N |
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