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Keywords:Property tax 

Housing and the economic recovery

Remarks at the New Jersey Bankers Association Economic Forum, Iselin, New Jersey.
Speech , Paper 73

Working Paper
Restraining the Leviathan: property tax limitations in Massachusetts

We examine the effects of Proposition 2-1/2--a property tax limitation law approved by Massachusetts voters in 1980--and assess voter satisfaction with these effects. We find that the proposition had a smaller effect on local revenues and spending than expected, as a result of both amendments to the law and a strong economy. Voters in 1980 believed there was significant waste in local government, partly because of an inability to monitor local officials. Proposition 2-1/2 curbed these agency losses, but direct local override votes and municipal expenditure patterns imply that the proposition ...
Finance and Economics Discussion Series , Paper 1997-47

Working Paper
Property taxes and elderly labor supply

The recent housing market boom in the U.S. has caused sharp increases in residential property taxes. Anecdotal evidence suggests that rising property taxes have induced elderly homeowners to increase their labor supply. This paper uses 1992-2004 panel data from the Health and Retirement Study (HRS) as well as a newly collected dataset on state-provided property tax relief programs to investigate the effect of property taxes on the labor supply of elderly homeowners. It is the first rigorous study on the link between property taxes and elderly labor supply. I examine both the extensive margin ...
Finance and Economics Discussion Series , Paper 2008-51

Journal Article
Housing busts and household mobility: an update

Interest in the relationship between household mobility and financial frictions, especially frictions associated with negative home equity, has grown following the recent boom and bust in U.S. housing markets. With prices falling 30 percent nationally, negative equity greatly expanded across many markets. More recently, the decline in mortgage rates along with various policy interventions to encourage refinancing at historically low rates suggests the need to also revisit mortgage interest rate lock-in effects, which are likely to become important once Federal Reserve interest rate policy ...
Economic Policy Review , Volume 18 , Issue Nov , Pages 1-15

Working Paper
The connection between house price appreciation and property tax revenues

This paper explores two aspects of the connection between property tax revenues and house prices. First, I estimate the elasticity of property tax revenues with respect to house prices. This elasticity does not necessarily equal one as governments may adjust effective tax rates to offset changes in property values. Second, I examine the timing of the relationship. Institutional features of the property tax make it unlikely that changes in house prices will immediately influence tax revenues. The results suggest that the elasticity eventually equals 0.4 and that it takes three years for house ...
Finance and Economics Discussion Series , Paper 2008-48

Fiscal deadlock in Minnesota

Staff Report , Paper 7

Are local property tax breaks for businesses and nonprofits broken?

On November 30, 2012, the Federal Reserve Bank of Chicago, Metropolis Strategies, and the Civic Federation held a workshop to explore the role of property tax incentives in supporting business growth, as well as the tax treatment of properties owned by nonprofits.
Chicago Fed Letter , Issue Mar

Journal Article
Prop. 13 nine years later

FRBSF Economic Letter

The national and regional economic outlook

Remarks at the Long Island Association, Melville, New York.
Speech , Paper 76

Working Paper
The comparative incidence of local taxes: the payroll tax versus the property tax

Working Papers in Applied Economic Theory , Paper 86-10


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