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Keywords:Property tax 

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

Discussion Paper
Did School Districts Offset State Education Funding Cuts?

It?s well known that the Great Recession led to a massive reduction in state government revenues, in spite of the federal government?s attempt to ease budget tightening through American Recovery and Reinvestment Act aid to states. School districts rely heavily on aid from higher levels of government for their funding, and, even with the federal stimulus, total aid to school districts declined sharply in the post-recession years. But the local school budget process gives local residents and school districts a powerful tool to influence school spending. In this post, we summarize our recent ...
Liberty Street Economics , Paper 20141110

Reading the fine print: how details matter in tax and expenditure limitations

At least 30 states, including Connecticut, Maine, Massachusetts, and Rhode Island, operate under ?tax and expenditure limitations? (TELs): formula-based budgeting requirements that apply specific limits to expenditures, appropriations, or revenue collections by state or local government. More than a dozen states considered TELs in 2006. Legislation proposing a new TEL to further limit General Fund appropriations in Rhode Island was introduced; Maine citizens will vote on a more restrictive TEL this November. ; Several factors, including a desire for lower taxes and a belief that additional ...
New England Public Policy Center Research Report , Paper 06-3

Journal Article
City property taxes: the effects of economic change and competitive pressures

New England Economic Review , Issue Jul , Pages 22-36

Housing busts and household mobility: an update

This paper provides updated estimates of the impact of three financial frictions?negative equity, mortgage lock-in, and property tax lock-in?on household mobility. We add the 2009 wave of the American Housing Survey (AHS) to our sample and also create an improved measure of permanent moves in response to Schulhofer-Wohl?s (2011) critique of our earlier work (2010). Our updated estimates corroborate our previous results: Negative equity reduces household mobility by 30 percent, and $1,000 of additional mortgage or property tax costs reduces household mobility by 10 to 16 percent. ...
Staff Reports , Paper 526

Housing and the economic recovery

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

The national and regional economic outlook

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

Impact of the Great Recession on public schools in the region

Remarks at the Quarterly Regional Economic Press Briefing, New York City.
Speech , Paper 74

Journal Article
\\"What's it worth? Property taxes and assessment practices\\"

Residential property taxes are both a major source of local government financing and a significant cost of owning a home. Tax limitation measures and relatively moderate gains in house prices during most of the 1990s tended to keep property taxes from rising rapidly in those years. But from the late 1990s to the mid-2000s, house prices once again rose sharply. Property taxes followed a similar path, bringing them to greater public attention once again. Now that house prices appear to have shifted to a level or downward trend in most parts of the country, there seems to be increasing concern ...
Business Review , Issue Q3 , Pages 21-30

Journal Article
Uniformity in assessment: High on the list of property tax reforms

Business Review , Issue May , Pages 13-23


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