Download or read book House Prices Property Tax Revenues During the Boom Bust written by Christopher B. Goodman and published by . This book was released on 2018 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although the Great Recession put the U.S. economy into a tailspin, we know little about how the changes in house prices influenced property tax collections. Using local level housing data from Zillow matched to property tax data from 1998 to 2012, two questions are examined. First, the elasticity of property tax revenue with respect to house values is estimated. Second, the timing of this elasticity is determined. The analysis rules out that local policymakers capture the entire increase of house value in property tax revenues but unable to rule out that increases in house values are completely offset by changes in effective property tax rates. Decreases in values have an elasticity between 0.3 and 0.4 and take three years for changes in values to impact property tax revenues. While property tax collections declined, local policymakers adjusted effective millage rates such that revenues did not decline as much as home values.
Download or read book Housing Crisis and State and Local Government Tax Revenue written by Byron Lutz and published by DIANE Publishing. This book was released on 2011-05 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: State and local government tax revenues dropped steeply following the most severe housing market contraction since the Great Depression. The authors identify five main channels through which the housing market affects state and local tax revenues: property tax revenues, transfer tax revenues, sales tax revenues, and personal income tax revenues. They find that property tax revenues do not tend to decrease following house price declines. The other four channels have had a relatively modest effect on state tax revenues. These channels jointly reduced tax revenues by $15 billion from 2005 to 2009, which is about 2% of total state own-source revenues in 2005. Charts and tables. This is a print on demand publication.
Download or read book The Housing Boom and Bust written by Thomas Sowell and published by Basic Books (AZ). This book was released on 2009-05-12 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: Explains how we got into the current economic disaster that developed out of the economics and politics of the housing boom and bust. The "creative" financing of home mortgages and "creative" marketing of financial securities based on these mortgages to countries around the world, are part of the story of how a financial house of cards was built up--and then collapsed.
Download or read book Boom Bust written by Fred Harrison and published by Shepheard-Walwyn. This book was released on 2010-01-01 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt: Not employment or inflation as argued during the Great Depression and years of Reaganomics, the mechanism that drives the business cycle is proven to be the housing and property market in this analysis of the instability of financial markets. The consequences of how neoclassical economics ignores the importance of land are presented in a discussion of the dot-com crash. Agricultural, industrial, and commercial property and the housing market are examined to suggest that policymakers must revise their treatment of land in economic decisions to avoid the next economic crash, predicted for 2010.
Download or read book The Connection Between House Price Appreciation and Property Tax Revenues written by Byron F. Lutz and published by . This book was released on 2008 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Housing Crisis and State and Local Government Tax Revenue written by Byron F. Lutz and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: State and local government tax revenues dropped steeply following the most severe housing market contraction since the Great Depression. We identify five main channels through which the housing market affects state and local tax revenues: property tax revenues, transfer tax revenues, sales tax revenues (including a direct effect through construction materials and an indirect effect through the link between housing wealth and consumption), and personal income tax revenues. We find that property tax revenues do not tend to decrease following house price declines. We conclude that the resilience of property tax receipts is due to significant lags between market values and assessed values of housing and the tendency of policy makers to offset declines in the tax base with higher tax rates. The other four channels have had a relatively modest effect on state tax revenues. We calculate that these channels jointly reduced tax revenues by $15 billion from 2005 to 2009, which is about 2 percent of total state own-source revenues in 2005. We conclude that the recent contraction in state and local tax revenues has been driven primarily by the general economic recession, rather than the housing market per-se.
Download or read book Can Property Taxes Reduce House Price Volatility Evidence from U S Regions written by Mr.Tigran Poghosyan and published by International Monetary Fund. This book was released on 2016-11-10 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: We use a novel dataset on effective property tax rates in U.S. states and metropolitan statistical areas (MSAs) over the 2005–2014 period to analyze the relationship between property tax rates and house price volatility. We find that property tax rates have a negative impact on house price volatility. The impact is causal, with increases in property tax rates leading to a reduction in house price volatility. The results are robust to different measures of house price volatility, estimation methodologies, and additional controls for housing demand and supply. The outcomes of the analysis have important policy implications and suggest that property taxation could be used as an important tool to dampen house price volatility.
Download or read book Are You Missing the Real Estate Boom written by David Lereah and published by Crown Currency. This book was released on 2005-02-22 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt: Are You Missing the Real Estate Boom? author David Lereah, chief economist for the National Association of Realtors, asks. We are experiencing a historic wealth-building opportunity. To ensure that your don’t miss out, Lereah provides the tools, information, and analysis you need to become a savvy real estate investor. And he shows how to integrate real estate into your overall investment strategies and financial planning goals. Among the information you’ll find in the book: How to become a master at dealing with real estate agents, brokers, and lenders. Which home improvements will result in the greatest long-term gains. How to identify the vacation homes and regions that will increase the most in value. How to finance a first-time home—with or without a big down payment. Why will the real estate boom continue into the next decade? Low interest rates are part of the story. Although mortgage rates have notched up slightly over the last year, they still remain historically very low. Technological advances from online real estate listings to automated underwriting to an explosion of financing options have reduced home ownership costs and simplified the process of buying and selling. Continued high demand from baby-boomers buying larger homes, second homes, and retirement homes, and a new wave of immigrants and “echo” boomers buying first homes, ensure that the boom will continue into the next decade. The long-term fundamentals for housing remain strong into the foreseeable future, claims Lereah. Far from a real estate “bubble,” what we are experiencing today is a phenomenon that takes place only once every other generation: a long-term real estate market expansion. Isn’t it time you started taking advantage of it today? Are you missing the real estate boom? Can you increase your wealth from it? For most people—including current homeowners—the answer is a resounding yes. But it’s not too late to increase your stake in the greatest real estate boom of our generation. Whether you are a first-time buyer or already own your home, Are You Missing the Real Estate Boom? will show you how you can dramatically increase your overall wealth. Author David Lereah, chief economist for the National Association of Realtors, shows why the real estate market is poised to climb higher over the next decade—and explains what you can do to profit from it. Lereah calls today’s market a “once-in-every-other generation opportunity.” Today's boom is not just driven by low interest rates—there are a host of demographic and economic reasons why real estate will continue to outpace other investments, from the growing needs of the baby-boomer generation and the rise of the “echo” boomer generation to the new ways real estate is marketed and sold. Are you a first-time buyer? A current homeowner considering whether or not to trade up? There has never been a better time to do so, Lereah convincingly claims. In Are You Missing the Real Estate Boom?, Lereah explains what to look for when you’re buying a home; which improvements add the most value to your current home; what to consider when purchasing rental properties; how to evaluate real estate investment trusts (or REITs); and the pros and cons of second homes. Full of detailed information on how to work with a real estate agent and a mortgage lender, how to analyze local markets and regional fluctuations, and how to best finance your investment, Are You Missing the Real Estate Boom? offers readers the seasoned advice they need to invest with confidence and reap outsized rewards.
Download or read book Impact of the Property Tax written by Dick Netzer and published by . This book was released on 1968 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Taxation and the Owner Occupied Housing Market written by Michael Ball and published by . This book was released on 1990 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Boom Bust written by Fred Harrison and published by Shepheard-Walwyn Limited. This book was released on 2005 with total page 274 pages. Available in PDF, EPUB and Kindle. Book excerpt: Focusing on the housing market, this book explains why real estate differs from other assets. It explores real estate's ever-growing prices and explains the volatility of the housing market. It proposes a model of tax reform that would allow land and house prices to fall back to affordable levels. A core function of government is to ensure economic stability so that captains of industry and homeowners can save and invest with confidence. Unfortunately, the author argues, inherent in the capitalist system is a destabilising mechanism economists prefer to ignore. Governments are advised to 'manage' the 'free market' through interest rates. The nine years of uninterrupted economic growth in the United States under the management of Alan Greenspan, the Chairman of the Federal Reserve Bank, persuaded many that the secrets of a 'new economy' had been discovered, from which the booms and busts of the old economy had been banished - till the dot com crash. In Britain, the then Chancellor of the Exchequer was praised for his wisdom in handing responsibility for interest rates to the Bank of England. Claiming credit for this, in his 2004 Budget speech he stated: 'I can now report that since 1997 Britain has sustained growth through not just one economic cycle but through two, without suffering the old British disease of stop go'. The author was alerted to an 18-year cycle by a very successful, Washington-based property speculator. His early research into this phenomenon in the UK, US, Japan and Australia was published in his first book, "The Power in the Land" (Shepheard-Walwyn, 1983). Twenty years later, having witnessed his prediction of a recession in 1991/1992 come true, he now exposes the internal mechanism that periodically causes the capitalist economy to crash. Focusing on the housing market, the author explains why real estate differs from other assets. Uniquely, the land market operates according to its own laws, the point economists ignore. In fact it is not the housing market that is the problem, but the land market on which all buildings stand. Land is in fixed supply - as Mark Twain noted: 'They're not making any more of it'. Therefore, as the demand for land for new homes and offices rises with a growing population, market forces, which would normally increase supply and reduce prices, have the reverse effect: prices rise. This encourages speculation with banks rushing in to lend more against escalating asset values, reinforcing the upward spiral. The only way land prices can then be brought back to affordable levels is a slump, undermining the banking system and causing widespread unemployment and repossessions.
Download or read book The Effects of House Prices on Taxation and Property Valuation written by William Michael Doerner and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: ABSTRACT: This dissertation highlights how the housing boom and bust have affected taxation and property valuation. Three questions are explored in separate essays. First, how have local governments responded to fluctuating house prices? Second, how do property assessment distributions compare across jurisdictions and has regressivity changed with price movements? Third, noting that property tax appeals intensified after the bust, how is the process supposed to work and who receives reductions? These essays draw from unique property databases in Florida to perform econometric estimations that advance knowledge about property taxation, property valuation, and public policy in times of high house price volatility.
Download or read book Bubbles Booms and Busts written by Donald Rapp and published by Springer. This book was released on 2014-11-14 with total page 374 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book deals at some length with the question: Since there are many more poor than rich, why don’t the poor just tax the rich heavily and reduce the inequality? In the 19th century and the first half of the 20th century, the topic of inequality was discussed widely. Ending or reducing inequality was a prime motivating factor in the emergence of communism and socialism. The book discusses why later in the 20th century, inequality has faded out as an issue. Extensive tables and graphs of data are presented showing the extent of inequality in America, as well as globally. It is shown that a combination of low taxes on capital gains contributed to a series of real estate and stock bubbles that provided great wealth to the top tiers, while real income for average workers stagnated. Improved commercial efficiency due to computers, electronics, the Internet and fast transport allowed production and distribution with fewer workers, just as the advent of electrification, mechanization, production lines, vehicles and trains in the 1920s and 1930s produced the same stagnating effect.
Download or read book Economics of the Property Tax written by Dick Netzer and published by Brookings Institution Press. This book was released on 1966 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: USA. Local government taxation. The economy of the tax on private ownership assets, incl. Housing.
Download or read book Property Tax Reductions to Diminish as Housing Market Improves written by and published by . This book was released on 2014 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book How to Deal with Real Estate Booms written by Pau Rabanal and published by International Monetary Fund. This book was released on 2011-04-01 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: The financial crisis showed, once again, that neglecting real estate booms can have disastrous consequences. In this paper, we spell out the circumstances under which a more active policy agenda on this front would be justified. Then, we offer tentative insights on the pros and cons as well as implementation challenges of various policy tools that can be used to contain the damage to the financial system and the economy from real estate boom-bust episodes.
Download or read book How to Profit from the Coming Real Estate Bust written by John Rubino and published by Rodale. This book was released on 2003-09-20 with total page 854 pages. Available in PDF, EPUB and Kindle. Book excerpt: Presents predictions about the nation's real estate market and useful advice on how to protect one's investment and even profit from the coming crash.
