Download or read book Offering Municipal Property Tax Abatements written by Robert W. Wassmer and published by . This book was released on 1996 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Local Development and Tax Abatements written by Anthony Lupo and published by . This book was released on 2000 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Property Tax Abatements for Municipal Employees written by Kevin Edward McCarthy and published by . This book was released on 1998 with total page 1 pages. Available in PDF, EPUB and Kindle. Book excerpt: Discusses whether there are any programs through which a municipality can abate property taxes as an incentive for municipal employees to buy homes in distressed neighborhoods.
Download or read book Rethinking Property Tax Incentives for Business written by Daphne A. Kenyon and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The use of property tax incentives for business by local governments throughout the United States has escalated over the last 50 years. While there is little evidence that these tax incentives are an effective instrument to promote economic development, they cost state and local governments $5 to $10 billion each year in forgone revenue. Three major obstacles can impede the success of property tax incentives as an economic development tool. First, incentives are unlikely to have a significant impact on a firm's profitability since property taxes are a small part of the total costs for most businesses--averaging much less than 1 percent of total costs for the U.S. manufacturing sector. Second, tax breaks are sometimes given to businesses that would have chosen the same location even without the incentives. When this happens, property tax incentives merely deplete the tax base without promoting economic development. Third, widespread use of incentives within a metropolitan area reduces their effectiveness, because when firms can obtain similar tax breaks in most jurisdictions, incentives are less likely to affect business location decisions. This report reviews five types of property tax incentives and examines their characteristics, costs, and effectiveness: property tax abatement programs; tax increment finance; enterprise zones; firm-specific property tax incentives; and property tax exemptions in connection with issuance of industrial development bonds. Alternatives to tax incentives should be considered by policy makers, such as customized job training, labor market intermediaries, and business support services. State and local governments also can pursue a policy of broad-based taxes with low tax rates or adopt split-rate property taxation with lower taxes on buildings than land.State policy makers are in a good position to increase the effectiveness of property tax incentives since they control how local governments use them. For example, states can restrict the use of incentives to certain geographic areas or certain types of facilities; publish information on the use of property tax incentives; conduct studies on their effectiveness; and reduce destructive local tax competition by not reimbursing local governments for revenue they forgo when they award property tax incentives.Local government officials can make wiser use of property tax incentives for business and avoid such incentives when their costs exceed their benefits. Localities should set clear criteria for the types of projects eligible for incentives; limit tax breaks to mobile facilities that export goods or services out of the region; involve tax administrators and other stakeholders in decisions to grant incentives; cooperate on economic development with other jurisdictions in the area; and be clear from the outset that not all businesses that ask for an incentive will receive one.Despite a generally poor record in promoting economic development, property tax incentives continue to be used. The goal is laudable: attracting new businesses to a jurisdiction can increase income or employment, expand the tax base, and revitalize distressed urban areas. In a best case scenario, attracting a large facility can increase worker productivity and draw related firms to the area, creating a positive feedback loop. This report offers recommendations to improve the odds of achieving these economic development goals.
Download or read book Municipal Tax Abatement written by Michael J. Wolkoff and published by . This book was released on 1984 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Distressed Municipalities Offering Property Tax Abatements for Rehabilitated Homes and Apartments written by John Moran and published by . This book was released on 2000 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Summarizes the CT statutes allowing municipalities to abate property taxes on rehabilitated homes and apartments and to determine if the state-designated distressed municipalities offer them to the properties' owner-occupants.
Download or read book Payments in Lieu of Taxes written by Daphne A. Kenyon and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Charitable nonprofit organizations, including private universities, nonprofit hospitals, museums, soup kitchens, churches, and retirement homes, are exempt from property taxation in all 50 states. At the same time, these nonprofits impose a cost on municipalities by consuming public services, such as police protection and roads. Payments in lieu of taxes (PILOTs) are payments made voluntarily by these nonprofits as a substitute for property taxes. In recent years, municipal revenue pressures have led to heightened interest in PILOTs, and over the last decade they have been used in at least 117 municipalities in at least 18 states. Large cities collecting PILOTs include Baltimore, Boston, Philadelphia, and Pittsburgh. Boston has one of the longest standing and the most revenue productive PILOT program in the United States. PILOTs are a tool to address two problems with the property tax exemption provided to nonprofits. First, the exemption is poorly targeted, since it mainly benefits nonprofits with the most valuable property holdings, rather than those providing the greatest public benefit. Second, a geographic mismatch often exists between the costs and benefits of the property tax exemption, since the cost of the exemption in terms of forgone tax revenue is borne by the municipality in which a nonprofit is located, but the public benefits provided by the nonprofit often extend to the rest of the state or even the whole nation. PILOTs can provide crucial revenue for certain municipalities, and are one way to make nonprofits pay for the public services they consume. However, PILOTs are often haphazard, secretive, and calculated in an ad hoc manner that results in widely varying payments among similar nonprofits. In addition, a municipality's attempt to collect PILOTs can prompt a battle with nonprofits and lead to years of contentious, costly, and unproductive litigation. For this policy focus report, authors Daphne A. Kenyon and Adam H. Langley have researched the continuing policy debate over property tax exemptions among municipalities and nonprofit organizations, and they offer the following recommendations. PILOTs are one revenue option for municipalities. They are most appropriate for municipalities that are highly reliant on the property tax and have a significant share of total property owned by nonprofits. For example, a Minnesota study found that while PILOTs could increase property tax revenue by more than ten percent in six municipalities, there was negligible revenue potential from PILOTs for the vast majority of Minnesota cities and towns. Similarly, PILOTs are not appropriate for all types of nonprofits. PILOTs are most suitable for nonprofits that own large amounts of tax-exempt property and provide modest benefits to local residents relative to their tax savings. Municipalities should work collaboratively with nonprofits when seeking PILOTs. The best PILOT initiatives arise out of a partnership between the municipality and local nonprofit organizations, because both sectors serve the general public and have an interest in an economically and fiscally healthy community. In some cities, case-by-case negotiation with one or several nonprofits is best, as is the case between Yale University and New Haven. In cities with a large number of nonprofits, such as Boston, creating a systematic PILOT program can promote horizontal equity among tax-exempt nonprofits and raise more revenue than negotiating individual agreements.
Download or read book Guide to the Structure of Property Tax Abatements in the United States written by John L. Mikesell and published by . This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book How Effective Are Property Tax Abatements The Case of Michigan written by Sung Hoon Kang and published by . This book was released on 2013 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we examine the effects of industrial property tax abatements on industrial property value growth using data from a panel of 152 communities in the five counties surrounding Detroit in southeast Michigan over the period 1983 to 2002. We use a spatially lagged X model to account for potential fiscal spillover effects of competitor policy changes on one's own industrial property value growth. We account for local government competition in the region by using migration patterns as a basis for determining competitor communities opposed to the traditional approaches that use distance or population size. We find that localities that offer tax abatements yield statistically significant positive impacts on industrial property value growth and the impacts are larger in high tax than in low tax communities. However, the benefits of tax abatements are quite small as compared to the cost of offering tax abatements. Also, tax abatements offered in competitor communities do not appear to influence own industrial property value growth. Finally, we find that changes in property tax rates are important for industrial property value growth.
Download or read book Municipal Use of Tax Incentives for Economic Development written by and published by . This book was released on 1988 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Special Committee on Tax Exemptions for Residential Residential Property Columbus Park written by Wisconsin. Legislature. Legislative Council. Special Committee on Tax Exemptions for Residential Property (Columbus Park) and published by Legislative Reference Bureau. This book was released on 2005 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Preservation Through Property Tax written by Joel Naiman and published by . This book was released on 2017 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt: Philadelphia's 10-year property tax abatement program has proven effective as a transformative force throughout the city by offering a 10-year abatement on the taxable value of any improvements on a structure or land. Originally implemented in a vastly different real estate market than exists today, the abatement has had profound economic impact, yet has been heavily criticized by some of its varied stakeholders as a drain on municipal finances. Regarding historic preservation, the abatement has existed with a dual nature: while it serves as a key factor in rehabilitation financing on large projects throughout the city, it also incentivizes demolition of "soft site" (i.e. sites that could be officially designated, but aren't and/or have a zoning envelope far exceeding what actually exists) historic fabric with replacement of larger structures. Using a series of maps, comparable abatement policies from other cities, and case studies of regulatory gaps within the preservation system, this thesis examines the impacts of the abatement on historic preservation in Philadelphia and culminates in a series of recommendations to improve the policy. These recommendations are geared toward advocating for a more targeted approach, altering of the policy to be better suited towards stopping historic demolitions, and reforming the abatement to benefit historic rehabilitation.
Download or read book Volunteer Firefighter Property Tax Abatements written by Veronica Rose and published by . This book was released on 2007 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Discusses whether there were any proposals during the 2007 session to exempt the municipal abatement or exemption granted to volunteer firefighters from the state income tax.
Download or read book Assessors Warrant A form filled up with the name of the Assessor for the parish of Mattishall Bergh Norfolk The Duty of Assessors under an act passed in the forty third year of the reign of King George the Third etc written by Great Britain. Board of Inland Revenue and published by . This book was released on 1837 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Final Report written by New York (State). Legislature. Joint Committee to Study and Investigate Real Property Tax Exemptions and published by . This book was released on 1970 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Increasing Use of Property Tax Abatement as a Means of Promoting Sub National Economic Activity in the United States written by Robert W. Wassmer and published by . This book was released on 2009 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: The swift increase in stand-alone property tax abatement programs (SAPTAPS) allowed within the United States (from 30 percent of the states allowing them in 1964 to 70 percent in 2004), the nationwide erosion in property tax base they likely generate, and the wide variety of arguments given both pro and con for the continued existence of these programs are the reasons their use is explored in this paper. The paper first offers evidence on the increasing use of property tax abatement in the United States, and the arguments previously put forth in favor and against the use of this form of economic development incentive. Next, the economic theory indicating why abatement may promote sub-national economic development is summarized. This is followed by a description of the types and prevalence of SAPTAPs currently in the United States, and a summary of the best empirical evidence that exists on the effects of property tax abatements. The conclusion offers my own recommendations in regard to how sub-national decision makers should view the offering of SAPTAPs and policy suggestions for the future of property tax abatement in the United States.
Download or read book A Programmatic Examination of Municipal Tax Abatements written by New Jersey. Office of the State Comptroller and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
