Download or read book Urban Property Tax Incentives written by International Association of Assessing Officers. Research and Technical Services Department and published by . This book was released on 1978 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:

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 A Study of the Effects of Real Estate Property Tax Incentive Programs Upon Property Rehabilitation and New Construction written by Price, Waterhouse & Co and published by . This book was released on 1973 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Federal Tax Incentives and Rental Housing written by David Einhorn and published by . This book was released on 1983 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Urban Property Tax Reform written by William Dillinger and published by World Bank Publications. This book was released on 1992 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report adresses the policy and administrative constraints on property tax. It discusses institutional issues and strategies for reform and the steps required to address these underlying constraints on peformance of the tax. (Adapté du résumé).

Download or read book Tax Incentives to Encourage Housing in Urban Poverty Areas written by United States. Congress. Senate. Committee on Finance and published by . This book was released on 1967 with total page 490 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Tax Incentives to Encourage Housing in Urban Poverty Areas Hearings Before the Committee 90 1 on S 2100 a Bill to Encourage and Assist Private Enterprise to Provide Adequate Housing in Urban Poverty Areas for Low income and Lower Middle Income Persons September 14 15 16 1967 written by United States. Congress. Senate. Finance and published by . This book was released on 1967 with total page 502 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Income Averaging written by United States. Internal Revenue Service and published by . This book was released on 1985 with total page 8 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Property Tax Incentives to Preserve Farming in Areas of Urban Pressure written by Howard E. Conklin and published by . This book was released on 1976 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:

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 Property Tax Incentives and City Growth and Development written by and published by . This book was released on 2017 with total page 5 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sections 6 and 7 of 2017 Senate Bill No. 2166 provide for Legislative Management studies relating to property tax incentives and city growth and development. Section 7 of the bill directs a study of the duplicative application of property tax incentives, including benefits received by properties located in both a tax increment financing (TIF) district and a renaissance zone. The study also must include consideration of the duration for which a single property may benefit from the use of multiple property tax incentives and the impacts on the remainder of the property tax base that is not receiving property tax incentives. Section 6 of the bill directs a study of the impact of city growth and infill development on property taxes. The study requires an evaluation of the return on investment for state and community projects. The study also must examine factors affecting city development patterns, including the impact of transfer payments between state and local governments; the cost of government services and infrastructure, including future liability; the amount of tax revenue generated per increment of assumed liability for downtown areas; and whether certain areas of a city generate more revenue than expenses while other areas generate more expenses than revenue.

Download or read book The Investment Decision in the Central City written by Dipak K. Gupta and published by . This book was released on 1978 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Urban Incentive Tax Credits written by Edward M. Meyers and published by Greenwood. This book was released on 1974 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Comparative Features Real Property Tax Relief Ordinances in Virginia Cities and Urban Counties written by Virginia Municipal League and published by . This book was released on 1972 with total page 8 pages. Available in PDF, EPUB and Kindle. Book excerpt:

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 Property Tax Relief written by Steven David Gold and published by . This book was released on 1979 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt:

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: