Tax Limits, Houses, and Schools: Seemingly Unrelated and Offsetting Effects

摘要: Property tax limitations, as well other and expenditure restrictions on state local governments in the United States, date back to late nineteenth century. A surge property limitation legislation occurred 1970s early 1980s, its effects government revenue, school financing, educational quality have been studied extensively. However, there is surprisingly little literature how limits affect housing markets. For first time, we examine impacts of limitations growth, addition their prices. Using state-level data over twenty-three years, find that increase prices (indexes) by approximately 1.6%. These appear impact growth stock, measured number permits. Our evidence suggests this because while reduce taxes they also price housing. two counteracting lead ambiguous gross