Cover

Half-title

Title

Copyright

Contents

List of tables, figures, and boxes

Preface

1 The context and significance of tax revolts

Four tax revolts

Lasting consequences: acquisition-value taxation

Legal issues

Overview of book

2 The diversity of property tax systems

Introduction

Historical trends

Structure

Tax limitations

Inequities

3 The simple analytics of an acquisition-value tax system

Renewal theory and acquisition-value taxation

Inflation and the lock-in effect

4 Measuring the disparities

Introduction

Disparities and base-year distributions for homeowners

Other residential and commercial and industrial property

Other residential property

Commercial and industrial property

Comparisons across property types

5 Incidence, mobility, ownership, and capitalization

Introduction

Effect of tax reform on homeowners: income and senior status

Moving penalties and household mobility

The effects of the acquisition-value tax on home ownership

Capitalization of the provisions of Proposition 13

Conclusions

Appendix

6 Tax limitation and local government

Introduction

Massachusetts

California

Consequences of returning to market-value assessment inCalifornia

Conclusions

Appendix A: An example of revenue-ratio computation for SanBernardino County

Appendix B: Revenue-ratio estimation for Colusa County

7 Revenue projections and policy alternatives

Projection methodology

A split roll for all single-family residential properties

A split roll for owner-occupied single-family residentialproperties

Transfer tax and deferred market-value tax

Summary and conclusions

Appendix

8 The future of the property tax

Key empirical findings

Reform options

Notes

References

Index