Property Taxes and Tax Revolts
The Legacy of Proposition 13

This book examines the causes and consequences of property tax revolts, focusing on California's experience with Proposition 13.

Arthur O'Sullivan (Author), Terri A. Sexton (Author), Steven M. Sheffrin (Author)

9780521035996, Cambridge University Press

Paperback / softback, published 23 March 2007

172 pages, 16 b/w illus. 37 tables
22.8 x 15 x 1 cm, 0.268 kg

"...worthy of close attention from public finance economists and policy analysts interested in the fiscal situations facing state and local governments....the quality of research is very high, the appropriate policy issues are targeted, and the exposition is excellent." Charles Leathers, Journal of Economic Issues

Property tax revolts have occurred both in the United States and elsewhere. This book examines the causes and consequences of such revolts with a special focus on the California experience with Proposition 13. The work examines the consequences of property tax limitations for public finance with a detailed analysis of the tax system put into place in California. Theoretical approaches and evidence from a comprehensive empirical study are used to highlight the equity and efficiency of property tax systems. Since property taxes are the primary source of revenue for local governments, the book compares and contrasts the experiences of several states with regard to the evolution of local government following property tax limitations. Finally, the book considers alternatives for reform and lessons to avoid future tax conflicts of this kind.

List of tables, figures and boxes
Preface
1. The context and significance of tax revolts
2. The diversity of property tax systems
3. The simple analytics of an acquisition-value tax system
4. Measuring the disparities
5. Incidence, mobility, ownership and capitalization
6. Tax limitation and local government
7. Revenue projections and policy alternatives
8. The future of the property tax
Notes
References
Index.

Subject Areas: Microeconomics [KCC]