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Article
Publication date: 1 July 2000

William B. Ardern

Annual real estate taxes are one of the largest and fastest‐growing occupancy costs for corporationsowning or leasing real estate in the United States. An active programme…

Abstract

Annual real estate taxes are one of the largest and fastest‐growing occupancy costs for corporations owning or leasing real estate in the United States. An active programme of management, control and reduction of annual real estate tax assessments can be successful, if a corporation is proactive and follows certain steps on a timely basis.

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Journal of Corporate Real Estate, vol. 2 no. 3
Type: Research Article
ISSN: 1463-001X

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Article
Publication date: 1 December 2001

Irena Vlassenko

This paper evaluates on a comparative basis three different property tax systems, British, French and Swedish. For this purpose an evaluation model, based on two criteria…

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3405

Abstract

This paper evaluates on a comparative basis three different property tax systems, British, French and Swedish. For this purpose an evaluation model, based on two criteria – namely efficiency and fairness – and on a number of sub‐criteria, is used. A comparison of the systems’ efficiency reveals that the French system is the least efficient while the Swedish system is the most efficient. A comparison of the systems’ fairness shows that, despite significant variations in the systems characteristics, all three systems can be evaluated as relatively fair.

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Property Management, vol. 19 no. 5
Type: Research Article
ISSN: 0263-7472

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Article
Publication date: 1 March 2015

Hai (David) Guo and Howard A. Frank

The Florida electorate passed Amendment One on January 29th, 2008. The portability provision of this Amendment allows homestead owners to transfer the difference between…

Abstract

The Florida electorate passed Amendment One on January 29th, 2008. The portability provision of this Amendment allows homestead owners to transfer the difference between assessed value and estimated market value of their current homestead property to their new property. Since passage, there has been limited and declining utilization of the portability provision. This paper explores whether the accrued tax savings due to the property assessment limit provide sufficient incentive for homesteaders to move by examining aggregated utilization of the portability provision among counties. Based on a panel regression using 67 counties from 2008 to 2012, our findings indicate the portability provision has had limited impact on Florida's depressed housing market and only a small number of well-educated and white homesteaders have availed themselves of this mechanism.

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Journal of Public Budgeting, Accounting & Financial Management, vol. 27 no. 2
Type: Research Article
ISSN: 1096-3367

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Article
Publication date: 9 May 2013

G.K. Babawale

This study seeks to contrive a sustainable valuation model for developing countries: a model that reasonably combines simplicity with equity, cost effectiveness…

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1669

Abstract

Purpose

This study seeks to contrive a sustainable valuation model for developing countries: a model that reasonably combines simplicity with equity, cost effectiveness, transparency, and the peculiarities of the local market place for improved revenue yields.

Design/methodology/approach

The study draws from theory, experiences of other nations and international best practices to arrive at what should be the most appropriate tax base, valuation basis, valuation method, and the most expedient valuation approach for developing countries.

Findings

Using Lagos State, Nigeria to demonstrate the application of the contrived conceptual framework, the study, among others, recommended for her urban areas, a combination of modified mass appraisal technique, modified UK's “property banding” technique, and discrete valuation to reflect the diverse distribution of her property stock. Others include a ten‐yearly comprehensive revaluation and indexation for the annual or periodic adjustments during the intervening periods.

Social implications

Property tax remains, among known local taxes today, the most viable, stable, predictable, progressive, and veritable source of own revenue for a truly independent local government administration. However, while developed countries have been able to tap these potentials to a good advantage for both fiscal and non‐fiscal goals; it is regrettable that the experience of most developing countries has not been equally satisfactory. Inappropriate valuation process, among others, remains a component of the tax system that is misguided and surrounded with much misgiving; hence a revisit.

Originality/value

Given the peculiar characteristics of the property valuation environment of developing countries, the highly simplified but pragmatic valuation model proposed is expected to birth a sustainable property tax system anchored on equity, cost effectiveness, ease of administration, and enhanced valuation ratio, with potentials for improved compliance and tax revenue yields.

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International Journal of Law and Management, vol. 55 no. 3
Type: Research Article
ISSN: 1754-243X

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Article
Publication date: 6 August 2019

Paul Bidanset, Michael McCord, Peadar Davis and Mark Sunderman

The purpose of this study is to enhance the estimation of vertical and horizontal inequity within property valuation. Property taxation is a crucial source of finance for…

Abstract

Purpose

The purpose of this study is to enhance the estimation of vertical and horizontal inequity within property valuation. Property taxation is a crucial source of finance for local government around the world – based on a presumptive tax base underpinned by estimates of property value, inaccurate real estate valuations used for such ad valorem or value-based property tax calculations potentially lead to a variety of costs, both financial and other, for tax payers and governments alike. More common are increased costs in time, staff and, in some cases, legal fees. Some governments are even bound by acceptability thresholds to promote fairness, equitability and overall government accountability with respect to valuation.

Design/methodology/approach

There exist a number of vertical inequity measurements that have undergone academic testing and scrutiny within the property tax industry since the 1970s. While these approaches have proved successful in detecting horizontal and vertical inequity, one recurring disadvantage pertains to measurement error/omitted variable bias, stemming largely from a failure to accurately account for location. A natural progression within property tax research is the application of a more spatially local weighted modelling approach to examine vertical and horizontal inequity. This research, therefore, specifies a geographically weighted regression (GWR) methodology to detect and measure vertical inequity in property valuations.

Findings

The findings show the efficacy of using more applied spatial approaches for vertical tax estimation and indeed the limitations of employing conditional mean estimates coupled with delineated boundaries for assessing property tax inequity. The GWR model findings highlight the more fluctuating nature of vertical inequity across the Belfast market for the apartment sector both in a progressive and regressive sense and at different magnitudes. Moreover, the results reveal spatial clustering in the effects and are indicative of systematic inequities related to location inferring that spatial (horizontal) tax inequities are not random. The findings further show increased GWR model predictability overall.

Originality/value

This research adds to the existing literature base for evaluating both vertical and horizontal inequity in value-based property taxation at the intra-neighbourhood level. This is accomplished by modifying the Birch–Sunderman approach by transforming the traditional OLS model architecture to a GWR model, thereby allowing coefficient estimates of inequity to vary not only across a jurisdiction, but also at a more local level, while incorporating property characteristic variables. This arguably allows assessors to identify specific geographical areas of concern, saving them money, time and resources on identifying, addressing and correcting for inequity.

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Journal of Financial Management of Property and Construction , vol. 24 no. 2
Type: Research Article
ISSN: 1366-4387

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Article
Publication date: 22 March 2011

G.K. Babawale and T. Nubi

The Lagos State land use charge (LUC) 2001 represents a radical and wholesome restructuring of the entire erstwhile land‐based tax system in the state, and the first of…

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1147

Abstract

Purpose

The Lagos State land use charge (LUC) 2001 represents a radical and wholesome restructuring of the entire erstwhile land‐based tax system in the state, and the first of its kind in Nigeria. The purpose of this paper is to examine how this maiden holistic intervention in property tax administration in Nigeria has fared in its first nine years.

Design/methodology/approach

Primary data were garnered from stakeholders through personal interviews and structured questionnaires, while secondary data include information from the enabling act and other‐related materials.

Findings

It was noted that the intervention failed to conform to best practice both in policy and administration. As a result, the reform has not ceased to generate controversies, has enjoyed limited acceptability, and achieved limited success.

Originality/value

Taking a cue from the experiences of countries that have demonstrated best practices in property tax reform, the paper proffers suggestions, covering both policy (e.g. extensive stakeholders' consultation) and administration (e.g. improved links between tax payment and provision of local services) that would help to sustain the reform intervention and make it sufficiently worthwhile.

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International Journal of Law and Management, vol. 53 no. 2
Type: Research Article
ISSN: 1754-243X

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Article
Publication date: 1 February 2002

Frances Plimmer, William McCluskey and Owen Connellan

Since 1993 the UK has used a “banded” property tax as opposed to discrete values for the assessment of residential property. Explains both the advantages and disadvantages…

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1477

Abstract

Since 1993 the UK has used a “banded” property tax as opposed to discrete values for the assessment of residential property. Explains both the advantages and disadvantages of the system. In addition, summarises the main results of empirical research into the use of banded property values which have been unaltered for ten years. In summary, aims to present findings on the continued operation of this unique system, highlighting strengths and weaknesses and its viability/applicability in other countries and jurisdictions in the light of empirical evidence based on the analysis of open market transactions. Discusses both the assessment and administration process and, with the analysis of sales data, demonstrates the importance of regular and frequent revaluations of the tax base in order to ensure a reasonable level of both vertical and horizontal equity. Speculates on the potential application of a banded system of property values in other countries, in the light of the advantages of the banded system which could lend themselves to jurisdictions where an ad valorem system of land taxation is inappropriate; where resources are limited in terms of experienced valuers, or where the availability of technology to undertake mass appraisal would provide added advantages. Concludes by drawing together recommendations in relation to how the system in the UK can be improved and makes recommendations for policy‐makers in other jurisdictions.

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Journal of Property Investment & Finance, vol. 20 no. 1
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 1 September 1998

William J. McCluskey, Richard Almey and Alena Rohlickova

Within the new democracies of Central and Eastern Europe, radical and far‐reaching programmes of reform are taking place. Central to these are the processes of…

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1868

Abstract

Within the new democracies of Central and Eastern Europe, radical and far‐reaching programmes of reform are taking place. Central to these are the processes of privatisation and decentralisation which require the newly‐created tiers of local government to develop their own sources of locally‐based revenue. The property tax represents what is, from an international perspective, the most important, stable source of revenue for local government. The majority of the new emerging democracies have introduced or are in the process of introducing ad valorem‐based property taxes. This paper begins by focusing on those key elements which are central to the successful implementation of such systems and then gives a brief summary of developments in two transitional countries, namely, Armenia and the Czech Republic.

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Property Management, vol. 16 no. 3
Type: Research Article
ISSN: 0263-7472

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Book part
Publication date: 19 July 2005

Warren J. Samuels

This is the second set of lecture notes from courses in public finance published in an archival volume in this series. Volume 19-C (2001) was entirely devoted to notes…

Abstract

This is the second set of lecture notes from courses in public finance published in an archival volume in this series. Volume 19-C (2001) was entirely devoted to notes from lectures by E. R. A. Seligman at Columbia University. Two differences mark Seligman’s lectures and the lectures by Henry C. Simons at Chicago, as reported below. Seligman seems to have been lecturing primarily to students in tax administration, hence he presented very little economic theory; whereas Simons was lecturing to graduate students in economics, and presented relatively more theory. Seligman did not refrain from some passing of judgment but his lectures were largely descriptive and non-judgmental; whereas Simons has no hesitation in presenting his own normative approach on various issues. These issues tended strongly to focus on inequality, tax justice, and progressivity.

Details

Documents from F. Taylor Ostrander
Type: Book
ISBN: 978-0-76231-165-1

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Article
Publication date: 25 April 2019

Richard Grover, Marek Walacik, Olga Buzu, Tugba Gunes, Marija Raskovic and Umit Yildiz

This study aims to present the findings from a series of case studies that examine the problems faced by countries seeking to introduce value-based recurrent property taxes

Abstract

Purpose

This study aims to present the findings from a series of case studies that examine the problems faced by countries seeking to introduce value-based recurrent property taxes to replace the ones levied on the basis of area or inventory value. It identifies that two of the most significant barriers are the absence of comprehensive list of taxable properties and inadequate data on transaction prices. Both of these can be overcome with sufficient resources, but this raises the question as to why governments are reluctant to do so, in spite of the advantages of such a change.

Design/methodology/approach

The paper makes particular use of case studies of Moldova, Poland, Serbia and Turkey, which have explored the potential of introducing value-based recurrent property taxes and the issues they have faced. The case studies have been produced by participant observers who have had the opportunity to examine developments over long periods of time. The case studies are set against a wider statistical analysis of the role of recurrent property taxes in tax systems.

Findings

Putting in place comprehensive systems for registering properties and recording their characteristics and systematically collecting data on transaction prices require significant investment over a long period of time. This requires commitment on behalf of governments. Governments may be reluctant to support this because of the opposition such reforms can face unless confronted with compelling fiscal or external pressures to act.

Research limitations/implications

The issues identified are the ones that many countries seeking to introduce value-based recurrent property taxes will face and puts forward how they can be tackled. The case study countries are middle-income ones with relatively well-developed infrastructure, which low-income countries may lack.

Practical implications

The solutions to overcoming the barriers to value-based recurrent property taxes encountered in the case study countries are the ones that are applicable to many other countries, who can learn from their experience.

Originality/value

The paper provides a perspective on overcoming the issues encountered in introducing value-based property taxes from the viewpoint of those who have been involved in working out ways of overcoming them and so provides insight that is a useful addition to the literature.

Details

Journal of Financial Management of Property and Construction , vol. 24 no. 2
Type: Research Article
ISSN: 1366-4387

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