This paper analyzes the uniformity of the property appraisal outcome for multifamily apartment complexes in Phoenix, Arizona. Specifically, it investigates vertical and horizontal equity and equity across assessment methods. Apartment transactions and assessed valuations are examined over a fiveyear period (1998-2002). Once possible bias in model specification is accounted for, no evidence of vertical inequity in the sample is found. However, there is modest evidence of horizontal inequity: the results suggest that complex size and geographic location are more difficult for the assessor to value uniformly. There is also inequity between small and large properties, as represented by two different valuation methods. Thus, the findings indicate that the income approach is superior to the sales comparison approach for valuing multifamily properties for tax purposes.

https://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID953821_code721772.pdf?abstractid=953821&mirid=1

Property Taxation of Multifamily Housing: An Empirical Analysis of Vertical and Horizontal Equity

This paper analyzes the uniformity of the property appraisal outcome for multifamily apartment complexes in Phoenix, Arizona. Specifically, it investigates vertical and horizontal equity and equity...

This paper presents an analysis of what is termed "geo-rent," what the plot-devoid-of-improvements would rent for in an auction. Most of the public finance literature and current thought has disvalued and misunderstood the actual and potential role of land and its rent for public revenue. The qualities of land value that make it a superior source of revenue - having little or no deadweight loss, and capitalizing civic infrastructure and services - are recognized but compartmentalized, ignored in the broader policy discussions. That the "producer surplus" is in reality mostly land rent is little recognized. The "Henry George Theorem" that rent can optimally equal the cost of public goods is not applied to policy issues. Public finance theorists and economists generally presume that land rent is an insignificant portion of national income, whereas studies have estimated that a substantial portion of government revenue could be obtained from geo-rent. The shunting aside and disparagement of public revenue from geo-rent has distorted economic analysis and contributes to iatrogenic economy-hampering fiscal policy. The paper proposes a broader and more integrated public economics which recognizes the fundamental role of land in economies and fully incorporates the analysis of public revenue from land rent.

https://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID1103567_code278704.pdf?abstractid=1103567&mirid=1&type=2

Geo-Rent: A Plea to Public Economists

An ideal public revenue policy respects a person's right to privacy, does not discourage work or savings, and does not induce dishonesty. While income, sales, and value-added taxes fall woefully short of this ideal, land value taxation meets each requirement.

https://www.foldvary.net/works/policystudy.pdf

The Ultimate Tax Reform: Public Revenue from Land Rent

This paper presents an analysis of what is termed â€œgeo-rent,â€ what the plot-devoid-of-improvements would rent for in an auction. Most of the public finance literature and current thought has disvalued and misunderstood the actual and potential role of land and its rent for public revenue. The qualities of land value that make it a superior source of revenueâ€”having little or no deadweight loss, and capitalizing civic infrastructure and servicesâ€”are recognized but compartmentalized, ignored in the broader policy discussions. That the â€œproducer surplusâ€ is in reality mostly land rent is little recognized. The â€œHenry George Theoremâ€ that rent can optimally equal the cost of public goods is not applied to policy issues. Public finance theorists and economists generally presume that land rent is an insignificant portion of national income, whereas studies have estimated that a substantial portion of government revenue could be obtained from geo-rent. The shunting aside and disparagement of public revenue from geo-rent has distorted economic analysis and contributes to iatrogenic economy-hampering fiscal policy. The paper proposes a broader and more integrated public economics which recognizes the fundamental role of land in economies and fully incorporates the analysis of public revenue from land rent.

/pdf/geo-rent-a-plea-to-public-economists-356agrzqzd.pdf

The excess burden of taxes can be reduced by shifting taxes from labor and capital onto land and by replacing progressive taxes with proportional taxes. This article uses a dynamic general equilibrium model to develop estimates of the magnitudes of reduction in excess burden that can be achieved in the United States by (1) incrementally shifting revenue from five broad-based taxes to land, (2) replacing the current progressive income tax with a flat tax, and (3) shifting as much taxation as possible to land.

http://www.foldvary.net/ec232/tideman.pdf

Ebere Akobundu

Papers

The Avoidable Excess Burden of Broad-Based U.S. Taxes