Economic and Social Aspects of Homestead Tax Exemption PDF Download
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Author: Vernon L Israelsen
Publisher:
ISBN:
Category : Homestead exemptions
Languages : en
Pages : 618
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Book Description
Author: Vernon L Israelsen
Publisher:
ISBN:
Category : Homestead exemptions
Languages : en
Pages : 618
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Book Description
Author: Daphne A. Kenyon
Publisher:
ISBN: 9781558442337
Category : Electronic books
Languages : en
Pages : 0
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Book Description
The use of property tax incentives for business by local governments throughout the United States has escalated over the last 50 years. While there is little evidence that these tax incentives are an effective instrument to promote economic development, they cost state and local governments $5 to $10 billion each year in forgone revenue. Three major obstacles can impede the success of property tax incentives as an economic development tool. First, incentives are unlikely to have a significant impact on a firm's profitability since property taxes are a small part of the total costs for most businesses--averaging much less than 1 percent of total costs for the U.S. manufacturing sector. Second, tax breaks are sometimes given to businesses that would have chosen the same location even without the incentives. When this happens, property tax incentives merely deplete the tax base without promoting economic development. Third, widespread use of incentives within a metropolitan area reduces their effectiveness, because when firms can obtain similar tax breaks in most jurisdictions, incentives are less likely to affect business location decisions. This report reviews five types of property tax incentives and examines their characteristics, costs, and effectiveness: property tax abatement programs; tax increment finance; enterprise zones; firm-specific property tax incentives; and property tax exemptions in connection with issuance of industrial development bonds. Alternatives to tax incentives should be considered by policy makers, such as customized job training, labor market intermediaries, and business support services. State and local governments also can pursue a policy of broad-based taxes with low tax rates or adopt split-rate property taxation with lower taxes on buildings than land.State policy makers are in a good position to increase the effectiveness of property tax incentives since they control how local governments use them. For example, states can restrict the use of incentives to certain geographic areas or certain types of facilities; publish information on the use of property tax incentives; conduct studies on their effectiveness; and reduce destructive local tax competition by not reimbursing local governments for revenue they forgo when they award property tax incentives.Local government officials can make wiser use of property tax incentives for business and avoid such incentives when their costs exceed their benefits. Localities should set clear criteria for the types of projects eligible for incentives; limit tax breaks to mobile facilities that export goods or services out of the region; involve tax administrators and other stakeholders in decisions to grant incentives; cooperate on economic development with other jurisdictions in the area; and be clear from the outset that not all businesses that ask for an incentive will receive one.Despite a generally poor record in promoting economic development, property tax incentives continue to be used. The goal is laudable: attracting new businesses to a jurisdiction can increase income or employment, expand the tax base, and revitalize distressed urban areas. In a best case scenario, attracting a large facility can increase worker productivity and draw related firms to the area, creating a positive feedback loop. This report offers recommendations to improve the odds of achieving these economic development goals.
Author: Kansas. Legislature. Legislative Council
Publisher:
ISBN:
Category : Taxation
Languages : en
Pages : 96
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Author: Pryor Carson
Publisher:
ISBN:
Category : Homestead law
Languages : en
Pages : 138
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Book Description
Author: Roy W. Bahl
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 494
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Book Description
Students of public finance and fiscal decentralization in developing and transitional countries have long argued for more intensive use of the property tax. It would seem the ideal choice for financing local government services. Based on a Lincoln Institute conference held in October 2006, the chapters in this book take this argument one step further in drawing on recent experience with property tax policy and administration. Two main sets of issues are addressed. First, why hasn't the property tax worked well in most developing and transitional countries? Second, what can be done to make the property tax a more relevant source for local governments in those countries? The numerous advantages of the property tax as a local government revenue source are analyzed and discussed in detail as are the many perceived disadvantages.
Author: William Lambdin Prather
Publisher:
ISBN:
Category :
Languages : en
Pages : 124
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Book Description
Author: Janet Sibley White
Publisher:
ISBN:
Category : Homeowners
Languages : en
Pages : 188
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Book Description
Author: Joan Youngman
Publisher:
ISBN: 9781558443426
Category : Local finance
Languages : en
Pages : 260
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Book Description
In A Good Tax, tax expert Joan Youngman skillfully considers how to improve the operation of the property tax and supply the information that is often missing in public debate. She analyzes the legal, administrative, and political challenges to the property tax in the United States and offers recommendations for its improvement. The book is accessibly written for policy analysts and public officials who are dealing with specific property tax issues and for those concerned with property tax issues in general.
Author:
Publisher:
ISBN:
Category : Agriculture
Languages : en
Pages : 256
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Book Description
A series of lists to be compiled from time to time which are designed to be less comprehensive than those issued in the series Agricultural economics bibliography.
Author: David L. Sjoquist
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
This paper reviews the existing literature on the property tax exemption for nonprofit organizations and identifies gaps to be addressed in future research. We start by examining justifications and existing eligibility criteria for the property tax exemption, followed by studies of the magnitude of the revenue loss from the exemption. We focus on theoretical and empirical studies of the economic effects of the exemption. We consider the effect of the tax advantage on nonprofit decisions about inputs, outputs and organizational form, decisions to rent or own, location decision, market share, and the effect of the exemption on neighboring property values. Finally, we evaluate research about the use of PILOTs and the implications of their possible expansion. We conclude that future studies need to examine further the magnitude of the revenues forgone, the advantages and disadvantages of PILOTs, and other solutions for distributing more evenly the burden of the exemption. Further studies are also needed to understand the economic effects of the property tax exemption, with opportunities for theoretical and empirical contributions.
