Field Guide to Impacts Of Property Taxes On Real Estate

(Updated November 2009)

Americans love to hate property taxes despite the fact that local governments depend upon this levy to provide services and programs to area residents. This Field Guide offers articles about the history of property taxes in the United States and also addresses the current housing market and its impact  on real estate taxes. (D. Foligno)

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Property Taxes (as % of income) by State (2007)

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Property Taxes - News  

Cities brace for prolonged bout of declining tax revenues, (Wall Street Journal, Sept. 1, 2009). Q

Property tax reduction could help lower operating costs, (Buildings, Sept. 2009). Q

Paterson, lawmakers vow to address property taxes, (CNY Central.com, May 7, 2009).

Just Cut Property Taxes!, (Forbes, Mar. 5, 2009).

Calls grow to cap property taxes- Higher assessed values push up bills, sparking outcry as market prices drop, (Wall Street Journal, Jan. 5, 2009). Q

States Move To Cut, Cap Property Taxes; As Home Values Decline, Many Will Have to Make Up Lost Revenue by Other Means, (Wall Street Journal, June 11, 2008). Q

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Impacts on Property Values

Lower taxes: Silver lining of falling home prices, (CNN Money, May 27, 2009).

Why Property Taxes Rise While Real Estate Falls, (Gotham Gazette, Apr. 2009).

Getting a property tax reassessment due to a decline in a home's market value, (HGTV’s Front Door, Feb. 24, 2009).

Reassessing Market Value, (National Real Estate Investor, Feb. 2009). Q

Property tax revenue plummets with home values, (San Francisco Chronicle, Jan. 25, 2009).

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Property Tax Basics

Getting overcharged? Appeal your property tax bill the smart way, (CNN Money, Aug. 31, 2009).

The dirty little secret about real estate taxes and how they work, (Real Estate Pro, May 9, 2009).

Residential Property Tax Rates for Largest City in Each State, (Census Bureau, Dec. 10, 2008).

How do property taxes work?, (Tax Policy Center, Oct. 9, 2008).

Local Property Taxes as a Percentage of Local Tax Revenue, (Tax Policy Center, July 25, 2008).

Remodeling's hidden cost: higher taxes, (CNN Money.com, Dec. 2003).

History of property taxes in the U.S., (EH.net Encyclopedia, Oct. 2002).

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eBooks & Other Resources

eBooks.realtor.org

The following ebooks and digital audiobooks are available to NAR members:

Books, Videos, Research Reports & More

The resources below are available for loan through Information Central.  Up to three books, tapes, CDs and/or DVDs can be borrowed for 30 days from the Library for a nominal fee of $10.  Call Information Central at 800.874.6500 for assistance.

Can property taxes and development charges help shape metropolitan areas? The effect of development charges and property taxes on development, (Wharton Real Estate Review, Fall 2003).

A Guide to Property Taxes: An Overview, (Denver, CO: National Conference of State Legislatures, 2002). HJ 4120 N21g

The Worst Tax? A History of the Property Tax in America, (Lawrence, KS: University Press of Kansas, 1996). HJ 4120 F57

Field Guides & More

These Field Guides and other resources in the Virtual Library may also be of interest:

Field Guide to Real Estate Transfer Taxes

Field Guide to Development Impact Fees

Field Guide to Schools & the Homebuying Decision

InfoCentral Blog

 

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