An empirical model of residential housing demolitions and the redevelopment process in the Chicago metropolitan area supports the theoretical prediction that the sales price of teardown property is ...approximately equal to its land value. We control for sample selection bias associated with non-random demolition permit applications using a probit model that accounts for misclassification of the dependent variable. The probit models provide statistically significant evidence of misclassification, and suggest that prime teardown candidates are small, older, homes near public transportation and traditional village centers.
The Great Recession was accompanied by a large decline in real estate values. Tax increment financing (TIF) allocates future property tax growth to promote local real estate development and is thus ...particularly vulnerable to real estate market shocks. Data on the growth of TIF increments before, during, and after the recession is examined for Illinois and Nebraska. In both states there was rapid growth in TIF increments before the onset of the recession. There was a large decline post-onset that is very apparent in Illinois, but not as sharp or obvious in Nebraska.
Fiscal controls require monitoring and transparent reporting. Financial documents with multiple funds, transfers, and inconsistent year‐to‐year categorization of revenues and expenditures provide ...opportunities to obscure a negative fiscal picture. We hypothesize that fiscal stress increases obfuscation. We investigate the relationship between the share of total governmental expenditures in U.S. states' general funds and independent variables drawn from the literature. Consistent with our hypothesis, deficit and debt are the most important explanatory variables. A one standard deviation increase in the deficit as a share of total expenditures is predicted to decrease the general fund share by one percentage point.
Many states experienced fiscal crises at the beginning of this decade. Some responded by cutting state aid to local governments. This paper explores the extent to which local governments responded to ...these aid cuts by raising property taxes. The authors hypothesize that changes in aid help explain the observed differences in per capita property tax revenue changes across states. They find that on average school districts increased property taxes by 23 cents for each dollar cut in state aid. These results highlight the important role that the property tax plays in maintaining the stability of the state and local sector.
This book, intended for the general reader curious about land and its taxation, bringstogether 12 leading scholars and practitioners to share their views on the theories andpractice of land value ...taxation.
Local governments attempt to influence business location decisions and economic development through use of the property tax. Tax increment financing (TIF) earmarks property tax revenues that result ...from growth in assessed valuation. The TIF revenues are to be used for economic development projects but may also be diverted for other purposes. Using data for the Chicago metropolitan area that includes information on property value growth before and after TIF adoption, we find evidence that cities that adopt TIF grow more slowly than those that do not. We test for and reject sample selection bias as an explanation of this finding.
State Revenue Cyclicality Dye, Richard F.
National tax journal,
03/2004, Letnik:
57, Številka:
1
Journal Article
Recenzirano
How are major state revenue sources affected by the business cycle? Could changing the mix of taxes mitigate the severity of cyclical budget problems? This paper examines issues in estimating and ...interpreting the short-run elasticity of taxes with respect to personal income. Recent literature implies that, on average, state personal income taxes and sales taxes have very similar short-run elasticities, suggesting that changing the tax mix would have little overall impact on revenue variability. However, cross-state variations around those averages are considerable and specification matters, suggesting that there are no easy or general answers to the framing questions.
In 1991, a property tax limitation measure was imposed in five Illinois counties. Dye and McGuire (1997) studied its short-term impact. With the limit now in effect for over a decade and extended to ...many more counties, we assess its long-term impact. Because jurisdictions brought under the limitation since 1997 have done so after a county-option referendum, our estimation strategy treats the measure as endogenous. We find that the restraining effect of the limit on the growth of property taxes is stronger in the long run than the short run, and that the growth of school expenditures is slowed by the measure.
Aneurysmal subarachnoid hemorrhage (aSAH) is a devastating form of stroke frequently affecting young to middle-aged adults, with an unmet need to improve outcome. This special report focusses on the ...development of intrathecal haptoglobin supplementation as a treatment by reviewing current knowledge and progress, arriving at a Delphi-based global consensus regarding the pathophysiological role of extracellular hemoglobin and research priorities for clinical translation of hemoglobin-scavenging therapeutics. After aneurysmal subarachnoid hemorrhage, erythrocyte lysis generates cell-free hemoglobin in the cerebrospinal fluid, which is a strong determinant of secondary brain injury and long-term clinical outcome. Haptoglobin is the body's first-line defense against cell-free hemoglobin by binding it irreversibly, preventing translocation of hemoglobin into the brain parenchyma and nitric oxide-sensitive functional compartments of cerebral arteries. In mouse and sheep models, intraventricular administration of haptoglobin reversed hemoglobin-induced clinical, histological, and biochemical features of human aneurysmal subarachnoid hemorrhage. Clinical translation of this strategy imposes unique challenges set by the novel mode of action and the anticipated need for intrathecal drug administration, necessitating early input from stakeholders. Practising clinicians (n=72) and scientific experts (n=28) from 5 continents participated in the Delphi study. Inflammation, microvascular spasm, initial intracranial pressure increase, and disruption of nitric oxide signaling were deemed the most important pathophysiological pathways determining outcome. Cell-free hemoglobin was thought to play an important role mostly in pathways related to iron toxicity, oxidative stress, nitric oxide, and inflammation. While useful, there was consensus that further preclinical work was not a priority, with most believing the field was ready for an early phase trial. The highest research priorities were related to confirming haptoglobin's anticipated safety, individualized versus standard dosing, timing of treatment, pharmacokinetics, pharmacodynamics, and outcome measure selection. These results highlight the need for early phase trials of intracranial haptoglobin for aneurysmal subarachnoid hemorrhage, and the value of early input from clinical disciplines on a global scale during the early stages of clinical translation.
Previous evidence on the effects of tax and expenditure limitation measures has not been conclusive. Difficulties arise in characterizing differences in fiscal institutions across states, and ...estimating behavior in the absence of limitation measures. A recently enacted tax limitation measure limits the growth in local property taxes in some Illinois jurisdictions, but not in others. Such differential treatment of otherwise similar jurisdictions provides a natural experiment for estimating the impact of the tax cap on local government fiscal behavior. We find that the cap has been effective in that the fiscal behavior of capped jurisdictions differs from that of never-capped jurisdictions.
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