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Taxation of Residential Property in New York City: The Sources of Differential Treatment
Author(s) -
Drennan Matthew P.,
Tobier Emanuel
Publication year - 1977
Publication title -
real estate economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.064
H-Index - 61
eISSN - 1540-6229
pISSN - 1080-8620
DOI - 10.1111/1540-6229.00820
Subject(s) - economics , poverty , inflation (cosmology) , demographic economics , borough , property tax , differential (mechanical device) , property value , public economics , geography , economic growth , tax reform , physics , real estate , archaeology , finance , aerospace engineering , theoretical physics , engineering
Intrajurisdictional variations in the effective residential property tax are analyzed for New York City. Significant variation is observed by type of structure, by borough, by income quartiles, and over time. Cross‐sectional regression equations indicate that effective rates tend to vary inversely with income and positively with the proportion of poverty households and building size. Market values, on the other hand, tend to vary inversely with poverty households and building age, and positively with income and building size. Over time, effective tax rates show a strong inverse relationship with the rate of inflation.