房产税与房地产企业文献综述及外文文献.docx

房产税与房地产企业文献综述及外文文献.docx

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房产税与房地产企业文献综述及外文文献

本份文档包含：

关于该选题的外文文献、文献综述

一、外文文献

PROPERTYTAXEXPENDITURES:

CLASSIFIEDPROPERTYTAXSYSTEMS

TerriA

ABSTRACT

Thispaperfocusesonthetaxexpendituresarisingfrompropertytaxpoliciesthatapplydifferent（non-zero）assessmentratiosortaxratestorealpropertywiththeprimaryobjectiveofredistributingthetaxburdenbytaxingdifferentclassesofrealpropertyatdifferenteffectiverates.Inadditiontoreducingthepropertytaxburdenonfavoredclassesofproperty,suchclassifiedpropertytaxsystemscanresultinreducedtaxrevenues.AnoverviewofthevariouspropertytaxclassificationsystemsusedintheUnitedStatesisprovidedalongwithtaxexpenditureestimatesreportedbyseveralstates.InacasestudyoflocalgovernmentsinTennesseeweprovideestimatesoftwodifferentmeasuresoftaxexpenditures:

Therevenuelosttocountiesandmunicipalitiesresultingfromaswitchfromauniformtoaclassifiedpropertytax,andtheshiftintaxburdenthatresultfromarevenue-neutralswitchfromuniformtoclassifiedassessment.

1.INTRODUCTION

Thepropertytaxisanadvalortaxbutmoststatesdonottaxthefullmarketvalueofproperty.Instead,somestatestaxauniformpercentageorfractionofactualmarketvalue.Forexample,Connecticutassessesallpropertyat70%ofmarketvalue,orusesanassessmentratio（ratioofassessedtomarketvalue）of0.7.Similarly,theassessmentratiois0.35inNevada,1/3inNewMexico,and0.20inArkansas.1Manystatesspecifydifferentassessmentratiosbasedontheuseoftheproperty（residential,agricultural,commercial,industrial）ortypeofproperty（land,improvements,personalproperty）.

Theapplicationofdifferentassessmentratiostodifferentclassesofpropertyresultsindifferenteffectivetaxrates,whichexpresstaxasapercentageofmarketvalue.Iftheassessedvalueofallpropertyistaxedatthesamerate,thosewithlowerassessmentratioswillpayalowereffectivetaxrate.Somestatesachievethesameresultbyapplyinguniformassessmentratiostoallpropertiesbuttaxingthematdifferentialrates.Stillothersthatassesspropertyuniformlyandapplyuniformtaxratesachievedifferenteffectivetaxratesbyprovidingtaxreliefthatreducesthetaxowedonsomeproperties.

Anysystemthattaxesdifferentclassesofpropertyatdifferenteffectiveratesisreferredtoasaclassifiedpropertytax.Accordingtothisbroaddefinition,everystate'spropertytaxcouldbedescribedasclassified.Clearlythepartialorfullexemptionofcertaintypesofpropertyconstitutesclassification.Afullexemptionorexclusionfromthetaxbaseisequivalenttoazeroassessmentratioorazerotaxrate.Similarly,preferentialassessmentspracticesfrequentlyaffordedagriculturalproperties,timber,andopenspace,areintend-edtolowertheeffectivetaxrateonthesepropertiesandhenceconstituteclassification.Exemptions,preferentialassessments,andothertypesofreliefpro-gramsareconsideredseparatelyinotherpapersinthisvolume.Herewefocusonpropertytaxpoliciesthatapplydifferent（non-zero）assessmentratiosortaxratestorealpropertywiththeprimaryobjectiveoftaxingdifferentclassesofrealpropertyatdifferenteffectiverates.2Suchsystemsarereferredtohereasformallyclassified.

Theobjectiveofthispaperistoexaminethetaxexpendituresofclassifiedpropertytaxsystems.Twomeasuresoftaxexpendituresareconsidered:

Therevenuelosttocountiesandmunicipalitiesresultingfromaswitchfromauniformtoaclassifiedpropertytax,andtheshiftintaxburdenthatresultfromarevenueneutralswitchfromuniformtoclassifiedassessments.Webegin,inthenextsection,withanoverviewofthevariouspropertytaxclassificationsystemsusedintheUnitedStates.Sectionthreesummarizesexistingresearchontheimpactofclassificationonthedistributionofthetaxburden.Section4definestaxexpendituresforaclassifiedpropertytaxanddescribestheeffortsbyvariousstatestomeasurethem.InsectionfiveweprovideestimatesoftwodifferentmeasuresoftaxexpendituresforseverallocalgovernmentsinTennessee.Finallysectionsixconcludeswithacomparisonofresultsandrecommendationsforfurthertaxexpenditureresearch.

2.ANOVERVIEWOFTAXCLASSIFICATIONSYSTEMSINTHEUNITEDSTATES

ThefirstformallyclassifiedpropertytaxsystemintheUnitedStateswasinstitutedinMinnesotain1913.Today,27statesandtheDistrictofColumbiahaveformallyclassifiedrealpropertytaxsystemsorallowclassificationasalocaloption.Whilethereisconsiderablevariationintheseprograms,mostgiveagriculturalandresidentialpropertiesfavoredorpreferentialtreatment,usuallyforthepurposeofprovidingtaxreliefand/ortoencouragetheseuses.

Table1identifiesthestateswithformalclassifiedrealpropertytaxsystemsin2012andindicatesthenumberofclassesofrealpropertyincluded.Therangeofassessmentratiosforthosestatesthatapplydifferentratiostodifferentpropertyclassesarereportedincolumn3andtherangeofstatutorytaxratesforthosestatesthattaxdifferentclassesofpropertyatdifferentratesarereportedincolumn4.InnineteenstatesdifferentassessmentratiosareappliedtodifferentclassesofpropertyandintenstatesplusD.C.propertyisassesseduniformlybuttaxedatdifferentrates.NewYorkCitydoesbothwhileMinnesotaappliesdifferentassessmentratiosforlocaltaxesanddifferenttaxratesfortheirstatepropertytax.

Minnesotadefinesthelargestnumberofrealpropertyclasses,11,followedbyMauiwith10classes,Montanawith9,Arizonawith8andKansaswith6.Attheotherendofthespectrum,sixstatesdividepropertyintoonlytworatioorrateclasses.GeorgiaandNebraskasingleoutagriculturalpropertytobeassessedatalowerfractionthanotherpropertywhileUtah,VermontandRhodeIslandgiveresidentialpropertypreferentialtreatment.

Amongthestatesthatapplydifferentassessmentratios,agriculturalandresidentialpropertiesareusuallyassessedatlowerratesthanotherproperties.Georgia,MissouriandNebraskaallassessagriculturalpropertyatalowerratethanresidentialwhilethereverseistrueinArizona,Colorado,Iowa,andKansas.Twostatesdistinguishbetweenlandandimprovements.InKansas,agriculturalimprovementsareassessedatalowerratethanagriculturallandwhileLouisianaassessescommercialbuildingsatahigherratethanland.AlthoughallpropertyisassesseduniformlyontheislandofKauai,landisgenerallytaxedatalowerratethanimprovementsexceptforagriculturalandowner-occupiedresidentialpropertiesforwhichimprovementsaretaxedatalowerratethanland.SeveralcitiesinPennsylvaniaalsotreatlandandimprovementsdifferently,buttheytaxlandatahigherratethanimprovements.

Minnesotahasoneofthemostcomplexclassificationsystems.Theassessmentratiovariesaccordingtonotonlytheclassificationofthepropertybutalsoitsestimatedmarketvalue.Forexample,theassessedvalueofresidentialhomesteadsis1.0%ofthefirst$500,000ofmarketvalueand1.25%ofvalueinexcessof$500,000.Similardefinitionsapplytootherclassesofrealproperty.Incontrast,Utah'sclassificationsystemsinglesoutonlyresidentialpropertyandassessesitat55%ofmarketvalue,whileallotherpropertyisassessedatfullmarketvalue.

InIllinoisclassifiedassessmentratiosareanoptionforcountieswithpopulationsgreaterthan200,000.NinecountiescurrentlyqualifybutonlyCookCountyclassifies.CookCountydefinesessentiallytworegularclassesofproperty,residential/farmandcommercial/industrialandfiveincentiveclassesincludingnewdevelopment,redevelopment,andlow-incomehousing.Theincentiveclassesbenefitfromlowerassessmentratiosthatareoflimitedduration,usually10years,afterwhichtheygraduallyincrease,overathreeyearperiod,tothelevelforsimilarlyclassedproperty.

NewYorkCityistheonlyjurisdictioninNewYorkthathasaclassifiedpropertytaxanditisuniqueinthatitusesdifferentassessmentratiosanddifferenttaxrates.Homesareassessedat6%ofmarketvaluewhileallotherpropertyisassessedat45%.Thendifferenttaxratesapplytoeachofitsfourclassesofproperty.

Amongthestatesthatapplydifferentstatutorytaxratestodifferentpropertyclasses,residentialproperty,especiallyowner-occupied,isusuallytaxedatthelowestratewithagriculturalpropertynext,andcommercial/industrialpropertytaxedatthehighestrates.SouthDakotataxesagriculturalpropertyatthelowestratebutbothresidentialandagriculturalaretaxedatmuchlowerratesthanotherproperty.NewYorkCityistheonlyplacethattaxesresidentialpropertyatahigherrate（18.205%）thanallotherproperty.Here,commercialandindustrialpropertyistaxedatthelowestrate（10.152%）.However,sinceNewYorkCityalsoassessesresidentialpropertyatamuchlowerpercentageofmarketvalue（6%）thanotherproperty（45%）,theeffectivetaxrateonresidentialproperty（1.09%）ismuchlowerthanthatoncommercialandindustrialproperty（4.57%）.

InHawaii,eachislandchoosesitsownclassificationandtaxrates.Mauihasdefined10classesofpropertyandtaxesthemallatdifferentratesrangingfrom0.25%forhomeownerpropertyto1.5%ontime-shareproperties.Honolulutaxesallresidentialpropertyat0.35%,lessthanathirdofthe1.24%rateoncommercial,industrial,hotelandresortproperty.Kauaitaxestheimprovementportionofowner-occupiedresidentialpropertyattherateof0.344%andthelandportionatthehigherrateof0.40%whileforcommercial,industrialandresortpropertytheimprovemen