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Most taxes in the United States are levied on income flows, not capital stocks. One notable exception is state and local property taxes. This note documents their magnitude and regressivity. Proper...

The current study exhibits a new implication of the Yule–Simpson paradox with public policy repercussions. We construct Laffer curves of local property tax collection based on aggregated data and g...

In this paper, we give a sufficient condition such that -maximality is a -local notion for unbounded -plurisubharmonic functions. A characterization of -maximal functions is also shown.

The price–rent ratio is commonly used as an indicator of housing value. New data sources remove previous technical limitations on ratio construction and use, providing information on a monthly basis at the town, neighborhood, and ZIP Code levels. In this study, I explore the new data and find significant variation in price–rent ratios found across local markets that is correlated with local property tax rates, household income, and age. This work should encourage further study on cross- market ratio analysis, as well as the development of local indices to more effectively assess the possibility that a specific local market may be underpriced or overpriced.

We study bi-additive maps of ξ-Lie product type satisfying certain local property from the viewpoint of functional identities. Let R be a unital prime ring with extended centroid C, ξ∈C, and maximal left ring of quotients Qml(R). Suppose that R contains a nontrivial idempotent. We completely characterize additive maps ϕ:R→Qml(R) having the property that [ϕ(x),y]ξ+[x,ϕ(y)]ξ=0 whenever x,y∈R satisfy xy = 0 = yx. As consequences, some known results are fully generalized.

Economists characterize fluctuations in property markets as ‘cyclical’ in that characteristics repeat and recur instead of being temporally isolated or random. I argue that cycle metaphors naturalize change and distract us from the social and institutional relations underpinning transformation in local property markets. I emphasize the performative nature of cycles by focusing on the networks of actors – brokers, appraisers, investors, and planners – that move capital through the built environment, articulating arguments for its free passage, identifying inflexion points, and temporarily stabilizing the meanings associated with individual buildings, submarkets, and periods. Drawing from a case study of an office development cycle in downtown Chicago (1998–2009), I argue that cycles can be treated not only as metaphors that describe economic processes, but also as socially effective constructions in their own right. Specifically, I consider three ways in which actors perform cycles, including (1) p...

This paper illustrates a new unique method to estimate a local capitalization rate using Internet data available in every office. It relies on the initial belief that all capitalization rates must ...

This paper develops the relationship between local economic growth and the overall property discount rate. A measure of local growth is calculated based on the value the local workforce contributes...

We focus on the impact of statutory and constitutional Tax and Expenditure Limits (TELs) on growth levels and rates of convergence. Using a panel of US state data from 1987 to 2004, we report a family of neoclassical growth models. Using simple dummy variables to identify states with and without strict TELs, we find that local property tax levy limits do not significantly influence income growth and convergence rates. Results for state revenue and expenditure limits suggest that more recent limits may have negatively affected income growth and slowed convergence.

We offer a practical measure of local government effectiveness in the provision of public services relating service expenditures to aggregate property value. Building on the work of Brueckner (1979, 1982, 1983) and Henderson (1990, 1995) we present an aggregate property value maximization model where levels of local public services are capitalized into aggregate property values. Using data for Wisconsin municipalities we demonstrate that service expenditure levels, and simultaneously corresponding taxation levels, are suboptimal and should be increased. The aggregate property value maximization test suggests that local public services in Wisconsin are consistently under-provided. By monitoring local property values officials can objectively measure if public services are being provided in an optimal manner.

The decision to purchase a house is embedded within a set of economic and socio-cultural processes and is operationalized within the context of a specific local property market. In the residential ...

Quality commercial properties differ in operating performance not only on physical characteristics but in type of ownership, management, and control. For 1996-2001 data on Atlanta apartments, a primary market for multiple types of investors, there is varying operating performance by ownership. Larger-scale owners and local property managers earn higher effective rents.

The main purpose of this article is to investigate the local property of several operators on sampling problems. We find that if the generator of the shift-invariant space decays rapidly, especially if the generator is compactly supported, then the behavior of these operators is well localized, and any signal in the shift-invariant space can be recovered from its discrete samples locally. The results are useful for designing local reconstruction algorithms.

This article establishes a clear procedure for the variational problem solution via the Haar orthonormal wavelet technique. The variational problems are solved by means of the direct method using the Haar orthonormal wavelets and reduced to the solution of algebraic equations. The local property of the Haar orthonormal wavelets is fully applied to shorten the calculation process in the task. Three illustrative examples and a practical application to a heat conduction problem are included.

A double moral hazard approach is used to address efficiency issues associated with local property taxes. It is shown that a local property tax will not lead to an efficient solution. However, despite its inefficiencies it is shown to be in both the local government's and in the property owners' interests to implement such a tax. The underlying reason is that the tax will provide the local government with incentives to take actions that are beneficial for the property owners. Furthermore, the question of risk aversion and its impact on a local property tax is discussed. This is argued to be dependent on what sources of risk exist. Two risk-sources are addressed in the paper. The first stems from uncertainty between actions and resulting revenues, the second from uncertainty in approximating the actual revenues. Both affect the results from the model but in opposite directions and hence the net effect of risk aversion is ambiguous.

A Markov chain on a new evolutionary computing algorithm is analyzed in continuous state space. By establishing transition probability density, the convergence of the similartaxis operator is proved. Meanwhile, the local property of the similartaxis operator is shown. To avoid its prematurity, a dissimilation operator need to be introduced. With the concept of P-absorbing field and P-optimal state, the convergence of the dissimilation operator is proved. We apply this new algorithm to a difficult problem for the accurate mixture ratio of raw materials of cement processing and make a comparison between GAs and the new algorithm. Finally, the functions of similartaxis and dissimilation operators are analyzed in a practical view.

Let D be a (possibly unbounded) derivation on a complex Jordan–Banach algebra J. We show that if a ∈ J and D 2 a = 0, then Da is quasinilpotent.

We consider the design of a decentralized controller for a linear time invariant (LTI) system. This system is modelled as an interconnection of subsystems. For every subsystem, a linear time invariant controller is sought such that the overall closed loop system is stable and achieves a given H performance level. The main idea is to design every local controller such that the corresponding closed loop subsystem has a certain input-output (dissipative) property. This local property is constrained to be consistent with the overall objective of stability and performance. The local controllers are designed simultaneously, avoiding the traditional iterative process: both objectives (the local one and the global one) are achieved in one shot. Applying this idea leads us to solving the following new problem: given an LTI system, parameterize all the dissipative properties which can be achieved by feedback. The proposed approach leads to solving convex optimization problems that involve linear matrix inequality c...

This article describes an application of genetic algorithms to the analysis of spatially referenced data. A genetic algorithm is used to refine the specification of an hedonic regression model of spatially distributed residential property prices. The process of refinement concerns the search for good definitions of spatially defined variables. The fitness function for the genetic algorithm is provided by the coefficient of determination of the model. The regression results produced by the refined model are compared with those produced by a model containing a set of spatially defined variables based on information provided by an expert on local property prices.

This paper critically evaluates a model produced by the Department of Land Economy and PA Cambridge Economic Consultants which forecast demand and supply floorspace changes in Kent's commercial property markets. First, it sets out the conceptual framework adopted, and then how floorspace-demand forecasts were constructed and compared to the supply pipeline for each sub-region in Kent. Second, it considers the problems of measuring the selected variables and predicting future changes, in particular the way gross domestic product is measured and projected forward; the reliability of floorspace/employment ratios; and how to distinguish new build requirements from net change in stock. It concludes that the assumptions concerning future changes in these key relationships are fundamental to the accuracy of this type of forecasting model, and that qualitative research may improve our understanding of these relationships.

Effects of dependence on local adaptability of the nonlinear wavelet estimators is examined by deriving the mean integrated squared error (MISE) in the estimation of a highly oscillating mean function of a time series. This is achieved by Showing that the MISE formula for independent observations, derived in Hall and Patil (1995a), is valid for linear stationary noise sequences. From this formula it is observed that wavelet-based estimators automatically adapt to the local features of the underlying function without the need to adjust the bandwidth.

A new second order method (CDSN-method) for solving the transport equation is developed. This method takes into consideration a local property of the transport equation solution in each mesh cell. Every cell is divided into three subdomains by two characteristic lines intersecting the vertices. In each subdomain the solution is a smooth function, if incident fluxes are smooth. This allows us to construct a new algorithm. Taking into account the linear character of the transport equation, its solution in every cell may be considered to be a sum of two solutions. One of them is a solution depending on boundary radiation and a zero spatial source (E–component). The other is a solution depending on a spatial source and zero boundary radiation (S–component). Different combined methods were obtained by using various algorithms for construction of E–and S–components.

Responding to grass-roots pressure, Congress in 1983 expanded federal involvement in homesteading abandoned housing units through the Local Property Urban Homesteading Demonstration. The demonstration assessed the feasibility of federal assistance to state and local governments for the purchase of vacant, tax-delinquent real property for homesteading. This article evaluates whether the eleven participating cities were able to develop effective programs for purchasing tax-delinquent properties, the implications of requiring all homesteaders to have low incomes, and the prevalence of sweat equity to reduce the monetary equity or qualifying incomes of homesteaders. The findings have implications for the design of both federal and local homesteading programs.

This Paper develops and tests an incremental budgeting model of local government expenditure decisions using data on British local government. The model introduces two distinctive feautures into the incremental budegeting literature. Firstly, it takes explicit account of the availability of an independent source of revenue for jurisdictions (in this example, a local property tax). And secondly it shows how it is possible to develop satisfactory emperical models when budget constraints are only piecewise linear. The model is shown to perform well, both in explaining within-year variability in budgeting decisions, and in predicting subsequent budgets under revised budget constraints.

Erickson R. A. and Syms P. M. (1986) The effects of enterprise zones on local property markets, Reg. Studies 20, 1–14. The local property market is a principal mechanism through which the effects of the enterprise zone and programme are distributed. Different responses by businesses and developers generate a complex set of possible outcomes. In addition, the boundary problem emerges as a ‘dual local property market’. Based on different combinations of demand for and supply of property in the zone, four scenarios of possible effects are identified. Data from the Salford-Trafford Park zones in Greater Manchester are analysed in an assessment of a low response scenario. The empirical results indicate that zone designation created a dual property market with distinctly different short-run effects in the zone and the periphery; industrial building rents in the zone increased significantly while rents in the periphery dropped. Landlords with holdings in the zone expropriated over 60% of the local rates exemptio...

We show that if A – B is an absolutely flat homomorphism of consultative rings and A is arithmetical, then B is such, thus generalising a previous result (see [9]) on valutation rings. To prove the above theorem we show first that it is true when A is a local ring and B is a local ind-etale homomorphism (in par ticular if B is a strict henselization of A ) , and we apply the following general fact:a local property which ascends to strict henselization and descends by faithful flatness ascends also by ab solutely flat homomorphlsms. This last result also applies to other properties, such as locally noetherian, geometrically unibranche, Rn,Sn, Cohen-Macaulay.

Summary In a previous paper (Land Development Studies, 5, 145–177), the problems of measuring property markets were reviewed. Some of the problems discussed included the quality and quantity of data caused by the small number of transactions as a proportion of total stock of property, secrecy in the property market, and the individual nature of each property. These result in a reliance on subjective analysis of transaction data (to form value estimates) rather than the use of actual transactions to construct rental value indices. This paper sets out the collection and analysis of data and the subsequent construction of shop rental value indices for the local property market of Nottingham which is situated in the East Midlands region of the UK. The attempt to construct a long‐term data set (from 1910–86) highlights the problems of data availability and quality of information. It also highlights the problems associated with national and regional location indices which use one rent point within a centre to r...