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We focus on the urban amenities of "neighborhood institutions," which are the myriad localized governments and nonprofits, such as religious and educational institutions, that provide public or quasi-public services to their neighborhoods. We examine whether neighborhood institutions positively impact their surrounding neighborhoods by utilizing property tax exemption records from the City of Milwaukee, Wisconsin, during 2002–2016. We combine these records with parcel-level data on residential home sales to identify each institution's exact location and type. Using a traditional hedonic model and a repeat sales model, we examine the influence of nearby tax-exempt properties on residential home sales. We find from the repeat sales model that close proximity (0 m–250 m) to educational properties, labor halls, and utilities are associated with lower home sale prices, all else equal. We find a sporadic and limited positive correlation with nearby colleges and cemeteries and home sale prices. [ABSTRACT FROM AUTHOR]

While previous studies have attempted to measure property tax rate capitalizations by proximate housing prices, disentangling school quality, and its associated amenities, from tax rates has impeded accurate estimation. I overcome this issue by investigating school districts containing varying tax rates. Identification is derived from the use of school and spatial-temporal boundary fixed effects to eliminate unobserved variation associated with tax districts that can confound capitalization estimates. Results from the primary model provide evidence of a negative capitalization of tax rate levels that corresponds to full capitalization at discount rate of nearly 3.5 percent. Further, property fixed effects are uniquely incorporated within the boundary identification method to show that tax rate changes are capitalized similar to baseline tax rate differences. [ABSTRACT FROM AUTHOR]

This empirical study utilizes a hedonic pricing model and a large dataset to investigate how property taxes and homeowners association (HOA) fees were capitalized into the real price of single-family homes from 2002 through 2013 in Duval County, Northeast Florida. The findings suggest that the real price was negatively impacted by real city and county property taxes, but positively affected by membership in an HOA. These findings are consistent with earlier research and have implications for government policy makers, real estate developers and civic groups, both regionally and nationally. [ABSTRACT FROM AUTHOR]

This study applies a hedonic pricing model to provide further empirical evidence whether, in the spirit of Tiebout (Journal of Political Economy 64(1):416-424, ), Oates (Journal of Political Economy 77(6):957-971, ), and Tullock (Journal of Political Economy 79(5):913-918, ), property taxes in particular have been capitalized into housing prices in the city of Savannah, Georgia housing market. There were sufficient data in this context to study a total of 2,888 single-family houses for the six-year period 2000-2005; 591 of these houses were located in the Savannah Historic Landmark District. Estimating the model in semi-log form reveals (after allowing for a variety of factors, including 12 spatial variables, four of which are de facto Tiebout type variables) that the natural log of the real sales price of a single-family house in the city of Savannah environment was in fact negatively affected by the city and county property tax level. This study is prompted by the fact that city and county governments are facing serious financial challenges and are searching for viable revenue sources. Increasing property taxes is one of the potential revenue sources being considered by elected officials. In providing current evidence on the effects of property tax in particular and on the Tiebout hypothesis in general, we seek to alert city and state governments of the potential consequences and perils of property tax hikes. [ABSTRACT FROM AUTHOR]