Illinois' Response to Rising Residential Property Values: An Assessment Growth Cap in Cook County
A recent policy change caps the annual percentage increase in the assessed value of owner-occupied homes in Cook County, Illinois. Assuming that total revenue would remain constant, the result is relief for some financed by higher taxes on others. We estimate these tax burden shifts using data on al...
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| Veröffentlicht in: | National tax journal 2006-09, Vol.59 (3), p.707-716 |
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| container_end_page | 716 |
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| container_title | National tax journal |
| container_volume | 59 |
| creator | Dye, Richard F. McMillen, Daniel P. Merriman, David F. |
| description | A recent policy change caps the annual percentage increase in the assessed value of owner-occupied homes in Cook County, Illinois. Assuming that total revenue would remain constant, the result is relief for some financed by higher taxes on others. We estimate these tax burden shifts using data on all individual parcels and individual units of government in the county. We examine other aspects of the policy. In particular, we look at some of the difficulties in using changes in aggregate tax shares for residential versus non-residential property over time to justify or analyze a policy like this. |
| doi_str_mv | 10.17310/ntj.2006.3.20 |
| format | Article |
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Assuming that total revenue would remain constant, the result is relief for some financed by higher taxes on others. We estimate these tax burden shifts using data on all individual parcels and individual units of government in the county. We examine other aspects of the policy. 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Assuming that total revenue would remain constant, the result is relief for some financed by higher taxes on others. We estimate these tax burden shifts using data on all individual parcels and individual units of government in the county. We examine other aspects of the policy. In particular, we look at some of the difficulties in using changes in aggregate tax shares for residential versus non-residential property over time to justify or analyze a policy like this.</abstract><cop>Chicago</cop><pub>National Tax Association</pub><doi>10.17310/ntj.2006.3.20</doi><tpages>10</tpages></addata></record> |
| fulltext | fulltext |
| identifier | ISSN: 0028-0283 |
| ispartof | National tax journal, 2006-09, Vol.59 (3), p.707-716 |
| issn | 0028-0283 1944-7477 |
| language | eng |
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| source | EBSCOhost Business Source Complete; JSTOR Archive Collection A-Z Listing; EBSCOhost Education Source; Alma/SFX Local Collection |
| subjects | Assessed values Estimated taxes Fiscal policy Homestead exemption Income taxes Laws, regulations and rules Limitation of damages Property ownership Property taxes Real property taxes Residences Residential real estate State court decisions Studies Suburbs Tax assessments Tax benefits Tax rates |
| title | Illinois' Response to Rising Residential Property Values: An Assessment Growth Cap in Cook County |
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