Property Taxes and Their Limits: Evidence from New York City
Andrew T. Hayashi
University of Virginia - School of Law
Stanford Law & Policy Review, Forthcoming
Virginia Law and Economics Research Paper No. 2014-04
I report evidence from New York City that property assessment caps on small residential properties represent a significant tax benefit that accrues to the most valuable properties and the wealthiest neighborhoods. Moreover, rather than benefiting the long-time homeowners on fixed incomes who are their putative targets, the largest benefits go to the properties that are most likely to have been recently sold and to be located in neighborhoods where cash incomes have increased the most.
Number of Pages in PDF File: 28
Keywords: property tax, assessment capsAccepted Paper Series
Date posted: January 12, 2014 ; Last revised: February 8, 2014
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