We examine the relationship between housing equity and wage earnings using nine waves of the national American Housing Survey from 1985 to 2003. Employing a rich set of time and place controls, a synthetic mortgage instrumental variable strategy, and a first difference estimator we find that...

Popular support for property assessment caps has been explained as attempts to protect long-time home owners and to constrain local public expenditures. However, in the absence of a binding cap on millage rates, an assessment limit simply lowers the tax share of low-mobility homeowners at the...