Assessors perform property valuations for the purpose of tax assessment. Buyers and sellers make investment decisions culminating in a market price. The valuation by assessors is supposed to be fair and equitable and to amount to a prescribed proportion of market value. We investigate the...

The effect of distance from the city centre on selling price, tax assessment and gross income is investigated for income property in proximity to the city centre. Hedonic estimation with a multiplicative model specification is used to estimate the relationship between property characteristics on...

This paper discusses the main aspects of the taxation of housing drawing on general principles of optimal taxation. It focuses on the role of the property tax in achieving neutrality between rental and owner-occupied housing. Assuming that landlords are taxed according to a neutral profits tax,...

In this paper, we scrutinise Oswald's evidence that home-ownership and unemployment are correlated across the US states. In order to abstract from state fixed-effects in levels, we analyse the cross-sectional variation in changes in home-ownership and unemployment rates between 1970 and 1990....

Periodic sharp sustained increases and then reversals in asset prices lead many to posit irrational price 'bubbles'. The general case for bubbles is that asset prices simply move too much given the future cash flows the assets are reasonably likely to produce. A corollary for property is that...