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Full-Text Articles in Social and Behavioral Sciences
Property Tax Revenue Decline In The State Of California And The Implications: An Examination Of Selected Local Governments In The State Of California, Ryan M. Mauldin
Property Tax Revenue Decline In The State Of California And The Implications: An Examination Of Selected Local Governments In The State Of California, Ryan M. Mauldin
MPA/MPP/MPFM Capstone Projects
The Center for Responsible Lending projects California local governments to experience a $107 billion dollar decrease in home values and taxable property rolls as a result of subprime mortgage related foreclosures [Lending, 2008]. Due to Proposition 13, property taxes do not account for a substantial portion of local government revenue. They do, however, constitute 53% of statewide K-14 funding, as stipulated by Proposition 98 (Education Revenue Augmentation Fund or ERAF). As a result of ERAF, local governments (defined as counties, cities, schools, and special districts) receive less money through a complex fund shifting process that offsets statewide general fund spending. …
Do Property Assessors In Kentucky Value Residential Property At Fair Market Value?, Brian Smith
Do Property Assessors In Kentucky Value Residential Property At Fair Market Value?, Brian Smith
MPA/MPP/MPFM Capstone Projects
Assessors are required, as mandated by the Kentucky State Constitution and KRS 132.690, to assess property at 100 percent of fair market value. Fair market value is defined as the price a seller would expect to receive in an open and competitive market. Evidence from data and analysis in this paper indicates that property is under-assessed by approximately 25 percent. Though urban areas assess at a slightly higher rate, this is offset by rural areas, which do a significantly poorer job. This has important implications for local communities in Kentucky that depend on property tax revenue in order to provide …