Anderson on the Property Tax Base

Nathan Anderson (UIC - Econ) has posted Who's Afraid of Taxing at Market Value? Understanding the Consequences of Alternative Definitions of the Property Tax Base on SSRN.  Here's the abstract:

The definition of the property tax base is an important policy question because it directly determines the current and future distribution of taxes. I develop a framework to measure the distributional consequences of alternative property tax base definitions. Applying this framework to administrative data, I evaluate the choice between defining tax base as market value and as market value minus an exemption derived from an assessment limit. I find that the benefits of the assessment limit can vary over time, accrue to a majority of taxpayers, and reduce the tax-payment risk generated by the market value definition.

Steve Clowney