The International Association of Assessing Officers (IAAO) is the internationally recognized leader and preeminent source for innovation, education, and research in property appraisal, assessment administration, and property tax policy. The association’s 76th Annual International Conference on Assessment Administration provides education on property appraisal, assessment administration, and property tax policy. The Lincoln Institute was invited to present a policy seminar to bring assessment professionals information on new public finance research and tax developments.
The seminar, “Challenging the Conventional Wisdom on the Property Tax,” a reference to a recent publication of the same title, will be introduced by Joan M. Youngman, senior fellow and chair, Department of Valuation and Taxation at the Lincoln Institute, and moderated by Jane H. Malme, fellow at the Lincoln Institute, and will include the following presentations:
Are Property Taxes Forcing the Elderly out of their Homes?
Andrew Reschovsky, visiting fellow, Lincoln Institute, professor of public affairs, University of Wisconsin-Madison, Robert M. La Follette School of Public Affairs
A justification for enacting property tax limitations is the belief that without such limits rising property taxes would force many elderly homeowners to sell their homes. Contrary to popular belief, a study of Wisconsin homeowners finds that for almost all homeowners property tax increases have almost no impact on decisions to move.
Bad Policy or Bad Timing? Post - Tax Swap Revenue Challenges in South Carolina
Laura Dawson Ullrich, assistant professor of economics, Winthrop University
In 2006 the state of South Carolina signed significant changes to the property tax system into law which, accompanied with the well-observed recession, have led to significant decreases in state and local tax revenues. Given the current state of revenue collections in South Carolina, the question must be asked, was this bad policy or simply bad timing?
Are Residential Assessments Really Regressive? Estimating the Distribution of Home Prices using Quantile Regressions
Daniel P. McMillen, visiting fellow, Lincoln Institute, professor at the Institute of Government and Public Affairs, Department of Economics, University of Illinois
Traditional analyses of assessment regressivity use summary statistics and regressions to test whether assessment rates fall as sales prices increase. Quantile regressions are used to determine whether assessment variability also differs by sales price.
In Search of the Optimal Revaluation Policy: Benefits and Pitfalls
Alan Dornfest, AAS, Property Tax Policy Supervisor, Idaho State Tax Commission
Current market value is considered by many to be the gold standard as an underlying basis for property tax. Property markets are dynamic, however, requiring continuous ongoing reappraisal programs to maintain current market value. Such programs are costly and this presentation attempts to analyze reassessment options according to their costs and benefits, and to consider the consequences of failing to reappraise or reassess regularly.
The International Association of Assessing Officers is a nonprofit, educational and research association. It is a professional membership organization of government assessment officials and others interested in the administration of the property tax. The IAAO was founded in 1934, and now has a membership of more than 8,000 members worldwide from governmental, business, and academic communities. The mission of the IAAO is to promote innovation and excellence in property appraisal, assessment administration, and property tax policy through professional development, education, research, and technical assistance.
In addition to Challenging the Conventional Wisdom on the Property Tax , the Lincoln Institute also recently published The Property Tax and Local Autonomy which was reviewed this month in BookNews.