Property Tax Appeal Process Benefits Wealthy, Non-minority Homeowners

Property taxes in Florida are based on annual assessments of property values made by county officials.  Homeowners in Florida can challenge assessments that they believe overvalue their property and inflate their tax bill.  Informally, the homeowner may meet with the assessor to negotiate for a reduced assessment.  The homeowner may also petition for a formal … Continue reading Property Tax Appeal Process Benefits Wealthy, Non-minority Homeowners

Study Explores Local Government Response to Recessions

Recessions can be trying times for city and county governments. They typically experience a fall in revenue from two primary sources:  1) a shrinking property tax base because of falling property values and 2) lower intergovernmental transfers—grants and other payments received from the state and federal governments—because of cutbacks made at these higher levels of … Continue reading Study Explores Local Government Response to Recessions

New Study Examines Spillover Effects of Real Estate Owned Properties

Since the housing market collapse, banks have repossessed large numbers of homes. These REO or real estate owned properties are often vacant and rundown and can lower the values of nearby residences. While research confirms this spillover effect of REOs on other properties, few studies have evaluated its relative magnitude in different neighborhoods. DeVoe Moore … Continue reading New Study Examines Spillover Effects of Real Estate Owned Properties

Tax Increment Financing Has Unclear Effects

By Casey Barr Originally used in California in 1952, TIF is the most widely utilized type of economic development program in the nation, with 49 states and the District of Columbia currently authorize its use. Arizona is the only state that does not allow its use. In 2012, California limited the use of TIF after evidence … Continue reading Tax Increment Financing Has Unclear Effects

Foreclosed Properties Sold to Homeowners Stabilize Property Values

The collapse of the housing market led to an increase in the number of foreclosed residences, with ownership of many reverting to the banks. These are referred to as REO (real estate owned) properties. Recent research concludes the presence of REOs in a neighborhood can lower the property values of nearby homes, but these studies … Continue reading Foreclosed Properties Sold to Homeowners Stabilize Property Values

Florida’s Dysfunctional Property Insurance System

By Matt Kelly Many readers will remember the hurricane season of 2004 as a chaotic time to be a Florida resident. The Sunshine State received four torrential storms that year, causing $45 billion in losses. School was cancelled, streets were covered with debris, and 37 lives were lost. Since 2005, Florida has experienced a nine-year … Continue reading Florida’s Dysfunctional Property Insurance System