Property Assessments and Information Asymmetry in Residential Real Estate

Fathali Firoozi (), Daniel R. Hollas (), Ronald C. Rutherford () and Thomas A. Thomson ()
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Fathali Firoozi: Department of Economics, University of Texas at San Antonio, 6900 North Loop 1604 West, San Antonio, Texas, 78249-0633
Daniel R. Hollas: Department of Economics, University of Texas at San Antonio, 6900 North Loop 1604 West, San Antonio, Texas, 78249-0633
Ronald C. Rutherford: Department of Economics, University of Texas at San Antonio, 6900 North Loop 1604 West, San Antonio, Texas, 78249-0633
Thomas A. Thomson: Department of Economics, University of Texas at San Antonio, 6900 North Loop 1604 West, San Antonio, Texas, 78249-0633

Journal of Real Estate Research, 2006, vol. 28, issue 3, pages 275-292

Abstract: This paper presents a game theoretic model of property tax assessment that allows a tax appraiser to either choose a high or a low assessment. The owner either accepts or challenges this assessment. A ‘‘fixed effects’’ regression model is used to evaluate the differences in the assessed values of a sample of houses from Bexar County, Texas during 2000 and 2001. Where the owner of the house is identified as a state licensed property tax consultant, the assessed value, after adjusting for size, age, and other economic characteristics, ranged from a statistically robust 2.5% to 6.2% lower than neighboring houses.

JEL-codes: L85 (search for similar items in EconPapers)
Date: 2006
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