Property Tax Equalization Rates: Implications of Their Use in Tax Inequality Cases in the City of New York

Larry Schroeder

American Journal of Economics and Sociology, 1981, vol. 40, issue 1, 79-95

Abstract: Abstract. The New State Board of Equalization and Assessment annually determines for each taxing jurisdiction within the state, an estimate of the ratio of its assessed values to market values. The methods used in constructing such ratios are reviewed as well as the ways in which the ratios are used. Special emphasis is given to the use of the ratio by taxpayers in tax inequality or certiorari cases. Using data on New York City, it is estimated that maximum use of the ratio in such cases could lead to as much as a 22 percent reduction in the City's property tax base. As well, estimates are made of the redistributive effects across different property types in the city under the assumption that tax rates are increased to just offset the revenue effects of the tax base erosion. The most obvious effect is the increased burden on residential housing owner‐occupiers.

Date: 1981
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