Does Municipal Debt Impact Housing Property Values?

Myungsoon Hur

International Review of Public Administration, 2008, vol. 13, issue 1, 85-95

Abstract: This paper addresses the question of whether voters perceive the burden of debt in their community and offers an empirical analysis of the existence and degree of debt capitalization. The empirical results of this study show that the existence or degree of debt capitalization depends on whether or not bond payments are funded through municipal taxes. Residents perceive debt issues as future liabilities when bond payments are expected to be made out of local taxes; however, the degree of capitalization is marginal. Residents do not perceive the burden of debt if they expect other revenues than taxes to be used for debt service.

Date: 2008
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DOI: 10.1080/12294659.2008.10805114

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