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Lags in Real Property Revaluations and Estimates of Shortfalls in Property Tax Collections in North Carolina

Published online by Cambridge University Press:  28 April 2015

Michael L. Walden  and
Zulal Denaux
Michael L. Walden
Affiliation:
Dept. of Agricultural and Resource Economics, North Carolina State University, Raleigh
Zulal Denaux
Affiliation:
Meredith College, Raleigh
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Abstract

Financing local public goods is a major issue in many communities, especially those that have experienced rapid growth. This paper analyzes problems associated with locally collected real property taxes where the real property tax base is only revaluated at long time intervals. Using counties in North Carolina as the subject of the analysis, we find that effective real property tax rates fall between revaluations. We calculate that a system of taxing market values of real property at a constant legislated tax rate would have yielded additional annual revenues of $320 million for North Carolina counties over 1980 to 1995.

Keywords

local public financeproperty taxationreal property revaluation
Type
Original Articles
Information
Journal of Agricultural and Applied Economics , Volume 34 , Issue 1 , April 2002 , pp. 205 - 213
Copyright
Copyright © Southern Agricultural Economics Association 2002

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