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Report
Why have revenue-strapped New England school districts been slow to turn to alternative funding sources?
Downes, Thomas (2016-07-01)
During and even after the Great Recession, numerous popular press stories commented on the apparent growth of non-tax revenues in the face of school district budget deficits. But Downes and Killeen (2014) show that nationally the growth of non-traditional revenues has been far less than these articles may lead the reader to believe. This paper uses data from the New England states to assess the empirical content of some of the possible explanations of this slow growth. In New England, as in the rest of the nation, non-tax revenues per pupil have grown in real terms but have not become a more ...
Current Policy Perspectives , Paper 16-1

Working Paper
The Role of Property Assessment Oversight in School Finance Inequality
Troland, Erin; Combs, Alex (2023-05-05)
This paper explores an under-studied channel for school finance inequality: property assessment. School districts have historically relied on local tax revenues (typically property taxes) to fund schools, which can generate disparities in funding across districts. Many states passed school finance reforms that give more state funding to poorer districts. These formulas typically discourage school districts from offsetting state funding by reducing local tax rates ("crowd out"). However, many reforms have not adequately addressed another source of inequality: property assessment accuracy and ...
Finance and Economics Discussion Series , Paper 2023-024

Working Paper
Regional Consumption Responses and the Aggregate Fiscal Multiplier
Karabarbounis, Marios; Dupor, Bill; Mehkari, M. Saif; Kudlyak, Marianna (2022-02-03)
We use regional variation in the American Recovery and Reinvestment Act (2009-2012) to analyze the effect of government spending on consumer spending. Our consumption data come from household-level retail purchases in the Nielsen scanner data and auto purchases from Equifax credit balances. We estimate that a $1 increase in county-level government spending increases local non-durable consumer spending by $0.29 and local auto spending by $0.09. We translate the regional consumption responses to an aggregate fiscal multiplier using a multi-region, New Keynesian model with heterogeneous agents, ...
Working Papers , Paper 2018-004

Working Paper
The Assessment Gap: Racial Inequalities in Property Taxation
Howard, Troup; Avenancio-León, Carlos (2020-07-06)
We use panel data covering 118 million homes in the United States, merged with geolocation detail for 75,000 taxing entities, to document a nationwide "assessment gap" which leads local governments to place a disproportionate fiscal burden on racial and ethnic minorities. We show that holding jurisdictions and property tax rates fixed, black and Hispanic residents nonetheless face a 10-13% higher tax burden for the same bundle of public services. This assessment gap arises through two channels. First, property assessments are less sensitive to neighborhood attributes than market prices are. ...
Opportunity and Inclusive Growth Institute Working Papers , Paper 34

Working Paper
Report on the Potential Impacts of Property Tax Abatement on Rental Housing Construction in Boston
Alejandro, Patricia; Carter, Mary Ellen; DiPasquale, Denise; Glaeser, Edward Ludwig; Guren, Adam M.; Willen, Paul S. (2024-01)
Boston’s high housing costs reflect a historic failure to build enough units to satisfy demand. Interest rates and construction costs have risen recently, and the flow of new market-rate residential housing projects has slowed. To spur more construction, the City of Boston is considering various policy options. Our committee was asked by Boston Mayor Michelle Wu to assess the market impacts of one of these options: real estate tax abatements. This report presents our analysis of the likely effects on the number of units constructed and the costs to taxpayers of various tax abatement ...
Working Papers , Paper 24-1

Working Paper
Regional Consumption Responses and the Aggregate Fiscal Multiplier
Karabarbounis, Marios; Dupor, Bill; Mehkari, M. Saif; Kudlyak, Marianna (2018-12-26)
We use regional variation in the American Recovery and Reinvestment Act (2009-2012) to analyze the effect of government spending on consumer spending. Our consumption data come from household-level retail purchases in the Nielsen scanner data and auto purchases from Equifax credit balances. We estimate that a $1 increase in county-level government spending increases local non-durable consumer spending by $0.29 and local auto spending by $0.09. We translate the regional consumption responses to an aggregate fiscal multiplier using a multiregional, New Keynesian model with heterogeneous agents, ...
Working Paper Series , Paper 2018-04

Working Paper
Assessment Frequency and Equity of the Real Property Tax: Latest Evidence from Philadelphia
Hou, Yulin; Ding, Lei; Schwegman, David; Barca, Alaina (2021-12-08)
Philadelphia’s Actual Value Initiative, adopted in 2013, createsa unique opportunity for us to test whether reassessments at short intervals to true market value and taxing by such values improve equity. Based on a difference-in-differences framework using parcel-level data matched with transactions in Philadelphia and 15 comparable cities, this study finds positive evidence on equity outcomes from more regular revaluations. The quality of assessment, as measured by the coefficient of dispersion, improves substantially after 2014, although the extent of improvement varies across ...
Working Papers , Paper 21-43

Working Paper
From urban core to wealthy towns: nonschool fiscal disparities across Connecticut municipalities
Zhao, Bo (2015-08-01)
Fiscal disparities occur when economic resources and public service needs are unevenly distributed across localities. There are two equity concerns associated with fiscal disparities. First, as Yinger (1986) shows, it is not considered fair to require two otherwise-identical households to pay a different amount of taxes for the same level of public services simply because they live in different towns. Second, fiscal disparities render some towns at a disadvantage in economic competition (Downes and Pogue 1992). These towns must impose a higher tax rate and/or provide a lower level of public ...
Working Papers , Paper 15-14

Newsletter
How vulnerable are insurance companies to a downturn in the municipal bond market?
Ramnath, Shanthi; Polacek, Andy (2021-02-02)
As the U.S. economy remains weakened by the Covid-19 pandemic, concern persists for the health and resilience of the municipal bond market. Municipal bonds (muni bonds) are debt securities issued by state and local governments to raise money and are generally considered to be safe investments. However, the recent slowdown in economic activity due to Covid-19 created significant stress on state and local government budgets, leading to a heightened risk for municipal bond downgrades and possibly even defaults. In this Chicago Fed Letter, we examine to what extent property and casualty (P&C) and ...
Chicago Fed Letter , Issue 451 , Pages 7

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