Land and Real Property Taxation

This course examines legal, economic, and policy aspects of land and real property taxation. These taxation methods are a principal source for local government finance in many countries and have substantial economic impact. We will examine real property taxation methodologies across the world, creating an appreciation for the scope and typology of legal arrangements. We then will examine economic, business, and policy implications. Topics include, among others, the impact of the tax on land use and property values, tax incidence, choice of rates, inter-jurisdictional tax competition, the impact on state and local finance, collection and enforcement, the politics surrounding the tax, and technical issues such as property valuation and computer assisted mass appraisal. We will devote a significant amount of time in the course to land taxation, taxes that apply only to land values and not to the value of structures. This method has huge promise and has been implemented in some locales across the world but is much less widely applied than the conventional property tax that applies to total value, structures as well as land. The course should be of interest to students contemplating careers involving real estate legal practice, real estate business, or public policy. Elements used in grading: Exam.