Report-Oregon-Property-Tax-Capitalization-FINAL

OREGON PROPERTY TAX CAPITALIZATION: EVIDENCE FROM PORTLAND
27
Table IV - Property sale price regression results with school and neighborhood characteristics. .
Dependent variable: Sale price. (n=21216)
III-I(a) III-I(b) III-I(c) III-II(a) III-II(b) III-II(c)
Property Characteristics
Size of property (sqft)
Age of property
Tax Characteristics
AV/RMV ratio
Effective tax rate (mills)
School Characteristics
Reading score
Math score
Neighborhood Characteristics
164.06**
(3.07)
-76.02**
(34.72)
-345.12**
(67.54)
1005.51**
(146.40)
462.22**
(126.59)
164.03**
(3.07)
-62.82*
(33.92)
-1985.21**
(383.84)
1036.38**
(147.49)
428.56**
(126.69)
165.96**
(3.14)
-93.53**
(36.06)
-319.33**
(67.33)
1150.78**
(146.80)
410.33**
(126.31)
165.96**
(3.14)
-81.64**
(35.30)
-1835.66**
(383.33)
1181.60**
(147.89)
378.41**
(126.40)
165.88**
(3.18)
-95.04**
(35.95)
-310.39**
(67.52)
1144.85**
(147.10)
414.06**
(126.90)
-28773.46** -29035.75** -26714.68** -26925.35**
Distance to CBD
(702.10) (661.03) (855.78) (824.63)
Oregon’s Electric Vehicle 299.23** Industry
303.77**
Walk Score ®
Crime rate per 1000
Fixed Effects – Year sold (base = 2010)
2011
-16138.94**
(2479.90)
2012
-696.30
(2457.47)
2013
31382.46**
(2423.29)
Constant
81457.21**
(7405.97)
-16387.63**
(2479.57)
-1230.60
(2490.98)
32661.75**
(2530.01)
86266.8**
(7722.52)
(81.35)
-16422.04**
(2483.07)
-1071.76
(2460.97)
31089.68**
(2423.79)
42712.21**
(11505.74)
(81.42)
-16654.52**
(2482.35)
-1569.195
(2494.28)
32270.01**
(2531.66)
46577.58**
(11737.05)
-26749.76**
(850.29)
313.90**
(82.33)
-7480.78
(13323.83)
-11491.54**
(2473.94)
-1173.51
(2454.79)
31011.08**
(2420.52)
42440.79**
(11475.12)
165.84**
(3.19)
-84.68**
(35.18)
-1766.49**
(381.84)
1172.08**
(148.06)
385.11**
(127.12)
-26965.56**
(818.84)
325.42**
(82.56)
-11180.14
(13295.42)
-16736.22**
(2474.68)
-1685.06
(2470.63)
32121.99**
(2527.02)
46078.11**
(11697.75)
R-squared 0.64 0.64 0.64 0.64 0.64 0.64
* Significantly different from zero with 90% confidence.
** Significantly different from zero with 95% confidence.
Table V - Instrumental variable
regression results with school
and neighborhood characteristics.
Dependent variable: Sale price.
(n=21216)
IV
Property Characteristics
Size of property (sqft)
Age of property
Tax Characteristics
AV/RMV ratio
School Characteristics
Reading score
Math score
166.25**
(3.26)
-1622.76**
(128.86)
-6374.25**
(447.71)
3500.60**
(272.09)
39.89
(176.97)
Neighborhood Characteristics
-5949.47**
Distance to CBD
(1729.37)
Fixed Effects – Year sold (base = 2010)
2011
44687.62**
(5481.80)
2012
78550.89**
(6598.84)
2013
94671.16**
(5522.21)
Constant
257221.7**
(16156.86)
R-squared 0.48
* Significantly different from zero with 90% confidence.
** Significantly different from zero with 95% confidence.
Northwest Economic Research Center