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McGrath Himmelberg, Mayer, and Sinai (2005) recent study on the subject of high housing prices and bubbles outlines how the im puted rent – a measure of the an nual cost of homeownership – would be determined. One of the six components of the annual imputed rent is the annual cost of property taxes. DATA Indiana is com prised of 92 counties. Three counties have populatio ns greater than 200,000 individuals. The y are, in order, Marion (Indianapolis), Lake (Hammond/Gary), and St. Joseph (South Bend). In Table 1, we present summary statistics of the data with which we began the analysis. On average, count y populations gr ew by 9.2% through the 199 0s in Indian a (POPGRWTH). Based upon p opulation growth t hrough the 1990s the counties surroundin g Marion Count y, such as Hamilton (67.7%), He ndricks (37.5%), Johns on (30.8%), Hancock (21.7%), and Boone (20.9 %), have experienced sig nificant popu lation influx. Lake County’s population growth for the decade of the 1990s was only 1.9% implying that Lake County’s ability to attract new residence s was w eak (whether they chose to build new hom es, purchase exis ting stock, or rent) well before the change in propert y taxes. Neighboring Lake Count y to the east is Porter County which enjoy ed an increase in it s population of 14% over the same ti me period. The construction of new houses adds to the existing stock of housing and thus to the tax base and may be thought of as an indicator as to the overall attractiveness of an area, as well as an engine of future growth. Housing investment studied here is measured as the percentage increase in the num ber of new sin gle fam ily houses built in 2003 relati ve to the previous year’s stock (NEWINV). The data for the num ber of new singl e family houses built and the previous year’s stock is provided by the U.S. Census. The average across the 91 counties for which we have data is 1.03% . Data for Green e County for 2003 was not available, thus Greene County has been dropped from further analysis. As mentioned above, Hendricks County, which lies just west of Indianapolis, experienced a relative housing boom in 2003 with NEWINV equal to 5.5% to lead all counties. Following Hendricks County in such investment are Hamilton (4.4%), Hancock (3.7%), Switzerland (2.7%), Boone (2.3%), and Johnson (2.2%) counties. Of these only Switzerland County, which is located in the far sou theast corner of Indiana, is not directly adjacent to Marion County. Lake Co unty experienced a 0.78% investment rate, which is below the average, but is roughly within one-half a standard deviation from the mean. In order to e xamine to w hat extent co unty property tax differen ces may play in these differing rates of investment, we will relate the housing investment measure to the gross property tax rate by county, as well as other variables of ten cited as determinants of housing demand and supply. We will assume that capital markets are efficient. And since the data is cross sectional, borrowing costs – mortgage rates, fees, etc - will not be directly included. To some extent such costs may differ by the prospective homebuilder’s income level. As such, m edian income may capture access to capital, as well as purchasing power. County property tax rates for 200 1 (payable 2002) are from the Indiana Department of Revenue and can be located at STATSIndiana at www.st ats.indiana.edu. The state’ s mean property tax rate (PROPTAX) was 2.93% with a st andard deviation of 0. 47%. Lake County’s ASBBS E-Journal, Volume 4, No.1, 2008 142
Table 1. Summary Statistics of Socio-economic Characteristics for Indiana Counties and Lake County Dependent Variable State Mean Std deviation Lake County Mean Description NEWINV 1.026% 0.871% 0.78% Ratio of new single family homes to existing stock for 2003 Explanatory Variables Tax Structure PROPTAX 2.93% 0.471% 4.44% 2002 county property tax rate INCTAX 1.03% 0.315% 1.00% 2002 county income tax rate Cost variables COST $122,789 $29,543 $156.921 County mean construction cost 2002 MEDVAL $87,835 $19,152 $97,500 County median home value for 2000 OWNRATE 76.43% 5.53% 69.0% Home ownership rate for 2000 COMMUTE 23.7 min 3.93 min 27.1 min County mean-travel-to-work times in minutes per day, 2000 Purchasing Power INCOME $40,727 $6,009 $41,829 County median household income for 2000 EDUC 14.61% 6.71% 16.2% Percent with bachelor’s degree Economic Activity POPGRWTH 9.30% 9.92% 1.9% 10-year population growth rate 1990-1999 RETAIL $7,562 $3,129 $9,100 Retail sales per capita for 2000 UE 4.97% 0.90% 6.2% Unemployment rate, 2000 POVERTY 8.79% 2.96% 12.2% Percent of persons below poverty level, 1999 Other SMEHOUS 58.90% 5.20% 61.5% Percent living in same house in 1995 and 2000 MULTIUNIT 12.23% 6.50% 24.2% Percent housing units in multiunit structures, 2000 DENSITY 168 p/m 2 267 p/m 2 975 p/m 2 Persons per square mile, 2000 AGE18- 25.97% 2.17% 26.8% Percent of population 18 or younger AGE65+ 13.20% 1.81% 13.0% Percent of population 65 or older Property Taxes in Indiana ASBBS E-Journal, Volume 4, No.1, 2008 143
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ASBBS eJournal Volume 4, No.1, 2008
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THE SUPREME COURT GRANTS CERTIORARI
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Deductibility of investment fees…
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Mellon Bank, N.A. v. United States,
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Grady, Maniam and Leavell economic
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Mining for Knowledge..Higher Ed Sol
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King and Case Brigadier General or
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Page 151 and 152: ABSTRACT Major trends in hotel gues
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Importance of Geographic Space and
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Importance of Geographic Space and
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INNOVATIVE HRM: HOW HR ACTIVITIES C
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strategy implementation best. It se
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Figure 5: General Schemata of BSC:
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Innovative HRM where open communica
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Zomorrodian, A (1999) “Learning O
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