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Message From the President

Appreciating the Property Tax
Gregory K. Ingram, April 1, 2008

The property tax has been subject to much popular criticism and political pressure in recent decades. Several states have implemented, or are considering, a variety of caps and limits on property assessments, property tax rates, or total revenue raised from the property tax. Perhaps the best-known example is California’s Proposition 13, which ties property assessments to the purchase price of a dwelling (rather than its current market value) and limits the tax rate that can be levied on homes. It is worth taking another look at the property tax and considering its strengths and weaknesses as a source of funding for local government services.