If You Promise to Build It, Will They Come? The Interaction between Local Economic Development Policy and the Real Estate Market: Evidence from Tax Increment Finance Districts

Smith, Brent C.

doi:10.1111/j.1540-6229.2009.00240.x

Cited by 34 publications

(27 citation statements)

References 25 publications

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“…TIF districts that were found to have faster property value growth, on average, were industrial, were located closer to down-town Chicago, were lower-density, were more blighted, were larger, and had a higher proportion of white residents. Using propensity score matching to attempt to address the counterfactual, Smith (2009) found positive associations between TIF designation and commercial property values in Chicago between 1992 and 2000. Also focusing on Chicago over a similar time period (1993 to 1999), Weber, Bhatta, and Merriman (2003) examined industrial property values.…”

Section: A Property Valuesmentioning

confidence: 99%

The Tiff Over Tif: A Review of the Literature Examining the Effectiveness of the Tax Increment Financing

Greenbaum¹,

Landers²

2014

National Tax Journal

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California's recent decision to discontinue tax increment fnancing (TIF) after six decades of use has triggered a re-examination of its broader use. TIF typically allows the borrowing of funds for local economic development in a specifed district, to be paid for by taxes collected in the future that are generated by the development. To put the fndings of the previous literature into context and to make them more broadly informative, this paper reviews the empirical research, provides some descriptive national analysis of TIF adoption, and provides policy recommendations informed by the empirical fndings and literature.

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Section: A Property Valuesmentioning

confidence: 99%

The Tiff Over Tif: A Review of the Literature Examining the Effectiveness of the Tax Increment Financing

Greenbaum¹,

Landers²

2014

National Tax Journal

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“…Studying Indiana, Man and Rosentraub (1998) found that residential property values were higher in TIF adopting cities than in those without TIF districts. Smith (2009) reports a similar effect in Chicago, with neighborhood quality influencing the magnitude of the impacts on commercial property values. His study evaluated the effect on TIF across a number of stated goals, such as blight reduction.…”

Section: Tif and Economic Activitymentioning

confidence: 83%

“…In a study of Milwaukee TIF districts, Carroll (2008) found that the growth of business property value within the TIF district is attributable to the capitalization of higher quality public services offered in these districts. Smith (2009) reports a similar effect in Chicago, with neighborhood quality influencing the magnitude of the impacts on commercial property values. Byrne (2006) found that property value growth tends to be higher in Chicago TIFs than the municipality as a whole and that larger TIF districts, those close to the city center, TIFs with a higher proportion of white residents and those located in low-density areas experience higher growth.…”

Section: Tif and Economic Activitymentioning

confidence: 83%

Tax increment financing: Capturing or creating growth?

2019

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This research examines tax increment financing (TIF), a widely used economic development tool, and property values to determine whether TIFs capture activity that would have occurred anyway. Using 2003–2012 data from Indiana counties, we test a two‐stage model focusing on TIF adoption (stage 1) and impact on assessed value within the TIF district and outside the TIF district (stage 2). Model results show that TIF adoption is positively related to TIF use in surrounding counties, median household income and employment growth, which suggests that TIF is used to capture existing growth. The results of the impact model show that as the share of county assessed value in TIF increases, assessed value in non‐TIF areas decreases and assessed value within TIF districts does not increase, which raises concerns about the efficacy of TIF.

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“…A high percentage of future population growth and housing need in cities can be covered through using abandoned land in down town, having a balanced density, regeneration, renovation and reconstruction of worn out texture and old buildings (Grenadier, 1996;Newell, 2010). Infill city development have the role of neighborhood revitalizer, health and safety risks reducer of worn out textures (Weber et al, 2003;Smith, 2006;Weber et al, 2007;Smith, 2009). United States and Europe were the first ones who applied infill city development policy in 1980 (Cheng et al, 2009) in a way that it is the heart of urban land policies in Europe.…”

Section: Infill City Developmentmentioning

confidence: 99%

Sustainable Urban Development with Emphasis on Worn Out Texture Regeneration (Case Study: Isfahan, Iran)

Rozati¹,

Kazem-Zadeh²,

Vaseghi³

2015

CUS

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In recent years, due to the natural population growth and immigration, demand for houses in many of the large cities has risen. In spite of the fact that there are lots of lands which are abandoned or occupied with inappropriate uses as worn out texture in down towns, large cities have the problem of physical disintegration and unplanned development towards farming lands and suburb gardens which will result in huge unsustainability in different dimensions including economic, social, physical and environmental. Using the potentials of worn out textures in down towns is one of the solutions, which has been noted in literature of infill city developments in recent years in order to achieve a sustainable development. In this research, potentials of worn out texture of the city of Isfahan as a sustainable approach for future development have been investigated and some solutions have been suggested in order to have an optimal guidance which is based on regeneration of worn out textures. Methodology of the research is descriptive and analytic and is identically practical. The data have been gathered through librarian references, observation and questioners. After it, the area of worn out texture in down town was calculated and then through using clustering model, the number of houses needed in the city of Isfahan in the year 2025 was estimated. The results of the research indicate that in inner city context of Isfahan, due to the existence of the worn out textures, providing house is approachable and worn out texture regeneration can be considered as a sustainable approach for future urban development.

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If You Promise to Build It, Will They Come? The Interaction between Local Economic Development Policy and the Real Estate Market: Evidence from Tax Increment Finance Districts

Cited by 34 publications

References 25 publications

The Tiff Over Tif: A Review of the Literature Examining the Effectiveness of the Tax Increment Financing

The Tiff Over Tif: A Review of the Literature Examining the Effectiveness of the Tax Increment Financing

Tax increment financing: Capturing or creating growth?

Sustainable Urban Development with Emphasis on Worn Out Texture Regeneration (Case Study: Isfahan, Iran)

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