An extension of a model of investment and operating decisions in the rental housing market to estimate the magnitude of the impact of the property tax on capital investment, current services input, and housing input. It is clear from the author's analysis that although the property tax may be a contributor to a reduction in housing output, it is not a major one. A lowering of the property tax is not likely to radically alter the size or condition of the existing housing stock, except in the special cases of overassessed slums and political fragmentation. 10 pp.
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