An Examination of Vertical Equity Over Two Reassessment Cycles

This article examines vertical equity in the assessment of single-family homes over two assessment cycles in Bellingham, Washington. The two assessment periods, which are four years apart, followed two differing property appreciation periods. The 1992 reassessment followed an explosion in home values, while the 1996 reassessment came after more moderate price appreciation. The assessed value/ market value ratio is the basic tool of this study with actual sales prices assumed to be market value. Utilizing a database of 721 home sales from January, 1990 to December, 1992, this study’s empirical analysis suggests regressive vertical inequity in 1992. This situation appears to have changed in 1996. Results from a second database consisting of 835 home sales from January, 1994 through December, 1996, suggest a substantial reduction in vertical inequity. Overall, it appears that the County Assessor’s office addressed the previous problem with positive results for the average property taxpayer of Whatcom County.

Vertical Equity in the Taxation of Single Family Homes

Vertical equity in ad valorem real property taxation is the concept that all properties within a taxing jurisdiction are assessed in equal proportion to their fair market value. This study examines the assessment of single family homes in Bellingham, Washington, utilizing a database of 1,118 home sales in the southern half of Bellingham that sold during the time period of January, 1990 through June, 1994. The results of several empirical tests suggest the presence of regressive vertical inequity. It appears that higher market value homes are assessed at a lower proportion of their value (sales price) than less expensive homes. These results suggest that property taxation at the local level magnifies the regessivity of Washington State's already highly regressive state tax system. Why does this apparent regressive vertical inequity exist? The authors offer several possibilities including the propensity of wealthy homeowners to challenge property tax assessments, the difficulty of valuing the amenities inside an upper-end home, the heterogeneity of the upper-end home market coupled with a small number of transactions, and the lack of ample staff and other resources at the County Assessor's office.

Canadian / U.S. Exchange Rates and Nonresident Investors: Their Influence on Residential Property Values

Factors external to a home’s characteristics may influence the sales price. This analysis focuses on Bellingham, Washington, because of several influences including the Canadian economy and nonresidents. First estimated is a constant-quality Bellingham housing price index, which is used as the dependent variable in a reduced-form model of market price to estimate the impact of the exchange rate. The analysis (1984-94) suggests that a 10% rise in the exchange rate leads to a 7.7% rise in Bellingham home prices. Additionally, in 1990, non-county buyers paid 4% to 6% more than county residents and non-county sellers received 6% to 8% less.

The Value of a Water View: Variability over 25 Years in a Coastal Housing Market

Given a relatively inelastic supply of locations with coastal water views, the price of a water view is likely to rise during housing market upturns and fall during downturns. Using 25 years of data and more than 20,000 home sales for Bellingham, Washington, this study uses the hedonic methodology to estimate water view premiums over different phases of the housing cycle. Views are differentiated both by scope and by distance from the water. Results show real dollar premiums associated with water views move with the housing cycle, rising when housing demand and overall market prices increase and falling when the overall price of housing declines. In addition, the relative value of a view fluctuates as well

The Influence of Canadian Investment on U.S. Residential Property Values

This study is an examination of the impact of foreign investors on an American residential real estate market. Point Roberts, Washington, a real estate market that is dominated by Canadians, is the focus of the analysis. Utilizing a ten-year database of home sales, the empirical analysis suggests that the Canadian/U.S. dollar exchange rate and market conditions in nearby Vancouver, British Columbia, strongly influence Point Roberts residential property price levels. A rising Canadian dollar seems to motivate increased demand for Point Roberts property by Canadian investors, for example. The sensitivity of real estate prices to exchange-rate changes appears to be a three-to-six-month lagged function. In general, it appears that a higher Canadian dollar will increase the Canadian demand for Point Roberts real estate which, in turn, leads to higher transaction prices. In addition, transaction prices in Point Roberts are slightly more volatile than are prices in the Vancouver market.

Numerical simulation of electromagnetic coupling in explicitly meshed wiring looms and bundles

In this paper, the Unstructured Transmission Line Modelling (UTLM) method based on a tetrahedral mesh is applied to model the electromagnetic coupling into wire looms and bundles with multiple cores that are typical of an aircraft system, when they are exposed to plane wave illuminations. The impact on the electromagnetic coupling into wires of both bundle configuration and the positioning of the bundle relative to simple structures are investigated using the UTLM method with explicit meshing of the wires. The work not only confirms that UTLM method as a powerful tool for dealing with wire looms and bundles but provides invaluable information on the margins to be expected in key experimental waveform parameters such as peak amplitude and frequency response

The Dutchman Vol. 7, No. 3

● Major and Minor in Fractur ● Gilbert and Mason - Pennsylvania Wood Engravers ● Barring Out the Schoolmaster ● The Himmelreich Collection ● A Mennonite Encyclopedia ● Pennsylvania Crafts Event ● Europe Calling ● Book Note ● Pennsylvania Dutch Pioneers ● The Zehn-uhr Schtickhttps://digitalcommons.ursinus.edu/dutchmanmag/1006/thumbnail.jp

The Pennsylvania Dutchman Vol. 8, No. 4

● Such Fancy Boxes, Yet ● Dried Corn ● Pennsylvania Dutch Cooking is Corny ● The Amish at Play ● Colonial Button Mold ● Illness and Cure of Domestic Animals Among the Pennsylvania Dutch ● Pennsylvania Dutch Pioneershttps://digitalcommons.ursinus.edu/dutchmanmag/1011/thumbnail.jp

FAPRI Environmental Projects 2000

Since 1995, the Food and Agricultural Policy Research Institute at the University of Missouri (FAPRI) has been providing analytical support in several areas around the state as communities try to come to grips with various water quality issues thought to derive from production agriculture's two underlying facts of life. This report provides a summary of the lessons learned as the unit has looked at and worked with these communities. It also discusses the specific projects underway in the unit, again focusing on issues directly related to the interface problem.This project is a cooperative effort of the Food and Agricultural Policy Research Institute at the University of Missouri and the Natural Resource Conservation Service. The work is supported by EPA grant X997396-01, Region VII U.S. Environmental Protection Agency, under section 104 (b) (3). The Missouri Department of Agriculture appropriated funds to support the work in this report