Abstract
A majority of the states equalize funding of local jurisdictions by conducting sales ratio studies to estimate levels of property tax assessment. Because of sales chasing and the failure to adjust sales for time, sales ratios may inaccurately estimate true levels of assessment, resulting in funding inequities. Building upon recent advances in the real estate price index literature, an econometric model is proposed as an alternative to sales ratios as a method of estimating levels of assessment. Results from a sample of Florida counties show that levels of assessment are accurately estimated by the model, even for small counties.
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