Reverse mortgages and senior property tax relief

Miller, Joshua J.; Nikaj, Silda; Lee, Jin Man

doi:10.1016/j.jhe.2018.12.001

Cited by 9 publications

(4 citation statements)

References 9 publications

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“…In addition, analysis results indicate that the residential population's age indeed influences government officials' tax policy decisions. These results make sense, as officials have implemented numerous policies to ease the tax burden on those ages 65 and above—tax exemptions based on age and income (Miller et al, 2019). In addition, as noted above, governments implement TELs at the state level to protect those ages 65 and above.…”

Section: Discussionmentioning

confidence: 99%

An (in)effective tax and expenditure limit (TEL): Why county governments do not utilize their maximum allotted property tax rate

Decker

2021

Public Administration

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Tax and expenditure limits (TELs) are restrictions placed on governments limiting their ability to collect and spend revenue. Residents support these TELs, as they desire lower tax burdens and more government efficiency; yet, residents still desire the same level of public services. Property tax rate limits, a specific type of TEL, are placed upon local governments to limit their ability to collect revenue and expand authority. Rate limits were implemented on the assumption that governments would tax at their highest maximum possible rate, but this is not always the case. This article studies why some local governments choose not to utilize their maximum allotted property tax rate. Using an open systems governance approach, a panel data analysis was conducted using data from 67 Florida counties from 2008 to 2017.Results of the analysis show that the use of special districts and the age of the residential population have significant effects on property tax rate decisions. | INTRODUCTIONTax and expenditure limits (TELs) are restrictions on governments that limit their ability to collect and spend revenue.Property tax TELs come in various forms, including assessment limits, levy limits, and rate limits (see Mullins & Joyce, 1996). Although each type of property tax TEL operates in different ways, all serve to limit local government revenues and expenditures and control the growth of local government authority (

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Section: Discussionmentioning

confidence: 99%

An (in)effective tax and expenditure limit (TEL): Why county governments do not utilize their maximum allotted property tax rate

Decker

2021

Public Administration

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“…For illustrative purposes, in Section 6.1 we use a maximum likelihood method for estimating a constant hazard rate h(t) = h, which assumes a time-homogeneous Poisson process. This allows us to find the fair annuity loan payment c of a reverse annuity mortgage corresponding to a level of hazard rate h. Based on a particular market default experience and studies on its impact factors described by , the estimation of the hazard rate process can be extended through the use of some cause-specific hazard functions (see, for example, Miller et al (2019)) or more general stochastic models.…”

Section: Default Risk Modelsmentioning

confidence: 99%

Valuation of Reverse Mortgages with Default Risk Models

Bernard

Kolkiewicz

Tang

2021

J Real Estate Finan Econ

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“…Follow‐up research by Pearson and Tajalli, 6 Holmes et al, 7 and Ona et al 8 assessed the economic effects of closures among additional rural communities, including closures in rural Texas from the late 1980s, 6 closures among a national sample of rural counties from 1990 to 2000, 7 and closures in rural Georgia, Tennessee, and Texas from 1998 to 2000 8 . Over the last 15 years, the scope of research has continued to expand through consideration of additional outcomes, study samples, and analytic techniques 9–16 …”

Section: Introductionmentioning

confidence: 99%

The economic effects of rural hospital closures

Malone

Planey

Bozovich

et al. 2022

Health Services Research

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Objective: To provide an updated analysis of the economic effects of rural hospital closures.Study Setting: Our study sample was national in scope and consisted of nonmetro counties from 2001 to 2018. Study Design:We used a difference-in-differences study design to estimate the effect of a hospital closure on county income, population, unemployment, and size of the labor force. Specifically, we compared economic changes over time in nonmetro counties experiencing a hospital closure to changes in a control group of nonmetro counties over the same time period. We also leveraged insight from recent research to control for estimation bias due to heterogeneity in the closure effect over time or across groups defined by when closure was experienced.Data Extraction: Data on (adjusted gross) annual income (in real dollars), annual population size, and monthly unemployment rate and labor force size were sourced from the Internal Revenue Service, Census Bureau, and Bureau of Labor Statistics, respectively. We used data from the North Carolina Rural Health Research Program to identify counties that experienced a hospital closure.Principal Findings: Of the 1759 nonmetro counties in our study sample, 109 experienced a hospital closure during the study period. Relative to the nonclosure counterfactual, closures significantly decreased labor force size, on average, by 1.4% (95% CI: [À2.1%, À0.8%]). Results also suggest that Prospective Payment System (PPS) hospital closures significantly decreased population size, on average, by 1.1% (95% CI: [À1.7%, À0.5%]), relative to the nonclosure counterfactual.Conclusions: Our analysis suggests that rural hospital closures often have adverse effects on local economic outcomes. Importantly, the negative economic effects of closure appear to be strongest following Prospective Payment System hospital closures and attenuated when the closed hospital is converted to another type of health care facility, allowing for the continued provision of services other than inpatient care.

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Reverse mortgages and senior property tax relief

Cited by 9 publications

References 9 publications

An (in)effective tax and expenditure limit (TEL): Why county governments do not utilize their maximum allotted property tax rate

An (in)effective tax and expenditure limit (TEL): Why county governments do not utilize their maximum allotted property tax rate

Valuation of Reverse Mortgages with Default Risk Models

The economic effects of rural hospital closures

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