Demand for new cities: Property value capitalization of municipal incorporation
This paper investigates property value capitalization of municipal incorporation. Using detailed data from the metropolitan Atlanta area, our empirical strategy combines difference-in-differences hedonics with a relatively underutilized matching method from the class of monotonic imbalance bounding...
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| Published in | Regional science and urban economics Vol. 67; pp. 78 - 89 |
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| Main Authors | , |
| Format | Journal Article |
| Language | English |
| Published |
Amsterdam
Elsevier B.V
01.11.2017
Elsevier Sequoia S.A |
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| Abstract | This paper investigates property value capitalization of municipal incorporation. Using detailed data from the metropolitan Atlanta area, our empirical strategy combines difference-in-differences hedonics with a relatively underutilized matching method from the class of monotonic imbalance bounding methods that approximates a fully blocked randomized experiment. We find that new city formation is positively capitalized into property values within the new city, increasing 4–5% in the two years following new city formation compared to the two years prior and 12–13% over the entire analysis period. The results also indicate that capitalization is stronger for parcels with greater potential for redistribution.
•Examines the capitalization of municipal incorporation into residential property values.•Incorporation increases property values by an initial 4 – 5 % and 12 – 13% over time.•Capitalization is stronger for parcels with greater potential for redistribution.•Evidence that voluntary formation of local public good jurisdictions is welfare-enhancing.•Curtailed redistribution in public good space is a channel driving incorporation and capitalization effects. |
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| AbstractList | This paper investigates property value capitalization of municipal incorporation. Using detailed data from the metropolitan Atlanta area, our empirical strategy combines difference-in-differences hedonics with a relatively underutilized matching method from the class of monotonic imbalance bounding methods that approximates a fully blocked randomized experiment. We find that new city formation is positively capitalized into property values within the new city, increasing 4-5% in the two years following new city formation compared to the two years prior and 12-13% over the entire analysis period. The results also indicate that capitalization is stronger for parcels with greater potential for redistribution. This paper investigates property value capitalization of municipal incorporation. Using detailed data from the metropolitan Atlanta area, our empirical strategy combines difference-in-differences hedonics with a relatively underutilized matching method from the class of monotonic imbalance bounding methods that approximates a fully blocked randomized experiment. We find that new city formation is positively capitalized into property values within the new city, increasing 4–5% in the two years following new city formation compared to the two years prior and 12–13% over the entire analysis period. The results also indicate that capitalization is stronger for parcels with greater potential for redistribution. •Examines the capitalization of municipal incorporation into residential property values.•Incorporation increases property values by an initial 4 – 5 % and 12 – 13% over time.•Capitalization is stronger for parcels with greater potential for redistribution.•Evidence that voluntary formation of local public good jurisdictions is welfare-enhancing.•Curtailed redistribution in public good space is a channel driving incorporation and capitalization effects. |
| Author | Mothorpe, Christopher Patrick, Carlianne |
| Author_xml | – sequence: 1 givenname: Carlianne surname: Patrick fullname: Patrick, Carlianne email: cpatrick@gsu.edu organization: Department of Economics, Andrew Young School of Policy Studies, Georgia State University, P.O. Box 3992, Atlanta, GA 30302-3992, United States – sequence: 2 givenname: Christopher surname: Mothorpe fullname: Mothorpe, Christopher email: MothorpeCA@CofC.edu organization: Department of Economics, School of Business, College of Charleston, 66 George Street, Charleston, SC 29424, United States |
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| Cites_doi | 10.3368/le.89.3.413 10.1177/1536867X0900900402 10.1016/j.regsciurbeco.2014.03.005 10.1016/S0166-0462(98)00027-1 10.1080/00420987520080301 10.1086/257839 10.3368/jhr.50.2.317 10.1086/259584 10.2139/ssrn.2723518 10.4284/0038-4038-78.3.819 10.1086/381474 10.1257/jel.47.1.5 10.1111/iere.12088 10.1016/j.jebo.2014.03.008 10.1177/0042098014556588 10.1007/s11146-009-9205-z 10.1016/j.regsciurbeco.2014.01.002 10.1093/pan/mpl013 10.1093/pan/mpr013 10.1016/j.regsciurbeco.2011.06.004 10.1111/j.1465-7295.2011.00380.x 10.1198/jasa.2011.tm09599 10.1007/s11127-011-9829-4 |
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| Keywords | R21 R31 H73 Decentralization Municipal incorporation Property taxation Hedonic difference-in-differences Endogenous political jurisdiction formation |
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| SubjectTerms | Capitalization Cities Decentralization Endogenous political jurisdiction formation H73 Hedonic difference-in-differences Imbalance Incorporation Metropolitan areas Municipal incorporation Property taxation Property values R21 R31 Real estate Redistribution Studies |
| Title | Demand for new cities: Property value capitalization of municipal incorporation |
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