Major League Sports and the Property Tax: Costs and Implications of a Stealth Tax Expenditure

Preface
Contents
Abbreviations
List of Figures
List of Tables
1 Introduction
	1.1 Why This Book
	1.2 A Property Tax Case Study: Yankee Stadium
	1.3 Defining the Property Tax
	1.4 The Worst Tax?
	1.5 Property Tax Exemptions as a Stealth Subsidy
	1.6 An Economic Case for Property Tax Exemptions
	1.7 Static and Dynamic Tax Expenditure Scoring
	1.8 Fully Taxable as the Appropriate Counterfactual
	1.9 Statutory and Economic Property Tax Incidence
	1.10 The Property Tax Beyond Exemptions
	1.11 Overview of Chapters
	References
2 Property Tax Systems and Their Administration
	2.1 Calculating Property Taxes
		2.1.1 The Property Tax Levy and Yield
		2.1.2 The Property Tax Base
		2.1.3 Property Tax Rates
		2.1.4 Statutory and Effective Tax Rates
	2.2 Taxable Personal Property
	2.3 Property Assessment Administration
		2.3.1 Assessing Exempt Property
		2.3.2 Assessment Appeals
	2.4 Approaches to Value
		2.4.1 Comparable-Sales Approach
		2.4.2 Income Approach
		2.4.3 Cost Approach
	2.5 Special Issues in Sport Facility Valuation
		2.5.1 Possessory Interest
		2.5.2 Public Interest Value
		2.5.3 Dark Store Theory
	2.6 Property Tax Systems Across the States
	2.7 Chapter Summary
	References
3 Who Pays Which Property Taxes?
	3.1 Property Tax Liability Types
	3.2 Researching Property Tax Liabilities
	3.3 Real Property Taxes by Facility Use
	3.4 Trends in Facility Ownership and Taxability
	3.5 Total Property Taxes by Facility Use
	3.6 Real and Personal Property Effective Tax Rates
	3.7 Impact of COVID-19 on Property Tax Revenue
	3.8 Chapter Summary
	References
4 Estimating the Property Tax Expenditure
	4.1 Estimating Land Value
	4.2 Estimating Facility Value
		4.2.1 Calculating Replacement Cost Factors
		4.2.2 Assessable Construction Cost Data for Donor Facilities
		4.2.3 Adjustment for Subsidy-Induced Opulence
		4.2.4 Adjustment for Depreciation
		4.2.5 Renovations
		4.2.6 Irregular Assessment Cycles and Growth Limits
		4.2.7 Possessory Interest Valuations
	4.3 Personal Property Tax Expenditures
	4.4 Taxes on Property and Fees
	4.5 Property Tax Rates
	4.6 Deductions for Current Payments
	4.7 Chapter Summary
	References
5 What Is the Property Tax Expenditure Worth?
	5.1 Evaluating Counterfactual FMVs
	5.2 Property Tax Expenditure Estimates
	5.3 Cumulative Property Tax Expenditure Estimates
	5.4 Comparing Property Tax Expenditure Estimates
	5.5 Estimating Future Property Tax Expenditures
	5.6 Chapter Summary
	References
6 Public Service Cost of the Tax Expenditure
	6.1 Budget Trade-offs and Facility Financing
	6.2 Categorizing Public Services
	6.3 Tax Expenditure Cost by Public Service
	6.4 Public Service Cost Distribution Shares
	6.5 Equity Implications
	6.6 Chapter Summary
	References
7 Conclusion
	7.1 Key Takeaways
		7.1.1 Takeaway #1: Property Tax Exemptions Are a Cost
		7.1.2 Takeaway #2: The Property Tax Cost Is Considerable
		7.1.3 Takeaway #3: Do Not Trust the Tax Roll
		7.1.4 Takeaway #4: Static Scoring Overstates the Tax Cost
	7.2 Property Tax Exemptions and Team Philanthropy
	7.3 Should Team Owners Want to Pay Property Taxes?
	7.4 Land Banking for Sports Facilities
	7.5 Do Subsidized Facilities Create a Debt Illusion?
	7.6 Forecasting Tax Revenue and Public Expenses
	7.7 Conclusion
	References
A Property Tax Status by Facility
B Public Service Cost by Facility
Index