Local property tax differences and business real estate values

This article posits a model of the effect of differences in changes in local property tax rates on changes in the business real estate tax base. It is also hypothesized that changes in the tax base influence changes in the property tax rate. Empirical findings for metropolitan Chicago are that both differences in property tax changes and levels have large effects on the growth of the value of business real estate. Also, changes in the property tax rate are found to depend upon changes in the tax base as well as the property tax level and its previous change.     

A hybrid consumption-based direct tax proposed for Bolivia

In 1994 the authors designed a consumption-based direct tax for the government of Bolivia. The proposal combined yield exemption treatment (exemption of interest income and no deduction for interest expense) of individuals with consumed income tax treatment (taxation or deduction of the net proceeds of borrowing and lending, as well as interest income and expense) of business. This article explains why taxation based on cash flow has administrative and economic advantages over a conventional income tax and why the hybrid system proposed is preferable to either pure form of consumption-based tax.     

Value indices of commercial real estate: A comparison of index construction methods

The purpose of this paper is to shed light on the history of commercial property values over the past decade, and to compare different methods of constructing commercial property value indices and returns series. We examine three types of indices: (i) Indices that attempt to reconstructproperty market values by unsmoothing the appraisal-based Russell-NCREIF Index; (ii) Indices that trace average ex posttransaction prices of commercial property over time; and (iii) an index based onunlevering REIT share prices. By comparing the different historical pictures that result from the various index construction methodologies, one gains insight into the nature of commercial property price and valuation behavior. The REIT-based values lead the other indices in time but display greater short-run volatility. The transactions-based indices lag behind the other series in time, and are consistent with the idea that institutional investors attempt to hold onto properties until they can sell them for a price at least equal to the current appraised value, in effect trading off liquidity for reduced volatility.     

Vertical Inequity in Property Taxation: A Neighborhood Based Analysis

This paper applies a model to test for vertical inequity in property taxes using a set of residential sales from Bloomington, Indiana. The initial purpose is to compare results with those using the presently accepted regression approach as applied by Smith, B. C. (2000). (See Journal of Real Estate Research 19(3), 321–344, to the same data.) The new outcomes demonstrate there can be significant inequity in a jurisdiction that remains hidden under previous testing methods. Also, the new procedure generates multipliers to adjust for identified inequities. Findings imply that tests for value-related inequity in property tax assessment should be conducted using multiple spatial scales.     

保险资金不动产投资模式研究

本文首先对国际上保险资金进行不动产直接投资和间接投资的情况进行了概述,然后对保险资金不动产投资模式进行了归纳总结和案例分析。在此基础上,对我国目前保险资金不动产投资政策与模式进行了探讨。最后,针对我国保险资金不动产投资业务的发展提出了相关建议。     

浅析增值税、企业所得税联评模型的应用

纳税评估作为强化税源监控的手段之一,是提高征管质量的重要措施。当前,有些国税机关按税种将增值税、企业所得税(以下简称两税)分别评估,没有实现信息共享,既影响了征管质量和效率,也增加了工作量。山西省晋中市榆次区国家税务局从实际出发,综合运用各类数据信息比对分析,对纳税人一定时期内两税纳税申报情况实施综合评估,达到一次评估、两税兼评的效果。本文对两税联评模型的基本原理及应用过程进行了介绍与分析。     

向大套型住房开征超标房地产税的设想

国外征收房地产税均是按住房总的建筑或使用面积征税,面积越大征税越多,这可称之为全额征税。但一些专家按全额征税思路为国内设计的几个房地产税征收方案均存在严重的分歧与争论,使有关部门迟迟下不了征收房地产税的决心。建议打破常规,结合国务院2006年5月发布的房产新政,对除别墅豪宅之外的每套普通住房只按超标面积(90平方米以上的面积)征收房地产税,对富人阶层的别墅豪宅则全额征税。这样征收房地产税不仅简便易行,可操作性强,还有助于缩小贫富差距,构建和谐社会,必能得到大多数城市居民的支持和拥护。     

Reporting of book-tax differences for financial and tax purposes: A case study

Recent events in financial and tax accounting have brought the issue of financial accounting for tax expenses to the forefront of both the accounting profession and academia. Complexities abound on both sides, from ASC 740/FAS 109 and ASC 740-10/FIN 48 issues on the financial accounting side to the Schedule M-3 and Schedule UTP reporting requirements on the tax side. This complexity has created a vacuum in accounting curricula, as bits and pieces of the total puzzle are covered in the intermediate accounting and tax courses, without a comprehensive, integrated review in one place.     

A Semiparametric Method for Valuing Residential Locations: Application to Automated Valuation

This paper is motivated by automated valuation systems, which would benefit from an ability to estimate spatial variation in location value. It develops theory for the local regression model (LRM), a semiparametric approach to estimating a location value surface. There are two parts to the LRM: (1) an ordinary least square (OLS) model to hold constant for interior square footage, land area, bathrooms, and other structural characteristics; and (2) a non-parametric smoother (local polynomial regression, LPR) which calculates location value as a function of latitude and longitude. Several methods are used to consistently estimate both parts of the model. The LRM was fit to geocoded hedonic sales data for six towns in the suburbs of Boston, MA. The estimates yield substantial, significant and plausible spatial patterns in location values. Using the LRM as an exploratory tool, local peaks and valleys in location value identified by the model are close to points identified by the tax assessor, and they are shown to add to the explanatory power of an OLS model. Out-of-sample MSE shows that the LRM with a first-degree polynomial (local linear smoothing) is somewhat better than polynomials of degree zero or degree two. Future applications might use degree zero (the well-known NW estimator) because this is available in popular commercial software. The optimized LRM reduces MSE from the OLS model by between 5 percent and 11 percent while adding information on statistically significant variations in location value.     

Risk assessment of option performance for new product and process development projects in the chemical industry: a case study

This paper presents as a case study, empirical research forming part of a large EPSRC‐funded project to decrease new product and process development times within the UK fine chemicals industry. The work aimed to design a decision support system to evaluate competing options in such development projects. Theoretical and practical contributions from academic and industrial collaborating groups were integrated using Action Research. High levels of risk when bringing new products to market or new processes on line means that risk assessment features significantly when evaluating different project options. A key research target, and the concern of this paper, is the design and use of a risk assessment tool (RAT) to fit the context of the overall decision support system. Collectively the tools enabled the options within individual projects to be evaluated on risk and other performance dimensions. Industrialists provided a number of comprehensive case studies to test the suite of tools. Theoretical and empirical implications are discussed.     

A new approach to estimate concentrations of alcohol ethoxylate in rivers in Japan for screening-level risk assessment

Alcohol ethoxylate (AE) is a widely used household detergent that is ubiquitous in aquatic environments. To assess and manage the risk of AE, its environmental exposure concentrations must be evaluated in rivers nationwide; however, very few AE monitoring data are currently available. Furthermore, developing a rigorous exposure model that would cover rivers nationwide would require a great deal of time, human resources, and money. We developed a new approach to estimate AE concentrations in rivers throughout Japan for screening-level risk assessment. In this approach, five-day biochemical oxygen demand (BOD₅) data were used as a surrogate indicator of the AE concentration in river water. The Tama and Nikko Rivers were ranked according to their BOD₅ data, and the AE concentrations of the Nikko River were then estimated using the Standardized Hydrology-based Assessment tool for chemical Exposure Load (AIST-SHANEL) model. For each river, the concentrations of AE in its waters were projected based on that river’s reported BOD₅ values, its ranking, the approximation formula for AE and BOD₅, and estimated AE concentrations in water of the Nikko River from the model. The accuracy of the projected values was validated by comparing the projected AE concentrations in water from the Tama River with its monitoring data. There are various technical uncertainties associated with this approach; however, our results suggest that this new approach can be applied in screening-level exposure assessment of other chemical substances that have properties similar to AE.     

A new higher-order weak approximation scheme for stochastic differential equations and the Runge–Kutta method

The authors report on the construction of a new algorithm for the weak approximation of stochastic differential equations. In this algorithm, an ODE-valued random variable whose average approximates the solution of the given stochastic differential equation is constructed by using the notion of free Lie algebras. It is proved that the classical Runge–Kutta method for ODEs is directly applicable to the ODE drawn from the random variable. In a numerical experiment, this is applied to the problem of pricing Asian options under the Heston stochastic volatility model. Compared with some other methods, this algorithm is significantly faster. This research was partly supported by the Ministry of Education, Science, Sports and Culture, Grant-in-Aid for Scientific Research (C), 15540110, 2003 and 18540113, 2006, the 21st century COE program at Graduate School of Mathematical Sciences, the University of Tokyo, and JSPS Core-to-Core Program 18005.