THE "NEW VIEW" OF THE PROPERTY TAX: A CAVEAT

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Abstract
As often interpreted, the new view of the incidence of the property tax is largely irrelevant for many questions of public policy. That is, most changes in property taxes are local changes, not nationwide changes. Local changes involve primarily excise effects, analogous to those of the old view, rather than the incidence on capital suggested by incautious users of the new view. The final purpose of this note is to explain how the excise effects that occur when each locality imposes a property tax combine to produce a burden on capital and no excise effects when all localities impose the tax.

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