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Creative Financing, House Prices, and Property Tax Inequities

Clemson University, South Carolina

C.F. Sirmans

Louisiana Chair of Real Estate, Louisiana State University, Baton Rouge

Stanley D. Smith

University of Arkansas, Fayetteville

This paper examines the distortions in house prices caused by the use of creative financing and the horizontal and vertical inequities in property tax assessments that can result if the proper adjustment of prices for financing is not made. The results show that horizontal inequities exist across financing alternatives (i.e., between conventional and assumption financing). The results also indicate vertical inequities in house prices since the amount of capitalization of financing differs across price levels.

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