David Smith and Ray Valadez Study Published in the Journal of Finance and Accountancy

The study further investigates the relationship between property taxes and home price appreciation in the U.S. following the housing bubble and the great recession of 2008. David Smith and Ray Valadez’s research is distinct from other research due to focusing on the property tax burden affecting appreciation. The study concludes that there exists an inverse relationship between the median values of homes and property taxes per capita. The report indicates, “the American dream of home ownership may well be in jeopardy with what may be called the permanent second mortgage, the property tax.” Read more.