Property taxes and their place in the tax system Abstract In the thesis I dedicate my research attention to legal areas with high social resonance and the endless interest of the broad scientific community. The issue of taxes, especially property, undoubtedly appeals to the large civilian public who encounters it in its real life, and yet it is a constant object of research by the scientific juristic community and the giants of legal theory and practice. Taxes are one of the natural legacy of a citizen with the state. There is no need for a long search to find that the tax and tax policy of the state are among the essential attributes of its independence and sovereignty, both internally and externally in the modern world. In particular, through taxes, public budgets and funds, such as state and municipal finances, serve to meet their needs, protect property and inhabitants. Thus, the thesis also contains a brief historical treatise on property tax, which is relevant for the examination of the legal property tax field, especially so that the factors of their importance, location, position and continuity, as well as discontinuity in the tax system, are easier to determine. Looking at the past in order to determine the formation and application of property taxes in our geographical area, together with a...

Thesis (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, Center for Real Estate, 2008. / This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections. / Includes bibliographical references (leaf 78). / With the current absence of a REIT-styled vehicle in China, this thesis examines the potential opportunities and obstacles pertaining to the future introduction of REITs in China. The thesis provides a comparative analysis on major REIT regimes around the world, in terms of formation, structuring and operation guidelines, to identify their level of similarity and variance. The thesis then shifts its focus to China, examining the development background of China's real estate sector and analyzing China's market fundamentals and regulatory environment. Lastly, the thesis provides a closer look at the REIT sector in Singapore and Hong Kong and discusses their operational experience of the assets in China. The thesis finds that REITs are regulated differently among countries. However, a number of core criteria must be maintained to ensure the success of REITs in China. Commercial real estate, although accounts for a small share of the real estate market currently, has grown rapidly in recent years and is at the beginning of a boom as China continues to grow and mature as a market economy. On the capital side, the Chinese real estate companies are heavily dependant on bank loans to finance their development projects and there is a strong need for alternative and diversified financing vehicles for future growth. However, China also proves to be a complex market with a unique state-owned land system, with many social issues to confront as a developing country and with a constantly changing and evolving regulatory framework. All of these pose numerous challenges to the adoption of REITs in China. It is clear that a REIT-styled investment vehicle fits the current and future needs of the Chinese real estate sector. Although China is not yet ready to adopt REITs by international standards, China must pursue the experiment of such practice amid of the challenges. China's growth path in the past thirty years with its remarkable economic reform has just proved this point. / by Tianjin Luo. / S.M.in Real Estate Development

Thesis (M.C.P.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning; and, (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, Center for Real Estate, 2009. / This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections. / Cataloged from student submitted PDF version of thesis. / Includes bibliographical references (p. 81-83). / For generations, housing programs have sought to utilize redevelopment projects to accomplish broader community revitalization goals. Contemporary affordable housing practice embodies this idea in large housing development projects, often funded through government programs such as HOPE VI. This "Conventional" revitalization is primarily based on experiences within the distressed housing projects of large cites, on the false premise that the impacts of redevelopment will be the same in a small post-industrial city as in a large, economically diverse one. Housing developers entering the context of a small post-industrial city must reconsider this idea. They must understand an idea of "holistic" housing revitalization that leverages the development process to make positive economic, physical, and psychological impacts that specifically address the specific challenges in these cities, such low civic capacity, poverty, low governing capacity, large immigrant populations, and an abundance of vacant properties. Fortunately these places possess inherent assets, such as walkable scale, historic architecture and cultural institutions, that present unique opportunities which position them to lead a national economic recovery through sustainable building projects. This report focuses on three cases of current, innovative housing development: * An industrial mill conversion that creates a new mixed use neighborhood in Lawrence, Massachusetts; * An adaptive reuse of a prominent hotel in Flint, Michigan that has sat vacant for 30 years into new downtown student housing; and * A new apartment community for single-parent, full-time students in Owensboro, Kentucky. / (cont.) Against the background of the broader evolution of holistic housing development, the cases directly address the unique challenges of small cities. Comparing the cases and their formative partnerships, concepts and strategies yields a wide range of data to support an idea of Holistic revitalization in these places. The primary data include over twenty hours of interviews with project proponents and stakeholders, as well as development proposals, zoning opinions, financing applications, consultant reports and local press coverage. Together, they provide a detailed view of Holistic revitalization and the tools of its implementation in small post-industrial cities. / by Jeffrey Beam. / S.M.in Real Estate Development / M.C.P.

Thesis (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, Center for Real Estate, 2008. / This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections. / Includes bibliographical references (leaves 50-51). / There have been many studies about office demand with relation to employment focused at the MSA level. This paper investigates the relationship between office demand and office employment between downtown and suburban markets. The paper provides an analysis of office demand and employment across 43 downtown markets and 52 suburban markets for the years 1998 and 2006. Correlation and multi-variable regression analysis are used to determine the relationship between office demand, employment, and rent as well as the relationship between downtown and suburban markets. The analysis is divided into three parts. The first part focuses on levels of office employment against levels of office demand in each market for each year separately. The second section investigates the change in office demand against the change in employment and rents for each market over the two years. Finally, the third part analyzes the relationship of office demand, employment and rent between downtown and suburban markets. The paper uses employment data categorized by industry using the North American Industry Classification System (NAICS). Employee counts are estimated from the establishment data available by zip code from the U.S. Census Bureau. By using employment data at the zip code level, the study is able to split the MSA into downtown and suburban markets. The study focuses on six industries thought to use the majority of office space. / by Nikhil Patel. / S.M.in Real Estate Development

Thesis (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, Center for Real Estate, 2008. / This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections. / Includes bibliographical references (leaves 68-69). / In its Global Economics Paper Nc.134, the Goldman Sachs Economics Group highlights the West African country of Nigeria as having the potential to be among the next generation of emerging markets around the world the next eleven (N-11) - after their much publicized BRIC countries: Brazil, Russia, India and China. Nigeria - the only country included from Sub-Saharan Africa - is shown to have the potential to become one of the top 20 economies of the world by 2025: owing to such indicators as recent GDP growth - and projections for continued growth - and its substantial population. As is typical with emerging markets, rapid growth in Nigeria's economy translates into an equally rapid growth in the demand for institutional quality real estate and the first signs of this can already be observed in the country's major markets of Lagos, Port-Harcourt and Abuja. This growirg demand has however been met with very limited supply, resulting in high and growing rents in these markets and an opportunity for profitable real estate investment, where they can be found. This paper examines the role of the public sector as one such source of real estate investment opportunity: The public sector having hitherto played a very active role in the country's real estate development. An analysis will be made of the historical development of public sector inflence on real estate; and then an evaluation made, on the opportunities being created, as this influence is directed towards encouraging private sector investment and expertise. / by Oladimeji Odusote. / S.M.in Real Estate Development

Thesis (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, Center for Real Estate, 2008. / This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections. / Includes bibliographical references (leaf 69). / This paper introduces three new tools for the analysis and replication of real estate development returns. In particular, this paper discusses advanced sensitivity analysis, real estate development return indexes and synthetic real estate development investments. The advanced sensitivity analysis allows us to produce subjective ex ante return distributions. This analysis will allow developers and investors to "see" the shape of their investments return distribution. The benefits of knowing the shape of the subjective ex ante return distributions is that it may help developers and investors make better decisions and negotiate specific terms with each contributor in the capital structure. The ex post analysis allows us to produce development return indexes useful in the benchmarking of real estate development performance and in the creation of synthetic development investments by way of the new real estate derivatives. The development return indexes are created by transforming MIT's Transaction Based Index (TBI), which tracks stabilized property returns, into development return indexes through the use of a stylized mathematical model. / by Matthew S. Flowers. / S.M.in Real Estate Development

Thesis (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, Center for Real Estate, 2008. / This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections. / Includes bibliographical references (leaves 42-43). / This thesis examines foreclosure sales of single-family homes in eight communities in the Boston Metro area and the price appreciation from purchase of a foreclosed property through to a subsequent fair market, arms-length sale. The post foreclosure sale price appreciation of the foreclosed properties is compared with price appreciation of fair market, arms length sales to discern the effects of a foreclosure on future price appreciation. RESULTS The magnitude of the price appreciation may be positively influenced, or in part, caused by investment to remediate defects in the property or to cure problems due to endemic disinvestment. On the other hand, it is quite probable there is a negative effect due to intractable problems and or stigma which cannot be cured with money or sweat equity; i.e. socio-economic factors such as changes in crime and poverty rates, macroeconomic conditions, floods or other natural mishaps. Price appreciation, as measured through actual repeat sales, from 8 cities in the Boston Metro area, indicate foreclosed properties appreciate more rapidly than normative, arm's length transactions in those same markets. The results were unclear for sales pairs initiated in 1991-1994, during a relatively flat market. However results are significant with sales pairs initiated in 1995-1997 and 1998-2000, during the real estate recovery and over various holding periods up to five years, using repeat sales data from 1987 through 2007. The Foreclosed Sale Pairs initiated from 1995-2000 dominated the Market Sale Pairs initiated during the same years over the two to five year holding periods. / by Eric Loth Jr. / S.M.in Real Estate Development

Thesis (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, Center for Real Estate, 2008. / This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections. / Includes bibliographical references. / York's Wild Kingdom is a privately held zoo and amusement park in York, a Massachusetts based shopping center developer and investment compa Kingdom and the 150 acres that surround it. The community is culturaIl ( and York Beach, which is relevant to the entitlement process. The site is new public road to York Beach directly from the highway, thus alleviating a problem for York Harbor. This may be a point on which both groups can u This thesis examines the potential of the site in a concept level developme assessment criteria for each programming option. 1. Enhancement of cor seasonal resort uses with year round uses. 3. Broad community support. developer. Uses explored are a retail center with a 'New England Village G zoo, the addition of a non-seasonal indoor waterpark, the addition of a spa century theme of 'coming for the cure', and an extension of the existing dc argue that in order to initiate this development, the above concerns must tb / by Kimberley Whiting Rae. / S.M.in Real Estate Development

Thesis (M.C.P.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, and (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, Center for Real Estate, 2009. / This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections. / Cataloged from student submitted PDF version of thesis. / Includes bibliographical references (p. 145-150). / Public markets were once central components of the urban food system in American cities, but declined in number and importance by the middle of the 20th century. Despite a diminished role in feeding the city, public markets have persisted, and interest abounds in both existing markets and the development of new ones. In addition to creating an alternative to the mainstream commercial food system, public markets can generate a range of community benefits including small business opportunities, preservation and promotion of local foods and foodways, and a forum for public interaction. Despite these benefits, developing new, permanent, indoor markets is a unique challenge. This paper investigates development strategies for organizations seeking to create new public market halls in U.S cities. Literature specific to public market development is reviewed and contextualized within broader real estate planning frameworks. A detailed case study of the Boston Public Market Association and its efforts to develop a new public market hall in Boston illuminates the difficulties of successfully advancing a public market project. In particular, current opportunities facing that organization illustrate potentially successful strategies to develop a new public market. While developing a public market is not simply a real estate problem, the real estate world's twin criterion of "most fitting and probable use" suggests an appropriate planning structure for public market proponents. / (cont.) By planning for a market that is "most fitting" in response to a range of local contexts, market advocates can make the improbable possible by adopting an opportunistic real estate strategy and attracting support and resources from both the public and private sectors. Given the long timeline market projects may face, sustained commitment and diligent activity are essential to successful market development. / by Joshua Charles Zade. / S.M.in Real Estate Development / M.C.P.

Thesis (M.C.P.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning; and, (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, Center for Real Estate, 2006. / This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections. / Includes bibliographical references (p. 79-83). / Green development has received much attention over the past decade, with the greatest interest coming from designers. However, the development and investment communities have been slower to adopt green principles, and the author claims that this hesitancy is related to an information gap around the costs and benefits of green building. When researchers do quantify cost or value differentials, they do it on a case study basis. By focusing on a few extraordinary examples that are ultimately placeless, these case studies create an information gap between the extraordinary performance of a few buildings (what is possible) and the ordinary performance of a typical green building (what is expected). Through the development of a simple real estate market model, the author argues that information on what is expected drives decision making in real estate, and market-based studies that are segmented by place and product type would provide more pertinent information to these industry players. If green buildings create greater value over a building's lifecycle, then green building owners should expect superior returns over time. However, no one has tested this hypothesis for a particular real estate market with a large number of green buildings. To that end, the author develops a methodology that could be used to complete such a study. / This methodology is then tested on the market for green single-family homes in the Austin, Texas metro area. The author finds that homes rated as green by the Austin Green Building Program sell at a 9-10% price premium over unrated homes (further research by the author has shown that this premium is likely related to a spatial concentration of green homes in high cost areas and not due to the green rating). / by William B. Bradshaw, II. / S.M.in Real Estate Development / M.C.P.