This dissertation uses property values to investigate the economic effect of public expenditures for operations and capital improvements on place value. Given the increasing role of nonprofit services in augmenting those of cities and school districts, the dissertation research investigates whether nonprofit expenditures join those of cities and school districts as Tiebout commodities, thereby contributing to place value. Furthermore, the research examines whether those expenditures contribute to reducing the inequities in the distribution of property wealth. The conceptual framework for the dissertation is the Tiebout model and its various extensions. The model proposes that individuals have different preferences for public goods and services, and there are many jurisdictions that vary in the services provided. Consequently, individuals shop around for the community that best matches their preferences and locate in the one that maximizes their utility. If the model correctly predicts households' behavior, then the quality of public goods and services provided by a community will affect its desirability. The more attractive a community, the higher the demand for its properties, which results in higher property values. The dissertation research finds that city public capital spending positively impacts property values in two ways. Property values respond positively to (1) the announcement of capital investments (i.e., ongoing capital expenditures), and (2) the amenity created when capital projects become operational (i.e., when operating expenditures are combined with capital stock). The results also show that nonprofit capital stock and spending on operations affect property values differently depending on the nonprofit category. The findings further reveal that local public and nonprofit spending benefit owners of lower and medium valued properties more than owners of higher valued properties. This finding suggests that local government and nonprofit spending contribute to reducing inequities in the distribution of property wealth.
| Identifer | oai:union.ndltd.org:unt.edu/info:ark/67531/metadc1944344 |
| Date | 05 1900 |
| Creators | Prentice, Valencia Antoinette |
| Contributors | Bland, Robert L, Dicke, Lisa, Shi, Yu (Kelly) |
| Publisher | University of North Texas |
| Source Sets | University of North Texas |
| Language | English |
| Detected Language | English |
| Type | Thesis or Dissertation |
| Format | Text |
| Rights | Public, Prentice, Valencia Antoinette, Copyright, Copyright is held by the author, unless otherwise noted. All rights Reserved. |
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