Property Taxes and Their Limits: Evidence from New York City

Source: Andrew T. Hayashi, Virginia Law and Economics Research Paper No. 2014-04, February 2014

From the abstract:
I report evidence from New York City that property assessment caps on small residential properties represent a significant tax benefit that accrues to the most valuable properties and the wealthiest neighborhoods. Moreover, rather than benefiting the long-time homeowners on fixed incomes who are their putative targets, the largest benefits go to the properties that are most likely to have been recently sold and to be located in neighborhoods where cash incomes have increased the most.