Major League Sports and the Property Tax: Costs and Implications of a Stealth Tax Expenditure

This book examines the property tax exemption for major league sports facilities and argues that it is a significant subsidy that costs local governments millions of dollars in lost revenue. It provides a detailed analysis of how property taxes are administered and the implications of stadium property tax exemptions and abatements,and is a valuable resource for researchers, students, and practitioners in sports economics, sports management, public policy, and public finance.

Format: Hardback
Length: 189 pages
Publication date: 13 December 2022
Publisher: Springer International Publishing AG

This book is a comprehensive update on the public policy dialogue surrounding major league sports facilities and the property tax in the United States. By providing a rigorous treatment of the property tax within the context of major league sports facilities, this volume debunks the widely asserted claim that most major league teams do not pay property taxes. The chapters methodically lay out the property tax status of every activity major league facility, the actual worth of that property tax expenditure, and the impact of property tax exemptions on local public services.

Using empirical data, the volume provides a foundation for informed policy-making regarding major league sports facilities. As such, this book will be a valuable tool for researchers and students in sports economics, sports management, public policy, and public finance, as well as practitioners involved in the policy process.

Economists have extensively studied the billions of dollars that state and local governments have devoted to funding professional sports stadiums. However, the implicit subsidies that stadiums typically receive through property tax exemptions has received scant attention. In Major League Sports and the Property Tax, Geoffrey Propheter thoroughly examines the common practice of removing sports venues from local tax rolls, which results in millions of dollars in forgone tax revenue that is often not reported in the public accounting of costs. Propheter provides a detailed examination of how property taxes are administered and the implications that derive from stadium property tax exemptions and abatements. His comprehensive analysis presents stylized facts and specific examples that provide the most thorough treatment on the subject to date. The breadth of analysis and meticulous coverage of relevant issues demonstrates the author's deep understanding of the topic and commitment to providing valuable insights to policymakers and the public.

In conclusion, Major League Sports and the Property Tax is a groundbreaking work that sheds light on the complex relationship between major league sports facilities and the property tax. By examining the property tax status of every activity major league facility, the actual worth of that property tax expenditure, and the impact of property tax exemptions on local public services, this volume provides a comprehensive analysis that is essential for policymakers, researchers, and the public alike. This book will be a valuable resource for anyone interested in understanding the economic and fiscal implications of professional sports stadiums and the role that property tax policies play in shaping the development of these facilities.

Weight: 488g
Dimension: 235 x 155 (mm)
ISBN-13: 9783031187896
Edition number: 1st ed. 2022