Larger standard deviations imply less stable growth. The assessed value figures exclude reassessment years. If reassessment years were included, real property would show much more rapid growth, and much more instability. Since property tax controls assure that levies will not rise with the reassessment year jumps in assessed values, the non-reassessment calculation is preferred. However, this understates the growth rate for real assessed value, since reassessment years are the only years in which inflation is incorporated into real property values.
Inflation affects the income, sales and corporate income tax bases continuously.
The corporate figures are for overall revenue growth, because data do not allow estimation of a corporate tax base. However, throughout much of the 1975-97 period tax increases in the adjusted gross and supplemental net tax rates were offset by reductions in the corporate gross tax rates, so the revenue figures are more likely to reflect the underlying tax base than are those of the other taxes. Incidence by Income Level Six Households. Tax incidence is tested here using six households, which represent a variety of income, spending and property ownership combinations. The combinations of incomes, spending and property ownership are taken from Bureau of Labor Statistics and Federal Reserve Board data on households.