The "Traditional" "New," and "Benefit" Views of property taxation yield different predictions in regard to the effects of property taxation. An empirical test for evidence on the predicted effects of the New View is given. Results support the New View and indicate that (1) the greater the positive differential between a city's rate of property taxation and the nation's average rate, the smaller the amount of capital in the city and the smaller the per-unit market value of its property tax base; and (2) the higher the average rate of property taxation in the country, the lower the return to all property. Simulations regarding revenue alternatives to the property tax are also provided.