vv
IDENTIFICATION OF THE URBAN
081,&,3$/,7,(62)7+(0$ã232/6.$
REGION IN TERMS OF CHANGES IN THE REAL
ESTATE TAX RATES IN BUSINESS ACTIVITIES
OF ENTERPRISES IN THE PERIOD 2010-2015
.U]\V]WRI'UDEHN Abstract
2QHRIWKHEDVLFFRQGLWLRQVRIDXWRQRP\DQGILQDQFLDOVHOIVXIILFLHQF\RIWKH PXQLFLSDOLWLHVLVFRQGXFWLQJDFRQVFLRXVWD[SROLF\7KHSDSHUGLVFXVVHVWKH problem of municipal strategies in relation to determining real estate tax rates. 7KHDLPRIWKHSDSHULVWRSUHVHQWWKHUHDOHVWDWHWD[UDWHVIRUHQWHUSULVHVLQWKH XUEDQPXQLFLSDOLWLHVRIWKH0DäRSROVND5HJLRQRYHUWKHODVWILYH\HDUV7KH paper ends with conclusions and direction for further research.
.H\ZRUGV real estate tax, local taxes. 1. Introduction
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
* 0$ 3K' 6WXGHQW 'HDSUWPHQW RI (FRQRPLFV IRU 5HDO (VWDWH DQG ,QYHVWPHQW 3URFHVV &UDFRZ 8QLYHUVLW\ RI (FRQRPLFVXO5DNRZLFND&UDFRZHPDLO NU]\V]WRIGUDEHN#RSO
vv
DQG PD\ LQKLELW SODQQHG DFWLYLWLHV RU HQDEOH WKH PXQLFLSDOLW\ WR IXOILOO WKH OLDELOLWLHVLPSRVHGRQLW7KHDUWLFOHDGGUHVVHVWKHLVVXHRIPXQLFLSDOSROLF\ IRUGHWHUPLQLQJWKHUHDOHVWDWHWD[UDWHV
7KH PDLQ DLP RI WKH DUWLFOH LV WR LGHQWLI\ WKH VWUDWHJLHV RI WKH XUEDQ PXQLFLSDOLWLHVRIWKH0DäRSROVND5HJLRQLQPDNLQJFKDQJHVWRUHDOHVWDWHWD[ UDWHVLQWKHEXVLQHVVDFWLYLW\RIHQWHUSULVHV7KHDXWKRUVRXJKWWRGHWHUPLQH ZKHWKHU WKH H[DPLQHG PXQLFLSDOLWLHV PDNH FKDQJHV LQ UHDO HVWDWH WD[ UDWHV UHODWHG WR FRQGXFWLQJ HFRQRPLF DFWLYLW\ DFFRUGLQJ WR FOHDU DQG YLVLEOH VWUDWHJLHV 7KH ILUVW SDUW RI WKH DXWKRUqV WKHVLV FRQWDLQV D UHYLHZ RI VXEMHFW OLWHUDWXUH DQG WKH OHJDO EDVLV RI WKH H[DPLQHG WD[ 7KH IROORZLQJ VHFWLRQV FRPSULVH PHWKRGRORJLFDO LVVXHV DQG DQDO\VLV UHVXOWV 7KH DUWLFOH HQGV ZLWK FRQFOXVLRQVDQGGLUHFWLRQIRUIXUWKHUUHVHDUFK
2. The characteristics of the real estate tax
%RWKWKH6WDWHDQGORFDOJRYHUQPHQWVKDYHWRIXOILOOWKHWDVNVHQWUXVWHGXSRQ WKHPE\ODZIRUWKHLPSOHPHQWDWLRQRIZKLFKWKH\UHFHLYHVSHFLILFJUDQWV 7KHPXQLFLSDOLW\DVWKHEDVLFXQLWRIORFDOJRYHUQPHQWKDVOHJDOSHUVRQDOLW\ WKXVLWLVDQHFRQRPLFHQWLW\ZKLFKSHUIRUPVSXEOLFIXQFWLRQV :RMHZRG]LF 3ORQND $Q LPSRUWDQW IHDWXUH RI PXQLFLSDOLWLHV DV XQLWV RI ORFDO JRYHUQPHQW LV WKHLU ILQDQFLDO LQGHSHQGHQFH XQGHUVWRRG DV WKH ULJKW WR KDYH VXIILFLHQWILQDQFLDOUHVRXUFHVWRSHUIRUPWKHWDVNV *äXV]DN 0DURQD )LQDQFLDOUHVRXUFHVRIPXQLFLSDOLWLHVEHLQJFROOHFWHGDLPDWPHHWLQJWKHQHHGV RI WKH SRSXODWLRQ LQ WHUPV RI SXEOLF JRRGV 6DGRZVND ,W VKRXOG EH HPSKDVL]HGWKDWWKHFRVWVRIWKHLPSOHPHQWDWLRQRIWKHLURZQWDVNVDUHXVXDOO\ FRYHUHG E\ WKH PXQLFLSDOLWLHV E\ PHDQV RI WKHLU RZQ UHYHQXHV DQG JHQHUDO VXEVLG\DQGWKHWDVNVDVVLJQHGDUHILQDQFHGE\GHVLJQDWHGVXEVLGLHVSURYLGHG E\WKHJRYHUQPHQWDGPLQLVWUDWLRQ *äXV]DN 0DURQD
$GMXVWLQJWKHUDWHVRIFRXQFLOWD[SOD\VDVLJQLILFDQWUROHLQVKDSLQJWKH ORFDO GHYHORSPHQW DQG HQWUHSUHQHXUVKLS 7KH PXQLFLSDOLW\ SHUIRUPV SXEOLF WDVNVZKLFKDUHORFDOLQQDWXUHDQGDUHQRWUHVWULFWHGE\ODZVWRWKHEHQHILWRI RWKHUHQWLWLHV6XFKWDVNVDUHIXOILOOHGE\WKHPXQLFLSDOLW\RQLWVRZQEHKDOI DQG DW LWV RZQ ULVN 7KHLU RZQ WDVNV DUH VSHFLILHG E\ WKH DFW RQ ORFDO VHOI JRYHUQPHQW 0DäNRZVND 7D[UHYHQXHVDQGORFDOIHHVFRYHUEXGJHWVRI PXQLFLSDOLWLHVHQWLUHO\DQGDFFRXQWIRUDSDUWRIWKHLURZQUHYHQXHV5HOHYDQW SURYLVLRQVJLYHWD[FRQWUROWRPXQLFLSDOLW\DXWKRULWLHV6XFKFRQWUROLQYROYHV WKH SRVVLELOLW\ RI VKDSLQJ VRPH RI WKH VWUXFWXUDO HOHPHQWV RI VHOHFWHG ORFDO WD[HVVHWWLQJWKHILQDOUDWHRIWD[HVSDLGE\WD[SD\HUVRUHVWDEOLVKLQJDGGLWLRQDO H[FHSW VWDWXWRU\ H[HPSWLRQV IURP eGLUHFWs ORFDO WD[HV LQFOXGLQJ WKH UHDO HVWDWH WD[ 6XFK WD[ H[HPSWLRQV PD\ KRZHYHU EH RI RQO\ REMHFWLYH QDWXUH .RWOLþVND 7KHUHDOHVWDWHWD[LVWKHPRVWLPSRUWDQWDQGPRVWHIILFLHQW
vv
VRXUFH RI PXQLFLSDOLWLHVq RZQ UHYHQXHV LW KDV D JUHDW ILVFDO LPSRUWDQFH IRU EXGJHWV RI PDQ\ PXQLFLSDOLWLHV HVSHFLDOO\ XUEDQ DQG LQGXVWULDO RQHV &]HPSDV 7KHIXQFWLRQLQJRIWKHUHDOHVWDWHWD[LVUHJXODWHGE\WKH$FW RI-DQXDU\ RQ/RFDO7D[HVDQG&KDUJHV 3RODQGqV $FW 7KHVXEMHFWRIWKHUHDOHVWDWHWD[LVSRVVHVVLRQRIRUDXWRQRPRXVRZQHUVKLS RUSHUSHWXDOXVXIUXFWRIUHDOHVWDWHLQFOXGLQJ &]HPSDV v EXLOGLQJVRUWKHLUSDUWV v WKHODQGQRWVXEMHFWWRDJULFXOWXUDODQGIRUHVWWD[RUVXEMHFWWREXW OLQNHGWRUXQQLQJDEXVLQHVVDFWLYLW\RWKHUWKDQIDUPLQJRUIRUHVWU\ DFWLYLW\ v WKHODQGOLQNHGWRSHUIRUPLQJEXVLQHVVDFWLYLW\RWKHUWKDQIRUPLQJRU IRUHVWU\DFWLYLW\
v WKH ODQG XQGHU ODNHV WKH ODQG FRYHUHG E\ ZDWHU UHVHUYRLUV DQG K\GURHOHFWULFSRZHUSODQWV
7KHUHLVDZLGHUDQJHRIVXEMHFWLYHUHDOHVWDWHWD[EHFDXVHWKHWD[SD\HUVDUH LQGLYLGXDOVDQGOHJDOSHUVRQVDQGRUJDQL]DWLRQDOXQLWVLQFOXGLQJFRPSDQLHV KDYLQJQROHJDOSHUVRQDOLW\LIWKH\DUH &]HUVNL +DQXV]SS
v RZQHUOLNH SRVVHVVRUV RI UHDO SURSHUW\ RU FLYLO VWUXFWXUHV ZLWK WKH SURYLVLRQ WKDW LI WKH REMHFW RI WD[DWLRQ LV KHOG XQGHU LQGHSHQGHQW SRVVHVVLRQWKHUHDOSURSHUW\WD[REOLJDWLRQLVLPSRVHGRQWKHRZQHU OLNHSRVVHVVRU
v RZQHUOLNHSRVVHVVRUVRIUHDOSURSHUW\RUFLYLOVWUXFWXUHV v SHUSHWXDOXVXIUXFWXDULHVRIODQG
v KROGHUVRIUHDOSURSHUW\RULWVSDUWRUFLYLOVWUXFWXUHVRUWKHLUSDUWV RZQHG E\ WKH 6WDWH 7UHDVXU\ RU ORFDO JRYHUQPHQW XQLWV LI WKH SRVVHVVLRQ
D UHVXOWV IURP DQ DJUHHPHQW FRQFOXGHG ZLWK DQ RZQHU WKH $JULFXOWXUDO5HDOHVWDWH$JHQF\RIWKH6WDWH7UHDVXU\RUIURP VRPHRWKHUOHJDOWLWOH E LVSHUIRUPHGZLWKRXWDOHJDOWLWOH 7KHUHDOHVWDWHWD[DEOHEDVHLV *äXV]DN 0DURQD v IRUODQGuLWVDUHD v IRUEXLOGLQJVRUWKHLUSDUWVuIORRUVSDFHVXEMHFWWR$UWLFOHSDUD RIWKH$FW v IRUEXLOGLQJVRUWKHLUSDUWVOLQNHGWRUXQQLQJDEXVLQHVVDFWLYLW\uWKH YDOXHUHIHUUHGWRLQLQFRPHWD[UHJXODWLRQVHVWDEOLVKHGRQ-DQXDU\ RIWKHWD[\HDUZKLFKLVWKHEDVLVIRUFDOFXODWLQJGHSUHFLDWLRQLQWKDW \HDUQRWUHGXFHGE\GHSUHFLDWLRQDOORZDQFHV DQGLQWKHFDVHRIIXOO\ DPRUWL]HGVWUXFWXUHVuWKHLUYDOXHDVRI-DQXDU\RIWKH\HDULQZKLFK WKHODVWGHSUHFLDWLRQDOORZDQFHZDVUHFRJQL]HG
5HDO HVWDWH WD[ UDWHV ZKLFK DSSO\ WR D SDUWLFXODU PXQLFLSDOLW\ DUH GHWHUPLQHGE\PXQLFLSDOFRXQFLOUHVROXWLRQPDLQWDLQLQJWKHXSSHUVWDWXWRU\ OLPLWWKDWLVLQFUHDVHGDQQXDOO\E\WKHUHJXODWLRQRIWKH0LQLVWHURI)LQDQFH
vv ,QPD[LPXPUHDOHVWDWHWD[UDWHVDUHDVIROORZV 1RWLFHRI0LQLVWU\RI )LQDQFH RQODQGV D OLQNHGWRUXQQLQJEXVLQHVVDFWLYLW\UHJDUGOHVVRIWKHFODVVLILFDWLRQ LQWKH/DQGDQG5HDOHVWDWH5HJLVWHUu 3/1SHUP2RIWKH DUHD
E XQGHU ODNHV GHVWLQHG IRU ZDWHU UHVHUYRLUV DQG K\GURHOHFWULF SRZHUSODQWVu3/1SHUKDRIWKHDUHD
F RWKHULQFOXGLQJODQGXVHGIRUSD\DEOHVWDWXWRU\SXEOLFEHQHILW DFWLYLW\SHUIRUPHGE\SXEOLFEHQHILWRUJDQL]DWLRQVu3/1 SHUP2RIWKHDUHD
RQEXLOGLQJVRUWKHLUSDUWV
D UHVLGHQWLDO EXLOGLQJV u 3/1 SHU P2 RI XVDEOH EXLOGLQJ
DUHD E OLQNHGWRUXQQLQJEXVLQHVVDFWLYLW\DQGRQUHVLGHQWLDOEXLOGLQJV RUSDUWVWKHUHRIXVHGIRUEXVLQHVVSXUSRVHVu3/1SHUP2 RIXVDEOHEXLOGLQJDUHD F RFFXSLHGIRUWKHSXUSRVHRIUXQQLQJEXVLQHVVDFWLYLW\UHODWHGWR TXDOLILHGVHHGWUDGHu3/1SHUP2RIXVDEOHDUHD G UHODWHGWRWKHSURYLVLRQRIKHDOWKVHUYLFHVZLWKLQWKHPHDQLQJRI WKHUHJXODWLRQVRQPHGLFDODFWLYLW\RFFXSLHGE\WKHSURYLGHUVRI VXFKVHUYLFHVu3/1SHUP2RIXVDEOHDUHD
H RWKHU SURSHUWLHV LQFOXGLQJ WKRVH RFFXSLHG IRU WKH SXUSRVH RI UXQQLQJSD\DEOHVWDWXWRU\SXEOLFEHQHILWDFWLYLW\SHUIRUPHGE\ SXEOLFEHQHILWRUJDQL]DWLRQVu3/1SHUP2RIXVDEOHDUHD VWUXFWXUHVRUWKHLUSDUWVuRQWKHLUYDOXH 7D[OLDELOLW\DULVHVRQWKHILUVWGD\RIWKHPRQWKIROORZLQJWKHPRQWKLQ ZKLFKFLUFXPVWDQFHVMXVWLI\LQJWKHIRUPDWLRQRIWKLVOLDELOLW\RFFXUUHG7KH UHDOHVWDWHWD[LVSDLG $FWRI v E\LQGLYLGXDOVREOLJHGWRSD\UHDOSURSHUW\WD[WKHWD[LVSD\DEOHLQ LQVWDOOPHQWVSURSRUWLRQDWHWRWKHGXUDWLRQRIWKHWD[REOLJDWLRQ E\ 0DUFK0D\6HSWHPEHUDQG1RYHPEHURIWKHWD[\HDU v E\OHJDOSHUVRQVDQGRUJDQL]DWLRQDOXQLWVQRWEHLQJ/HJDOHQWLWLHVu IRULQGLYLGXDOPRQWKVWKHWD[LVSDLGE\WKHWKGD\RIHDFKPRQWK ,QWKHFDVHRIWKHUHDOHVWDWHWD[DQXPEHURIWD[UHOLHIVDQGH[HPSWLRQV LVLPSOHPHQWHGZKLFKUHVXOWGLUHFWO\IURPWKH$FWRI-DQXDU\ RQ /RFDO7D[HVDQG&KDUJHVRUIURPRWKHUDFWV5HDOHVWDWHWD[H[HPSWLRQVDUH RIH[WUDRUGLQDU\QDWXUHWKDWDSSOLHVLQWKHDUHDRIDSDUWLFXODUPXQLFLSDOLW\ DUH LQWURGXFHG E\ WKH PXQLFLSDO FRXQFLO E\ YLUWXH RI D UHOHYDQW UHVROXWLRQ &]HPSDV
7KHUHDOHVWDWHWD[SOD\VDYHU\LPSRUWDQWUROHDVDVRXUFHRIUHYHQXHIRU PXQLFLSDOLWLHV$FFRUGLQJWRWKHDQDO\VLVRI6ZLDQLHZLF]HWDO WKHUHDO HVWDWH WD[ UHPDLQV WKH PRVW HIILFLHQW VRXUFH RI RZQ UHYHQXH IRU PXQLFLSDO
vv
JRYHUQPHQWV,QLWEURXJKWLQUHYHQXHRIELOOLRQ3/1DQGLIZHDGGHG WRWKLVDPRXQWWKHHIIHFWRIUDWHVUHGXFWLRQVUHOLHIVH[HPSWLRQVGHSUHFLDWLRQV DQGGHIHUUDOVJUDQWHGE\WKHPXQLFLSDOLW\WKHWRWDODPRXQWZRXOGUHDFK ELOOLRQ 3/1 7KLV DPRXQW UHSUHVHQWHG RI WRWDO UHYHQXH RI PXQLFLSDO JRYHUQPHQWV DQG LI PXQLFLSDOLWLHV ZHUH WR DSSO\ RQO\ WKH PD[LPXP UDWHV LQWHUPVRIDOOWD[HVDQGORFDOFKDUJHV WKLVVKDUHZRXOGULVHWRRIDOO UHYHQXHVr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
([DPLQDWLRQRIUHDOHVWDWHWD[UDWHFKDQJHV
0XQLFLSDOLWLHV XVLQJ D FRQVFLRXV WD[ SROLF\ VKRXOG DSSO\ OHJLEOH VWUDWHJLHV LQ HVWDEOLVKLQJ UHDO HVWDWH WD[ UDWHV LQ SDUWLFXODU WKRVH UHODWHG WR EXVLQHVV DFWLYLWLHVRIHQWHUSULVHV,QRUGHUWRLGHQWLI\WKHVHVWUDWHJLHVWKHUHVROXWLRQVRI WKH0DäRSROVNDUHJLRQPXQLFLSDOLWLHVZHUHDQDO\]HG 7KHDQDO\VLVZKLFKZDVFDUULHGRXWVRXJKWWRH[DPLQHKRZWKHWD[UDWHV IRUSURSHUWLHVUHODWHGWRUXQQLQJDEXVLQHVVDFWLYLW\ZHUHEHLQJVKDSHGLQ PXQLFLSDOLWLHVRIWKH0Dä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
vv
FRQWHQWRIWKHUHVROXWLRQVZDVQRWDYDLODEOHLQWKHRQOLQH3XEOLF,QIRUPDWLRQ %XOOHWLQ GRFXPHQWDWLRQ SRVWHG RQ WKH RIILFLDO ZHEVLWHV RI LQGLYLGXDO PXQLFLSDOLWLHVZDVXVHG,QWKHFDVHRIRQHRIWKHPXQLFLSDOLWLHVLQRUGHUWR REWDLQWKHFRQWHQWVRIWKHUHOHYDQWUHVROXWLRQVGLUHFWFRQWDFWZLWKWKHUHTXHVW IRUDFFHVVWRWKRVHGRFXPHQWVZDVQHFHVVDU\
,Q WKH FDVH RI WKH PXQLFLSDOLWLHV WKDW GLIIHUHQWLDWHG UHDO HVWDWH WD[HV LQ PRUH GHWDLO DFFHSWHG WKH KLJKHVW UDWH LQ D SDUWLFXODU FDWHJRU\ ZDV DSSOLHG 6RPHEDVLFHOHPHQWVRIVWDWLVWLFVZHUHLPSOHPHQWHGIRUWKHDQDO\VLVRIWKH SKHQRPHQRQ,QDGGLWLRQLQRUGHUWRLOOXVWUDWHLWVG\QDPLFVWKHLQGLFDWRURI WKHrDYHUDJHFKDQJHLQWD[UDWHsZDVXVHG
7KHUDWHVRIWKHIROORZLQJWD[HVZHUHDQDO\]HG
v RQ ODQGV OLQNHG UXQQLQJ D EXVLQHVV DFWLYLW\ UHJDUGOHVV RI WKH FODVVLILFDWLRQLQWKH/DQGDQG5HDOHVWDWH5HJLVWHUuhitherto called
r$qWD[UDWHV
v RQ EXLOGLQJV RU WKHLU SDUWV UHODWHG WR UXQQLQJ D EXVLQHVV DQG RQ UHVLGHQWLDO EXLOGLQJV RU WKHLU SDUWV XVHG IRU EXVLQHVV SXUSRVHV u
KLWKHUWRFDOOHGr%s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ñF]DQG1RZ\7DUJFKDQJHGWD[UDWHVRQFH .UDNÑZ*RUOLFHDQG*U\EÑZ WLPHV 7DUQÑZDQG-RUGDQÑZWLPHVZKHUHDVWKH%XNRZQR0XQLFLSDOLW\ FKDQJHGWD[UDWHVHDFK\HDU 2YHUWKHZKROHVWXG\SHULRGWKHUHZHUHFDVHVZKHUHWKHFKDQJHLQUDWH RIRQHWD[ $ ZDVDFFRPSDQLHGE\DQRWKHUWD[ % UHPDLQLQJLQWDFW7KHVH FDVHVZHUHREVHUYHGLQWKHPXQLFLSDOLWLHVRI1RZ\6ñ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
v v 7KH%XNRZQR0XQLFLSDOLW\ZDVWKHRQO\PXQLFLSDOLW\WKDWFKDQJHGWD[ UDWHVHDFK\HDURYHUWKHZKROHVWXG\SHULRG7KHWRWDOJURZWKLQDUDWHLQWKDW PXQLFLSDOLW\VLQFHKDVLQFUHDVHGLQWHUPVRI$WD[E\3/1DQG LQWHUPVRI%WD[%u3/17KH-RUGDQÑZ0XQLFLSDOLW\KDVDPHQGHG WD[UDWHVWLPHVDQGWKHWD[%LQFUHDVHWKURXJKRXWWKHZKROHSHULRGRIVWXG\ ZDV3/12QWKHRWKHUKDQGWKH0XQLFLSDOLW\RI.UDNÑZKDVFKDQJHGWD[ UDWHVWLPHVDQGLQWKLVFDVHWKHLQFUHDVHDFFRXQWHGIRU3/1LQWHUPV RI$WD[DQG3/1LQWHUPVRI%WD[$WWKHVDPHWLPHWKHVHDUHWKH ODUJHVWLQFUHDVHVLQERWKFDWHJRULHV$VVKRZQLQ7DEOHPRUHLPSRUWDQWWKDQ WKHIUHTXHQF\RIFKDQJHVLQWKHUHDOHVWDWHWD[DUHWKHDPRXQWVRIFKDQJHLQ WKHVHUDWHV+RZHYHUWKHUHHPHUJHVQRWHQGHQF\ZLWKUHJDUGWRWKHSROLF\RI FDUU\LQJRXWFKDQJHVLQUDWHVRIWKHH[DPLQHGWD[HGLQPXQLFLSDOLWLHV,WPLJKW VHHPWKDWFKDQJHVLQUHDOHVWDWHWD[UDWHVDUHGLFWDWHGE\FXUUHQWQHHGVDQG ILQDQFLDOVLWXDWLRQRIPXQLFLSDOLWLHV Table 1.&KDQJHVLQUDWHVRIH[DPLQHGUHDOHVWDWHWD[HVLQWKHSHULRG 2015 1DPHRIPXQLFLSDOLW\ 1A 2B increase in UDWHIURP 2010 to 2015 LQ3/1 QXPEHURI FKDQJHVLQ rates increase in UDWHIURP 2010 to 2015 LQ3/1 QXPEHURI FKDQJHV in rates .UDNÑZ 1RZ\6ñF] 2 1 7DUQÑZ %RFKQLD 2 2 *RUOLFH /LPDQRZD 2 2 0V]DQD'ROQD 2 2 *U\EÑZ 1RZ\7DUJ 2 1 %XNRZQR 5 5 2ĈZLöFLP 2 2 -RUGDQÑZ 6XFKD%HVNLG]ND 2 2 =DNRSDQH 2 2 6RXUFH 2ZQUHVHDUFKEDVHGRQWKHUHVROXWLRQVRIPXQLFLSDOFRXQFLOV $PRQJWKHVXUYH\HGPXQLFLSDOLWLHVLQWKH.UDNRZPXQLFLSDOLW\$WD[ UDWHVZHUHWKHKLJKHVWIRU\HDUVDQG%WD[UDWHVZHUHWKHKLJKHVWIRU\HDUV 7KH PXQLFLSDOLW\ ZLWK WKH ORZHVW WD[ UDWHV LV WKH 0XQLFLSDOLW\ RI %RFKQLD
vv
ZKLFKGXULQJWKHZKROHSHULRGRIVWXG\KDGWKHORZHVWUDWHRI$WD[DQGRYHU DOPRVWWKHZKROHSHULRGZLWKWKHH[FHSWLRQRIKDGWKHORZHVW%WD[ UDWH
,Q WKH DQDO\]HG SHULRG WKH PD[LPXP LQFUHDVH LQ $ WD[ UDWH $ ZDV DQGZDVDSSOLHGLQWKHPXQLFLSDOLW\RI*U\EÑZLQ7KHPD[LPXP LQFUHDVHLQWKHUDWHRI%WD[DFFRXQWHGIRU%DQGZDVDGDSWHGLQWKH PXQLFLSDOLW\RI.UDNRZLQ7KHDYHUDJHUDWHRIFKDQJHLQ$WD[UDWHVLV $DQGLQWHUPVRI%WD[LWDFFRXQWVIRU 7DEOH 7KLVPHDQVWKDW LQWKHXUEDQPXQLFLSDOLWLHVRIWKH0Dä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able 2.$YHUDJHUDWHVRIH[DPLQHGWD[LQ 7\SH RILQGL FDWRU <HDU $WD[ %WD[ 2010 2011 2012 2015 2010 2011 2012 2015 D E /HJHQG D $YHUDJHWD[UDWHVIURPXUEDQPXQLFLSDOLWLHVRIWKH0DäRSROVNDUHJLRQ LQ3/1 E $YHUDJHUDWHRIFKDQJHVLQUDWHV
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
vv
4. Conclusion
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ä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
References
&]HPSDV - 3RGDWHN RG QLHUXFKRPRĈFL u ZDĔQH ĒUÑGäR GRFKRGÑZ JPLQćZLDW1LHUXFKRPRĈFL77
&]HUVNL 3 +DQXV] $ 1LH]JRGD $ 'RFKRG\ EXGĔHWX MHGQRVWHN
VDPRU]ñGXWHU\WRULDOQHJR:DUV]DZD :ROWHUV.OXZHU3ROVND
*äXV]DN 0 0DURQD % 3RGDWHN NDWDVWUDOQ\ u HNRQRPLF]QH
XZDUXQNRZDQLD UHIRUP\ RSRGDWNRZDQLD QLHUXFKRPRĈFL :DUV]DZD
3ROWH[W
.RUROHZVND0 3ROLW\NDSRGDWNRZDJPLQLPLDVWQDSUDZDFKSRZLDWX Z ]DNUHVLH SRGDWNX RG QLHUXFKRPRĈFL D ZVSLHUDQLH SU]HGVLöELRUF]RĈFL
vv
SU]H]VDPRU]ñGWHU\WRULDOQ\6WXGLD%LXUD$QDOL]6HMPRZ\FK.DQFHODULL
6HMPX u 5R]ZÑM SU]HGVLöELRUF]RĈFL RUD] VHNWRUD PDä\FK L ĈUHGQLFK SU]HGVLöELRUVWZ1
.RWOLþVND. :äDG]WZRSRGDWNRZHRUJDQÑZVWDQRZLñF\FKJPLQQD SU]\NäDG]LHSRGDWNXRGQLHUXFKRPRĈFLZZ\EUDQ\FKGXĔ\FKPLDVWDFK
ćZLDW1LHUXFKRPRĈFL77
0DäNRZVND $ 5ROD SRGDWNX RG QLHUXFKRPRĈFL Z NV]WDäWRZDQLX VLö GRFKRGÑZ JPLQ QD SU]\NäDG]LH PLDVWD .UDNRZD Zeszyty Naukowe
$NDGHPLL(NRQRPLF]QHMZ.UDNRZLH636 3äRQND $ :RMHZRG]LF 7 :Sä\Z ]PLDQ VWDZHN SRGDWNX RG QLHUXFKRPRĈFLQDGRFKRG\LZ\GDWNLJPLQZRMHZÑG]WZDPDäRSROVNLHJR 5RF]QLNL1DXNRZH6WRZDU]\V]HQLD(NRQRPLVWÑZ5ROQLFWZDL$JUREL]QHVX 2 6DGRZVND% 6WUXNWXUDGRFKRGÑZJPLQLPRĔOLZRĈFLMHMNV]WDäWRZDQLD ,Q 6WHIDþVNL06WöSLHþ+ HGV *RVSRGDUNDLILQDQVHJPLQZ3ROVFH SS :äRFäDZHN :\ĔV]D 6]NRäD +XPDQLVW\F]QR(NRQRPLF]QD ZH:äRFäDZNX 6WDFKDN 6 :VWöS GR PHWRGRORJLL QDXN HNRQRPLF]Q\FK .VLñĔND L Wiedza. :RMHZRG]LF 7 3äRQND $ 3ROLW\ND JPLQ ZRMHZÑG]WZD PDäRSROVNLHJRZ]DNUHVLHSRGDWNXRGQLHUXFKRPRĈFLZeszyty Naukowe 6**:(NRQRPLNDL2UJDQL]DFMD*RVSRGDUNLē\ZQRĈFLRZHM65 /HJDODFWV 8VWDZD]GQLDVW\F]QLD URSRGDWNDFKLRSäDWDFKORNDOQ\FK ']8 QU SR] 8VWDZD]GQLDZU]HĈQLDURGRVWöSLHGRLQIRUPDFMLSXEOLF]QHM ']8 QUSR]
5R]SRU]ñG]HQLH 0LQLVWUD 6SUDZ :HZQöWU]Q\FK , $GPLQLVWUDFML ] GQLD VW\F]QLDUZVSUDZLH%LXOHW\QX,QIRUPDFML3XEOLF]QHM ']8 QUSR]
2EZLHV]F]HQLH0LQLVWUD)LQDQVÑZ]GQLDVLHUSQLDUZVSUDZLHJÑUQ\FK JUDQLFVWDZHNNZRWRZ\FKSRGDWNÑZLRSäDWORNDOQ\FKZU 03] USR]
