In general, most results of the OLS models are consistent with existing literature while the 2SLS models reveal some interesting findings. Specifically, as expected, the implementation of TELs is negatively associated with per capita property taxes in both OLS and 2SLS models and the correlations are statistically significant at the 1 or 5 percent level, respectively. Nonetheless, the impact is almost six times larger once the TELs are treated as endogenous rather than exogenous, suggesting that many previous studies may have underestimated the effect of TELs on the level of property taxes. In fact, table 3 demonstrates that TELs reduce per capita property taxes by $295.30, holding all others constant. Considering that the average amount of per capita property taxes among the 724 cities is $364.61 (see table 1), the $295.30 decrease would account for a 81 percent reduction in per capita property taxes in an average city.