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**3. Impact on Public Finance:** The Tiebout Model sheds light on how local public finance works. It suggests that residents are willing to pay for the services they value. This understanding can help local governments design tax and spending policies that are more responsive to resident needs. For example, if a community values education, it might be willing to pay higher property taxes to support good schools. On the other hand, a community that prioritizes low taxes might choose to cut back on certain services.
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