{"title":"重新审视财产税资本化","authors":"Xueying Lyu","doi":"10.1016/j.regsciurbeco.2024.104039","DOIUrl":null,"url":null,"abstract":"<div><p>This paper investigates the extent of property tax capitalization in the context of a progressive property tax pilot in Shanghai. I utilize a difference-in-differences approach by comparing neighborhoods with different tax rates before and after the implementation of the property taxes. Neighborhoods with a 0.2 percentage point higher marginal property tax rate experience a roughly 2.73% decrease in housing prices relative to their counterparts. The result reflects that at least 71% of expected property tax liabilities are capitalized into housing prices in a year. These changes also imply a large wealth redistribution as large as 2.68 years of average disposable income across homeowners.</p></div>","PeriodicalId":48196,"journal":{"name":"Regional Science and Urban Economics","volume":null,"pages":null},"PeriodicalIF":3.5000,"publicationDate":"2024-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Revisiting property tax capitalization\",\"authors\":\"Xueying Lyu\",\"doi\":\"10.1016/j.regsciurbeco.2024.104039\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>This paper investigates the extent of property tax capitalization in the context of a progressive property tax pilot in Shanghai. I utilize a difference-in-differences approach by comparing neighborhoods with different tax rates before and after the implementation of the property taxes. Neighborhoods with a 0.2 percentage point higher marginal property tax rate experience a roughly 2.73% decrease in housing prices relative to their counterparts. The result reflects that at least 71% of expected property tax liabilities are capitalized into housing prices in a year. These changes also imply a large wealth redistribution as large as 2.68 years of average disposable income across homeowners.</p></div>\",\"PeriodicalId\":48196,\"journal\":{\"name\":\"Regional Science and Urban Economics\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":3.5000,\"publicationDate\":\"2024-07-02\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Regional Science and Urban Economics\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S016604622400070X\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Regional Science and Urban Economics","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S016604622400070X","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"ECONOMICS","Score":null,"Total":0}
This paper investigates the extent of property tax capitalization in the context of a progressive property tax pilot in Shanghai. I utilize a difference-in-differences approach by comparing neighborhoods with different tax rates before and after the implementation of the property taxes. Neighborhoods with a 0.2 percentage point higher marginal property tax rate experience a roughly 2.73% decrease in housing prices relative to their counterparts. The result reflects that at least 71% of expected property tax liabilities are capitalized into housing prices in a year. These changes also imply a large wealth redistribution as large as 2.68 years of average disposable income across homeowners.
期刊介绍:
Regional Science and Urban Economics facilitates and encourages high-quality scholarship on important issues in regional and urban economics. It publishes significant contributions that are theoretical or empirical, positive or normative. It solicits original papers with a spatial dimension that can be of interest to economists. Empirical papers studying causal mechanisms are expected to propose a convincing identification strategy.