Taxation on Land Value and Development When There Are Negative Externalities from Development

This article employs a real options framework to investigate the design of taxation on both land value and development in a competitive real estate market. We assume that developed properties reduce open space, and thereby harm urban residents. However, ignoring this negative externality, landowners will develop properties sooner than is socially optimal. A regulator can correct this tendency by imposing a positive tax on development or a negative tax on land value. Alternatively, the regulator can implement both instruments simultaneously, in which case an increase in the tax rate on development will be accompanied by an increase in the tax rate on land value, and vice versa.

房产税对宏观经济的影响效应研究

本文扩展Dong et al.(2019)通过企业家对住房地产和实体经济投资进行资产组合决策,把房价、投资、消费和产出等重要经济指标纳入主流新凯恩斯框架,考虑银行能否区分贷款是投入实体经济还是房地产业两种情形,分析了房产税引入住房市场前后对宏观经济的影响效应。研究结果表明:开征房产税对房地产开发投资、房价和新住房生产具有明显的抑制作用,对实体经济投资则具有正挤入效应增加和负抵押效应减少的双重效应。从短期看,当银行无法区分企业贷款是投入实体经济还是房地产业时,因前期的负抵押效应大于正挤入效应,总实物资本减少,产出下降;当可清晰区分二者时,负抵押效应变为小于正挤入效应,总实物资本增加,产出上升。鉴于推出房产税对宏观经济影响较为复杂,应充分权衡利弊,采取必要辅助措施趋利避害。     

房产税对宏观经济的影响效应研究

本文扩展Dong et al.(2019)通过企业家对住房地产和实体经济投资进行资产组合决策,把房价、投资、消费和产出等重要经济指标纳入主流新凯恩斯框架,考虑银行能否区分贷款是投入实体经济还是房地产业两种情形,分析了房产税引入住房市场前后对宏观经济的影响效应。研究结果表明:开征房产税对房地产开发投资、房价和新住房生产具有明显的抑制作用,对实体经济投资则具有正挤入效应增加和负抵押效应减少的双重效应。从短期看,当银行无法区分企业贷款是投入实体经济还是房地产业时,因前期的负抵押效应大于正挤入效应,总实物资本减少,产出下降;当可清晰区分二者时,负抵押效应变为小于正挤入效应,总实物资本增加,产出上升。鉴于推出房产税对宏观经济影响较为复杂,应充分权衡利弊,采取必要辅助措施趋利避害。     

中央与地方在物业税税权划分中的博弈行为研究

物业税又称房地产税或者不动产税,主要是针对房屋、土地等不动产,要求其承租人或保有者每年都按物业评估价值缴付一定税款。本文利用博弈分析的方法,分析了即将开征的物业税和中央与地方政府财政分权之间的关系,并得出结论,由于信息不对称,物业税的开征所带来的效率损失是在所难免的,其开征的关键还在于理清中央和地方政府之间的财税关系。     

Local property tax differences and business real estate values

This article posits a model of the effect of differences in changes in local property tax rates on changes in the business real estate tax base. It is also hypothesized that changes in the tax base influence changes in the property tax rate. Empirical findings for metropolitan Chicago are that both differences in property tax changes and levels have large effects on the growth of the value of business real estate. Also, changes in the property tax rate are found to depend upon changes in the tax base as well as the property tax level and its previous change.     

物业税开征的先决条件之一:房地产产权制度的改革与完善

明晰的房地产产权关系以及相应完善的管理制度是开征物业税不可缺少的重要条件。本文探讨了物业税与房地产产权管理的一般关系,针对我国房地产产权管理现状存在的问题,提出了开展房地产产权登记普查、逐步统一城乡房地产产权管理制度等政策建议。     

浅议城市房地产税中土地使用权的计税依据

城市房地产税的计税依据是企业账载的房屋原值,土地使用权是房屋价值的重要组成部分。由于土地和房屋的使用年限不同,并且存在道路、绿化等独立于房屋之外的土地,如何在时间和空间上界定城市房地产税中土地使用权的计税依据,本文结合税法及企业会计制度的现行规定,根据城市房地产税的立法精神,对此问题进行了阐述。     

Real estate transfer taxes and property values: The Philadelphia story

We examine the effect of the 1988 increase in the Philadelphia real estate transfer tax on the sale price of residential property. We find that sales prices fell, as expected. While sampling variability is slightly higher than desirable, the point estimate of the key coefficient indicates a decrease in house price far greater than what would be expected with perfect capital markets. This may be attributed to either capital market imperfections or the news value of the tax increase. The burden of the transfer tax thus rests on the seller.     

Avoiding Taxes at Any Cost: The Economics of Tax-Deferred Real Estate Exchanges

This study examines the role tax-deferred exchanges play in the determination of reservation and transaction prices in U.S. commercial real estate markets. Taxpayers face significant time constraints when seeking to complete a delayed tax-deferred exchange. In a perfectly competitive market, a weakened bargaining position would not affect the transaction price. However, in illiquid, highly segmented commercial real estate markets, the exchanger may be required to pay a premium for the acquired property relative to its fair market value. Using a unique and rich dataset of commercial property transactions, we find that tax-motivated exchange buyers pay significantly more, on average, than non-exchange investors for their apartment and office properties, all else equal. Moreover, these average price premiums generally exceed the tax deferral benefits investors obtain by the use of a tax-deferred exchange. This result is robust to a number of alternative specifications. Thus, for many investors the pursuit of tax avoidance comes at a steep price.     

完善我国现行不动产税制的基本构想

十六届三中全会中有关改革不动产税制的提法,引起了全社会的广泛关注.我国现行不动产税制主要有城镇土地使用税、房产税及对外资企业征收的城市房地产税等.本文在对我国现行不动产税制存在问题进行分析的基础上,借鉴西方发达国家开征不动产税的经验,指出我国不动产税制改革方向.     

我国开征物业税有关问题的研究

《中共中央关于完善社会主义市场经济若干问题的决定》中提出:“实施城镇建设税费改革, 条件具备时对不动产开征统一规范的物业税,相应取消有关收费。”物业税的开征成为新一轮税制改革诸项税改举措中令理论界、实业界、普通百姓重点关注的内容。本文重点分析了我国现行房地产税制的现状及存在的主要问题,论述了开征物业税的难点和必要性,并对我国开征物业税提出了初步设想。     

美、英、日财产税税制特征和对我国的启示

本文首先介绍了美国、英国、日本三国财产税的基本情况,并总结了各国财产税税制设计的特征,在此基础上,剖析了我国房地产税制现存的问题,对我国开征物业税提出了相关政策建议。     

To Invest or not to Invest: A real options approach to FDIs and tax competition

Foreign investment decisions of firms are often characterized by investment irreversibility, uncertainty, and the ability to choose the optimal timing of foreign investments. We embed these characteristics into a real option theory framework to analyze international competition among countries to attract mobile investments when firms, after the investment is sunk, can shift profit to low tax countries by transfer pricing. We find that an increase in the uncertainty of profit income reduces the equilibrium tax rates, whilst lower investment costs or larger profits, counteracts the negative fiscal externality of tax competition leading to higher equilibrium tax rates. JEL Code H25     

美国马里兰州财产税税制概况及特点

财产税是美国地方政府的主体税种。本文系统介绍了美国马里兰州财产税税制的概况及特点,并对我国建立物业税制度提出了一些建议,如物业税税制宜简不宜繁、对个人房地产应设立较轻的税负、加强评税机构及相关制度的建设、在试点的基础上逐步开征物业税等。     

Real estate development as an option

Subject to legal limitations, the owner of undeveloped real estate can determine both the date and density at which to develop his property. Alternatively, he can abandon his property. The value of these options depends partly on the stochastic evolution through time of the operating revenues and construction costs of developed property. In this paper the option pricing problem is solved analytically and numerically for the optimal data and density of development, the optimal date of abandonment, and the resulting market values of the developed and undeveloped properties.     

Neutral Property Taxation Under Uncertainty

In a framework where no uncertainty arises, Arnott (J Publ Econ Theor 7:27–50, 2005) investigates a neutral property taxation policy that will not affect a landowner’s choices of capital intensity and timing of development. We investigate the same issue, but allow rents on structures to be stochastic over time. We assume that a regulator implements taxation on capital, vacant land, and post-development property so as to expropriate a certain ratio of pre-tax site value as well as to achieve neutrality. We find that the optimal taxation policy is to tax capital and subsidize properties before and after development. We also investigate how this optimal policy changes in response to changes in several exogenous forces related to demand and supply conditions of the real estate market.

开征物业税对我国房地产市场的影响分析

开征物业税有利于转变政府职能,使政府的税源更依赖于环境的建设,而不是过多地依赖于土地出让;有利于减轻开发商在房地产开发初期的资金压力,降低其经营风险,吸引更多的开发商进入,促进房地产业的竞争,增进消费者福利;有利于鼓励和实现房地产的自住性需求;有利于抑制房地产市场的投资和投机行为。但由于开征物业税会导致房地产开发成本和进入壁垒降低,也可能造成房地产开发过度,产生房地产泡沫。     

房地产税收的一般经济分析

房地产税作为地方政府理想的收入来源,对于实质性财政分权制度的建立具有非常重要的作用。关于房地产税的税负归宿问题,理论界存在三种不同的观点。但这三种观点并不是相互排斥的,在不同的情况下,每种观点可能都是有效的。按照现代资产定价理论,房地产税收通过改变住宅投资的预期增值,从而影响住宅资产价格的走势。     

Depreciation-Related Capital Gains,Differential Tax Rates,and the Market Value of Real Estate Investment Trusts

We develop a model for valuing U.S. real estate investment trusts (REITs) that considers the tax liability impounded in REITs’ property portfolios. This liability is a function of the portfolio’s accumulated depreciation and is driven by different tax rates applied to individual components of the total gain from property sales. These two components are the capital gain resulting from the sale of property at a price higher than its cost and the gain due to the recapture of depreciation taken during the use of the property. Our measure of value is the REIT’s net asset liquidation value (NALV). The metric of REIT value currently used by analysts is a REIT’s net asset value (NAV), but a REIT’s NAV will always be greater than the NALV and therefore overestimate market value, all else equal. Finally, using observed market prices for REITs, we provide evidence that NALVs give superior estimates of REIT market prices than do NAVs.     

开征物业税对房地产巿场的影响——基于省际面板数据的分析

从理论方面分析开征物业税对房地产市场的影响可以看出,物业税对房地产市场的短期影响是降低房价,而长期影响则不显著;实证方面,以1999~2008年我国30个省份的面板数据为样本,对商品房价格与拟开征物业税之间的相关关系做进一步研究的结果表明,房地产市场价格与物业税之间存在负相关关系,且开征物业税对不同地区房地产价格的影响存在差异。因此,与现行房地产税相比,物业税的开征会对房价起到更明显的抑制作用,可以缓解房地产市场过热,抑制房地产市场泡沫,有利于实现房地产市场的良性运作。