Property Tax and Housing Returns

This paper evaluates the effects of property tax on housing. While land tax and capital gains tax are widely used for curbing hoarding of land and speculation, its effectiveness is inconclusive. The imposition of a capital gains tax will impair the liquidity of property transaction, lower the rate of return on property investment, and reduce revenue from land sales which represents an important tax resource for the communities. This paper shows that a capital gains tax is capitalized into housing prices. Individuals tend to postpone the purchase of houses because of transaction taxes. Using an impulse response function, we show that a transaction tax has a dynamic negative impact on housing returns. While this paper focuses on Hong kong, for the purpose of comparison Singapore and Taiwan are also discussed.     

Challenges to the Ideal Property Tax

A bstract . In the 19th century state-appointed tax revision commissions began to influence the reform of the property tax. By 1893, some 28 commissions had been appointed. Their remarkably similar calls for reform set the parameters for much of the academic research in the 20th century when this tax instrument was transformed from a local tax to a federal-state-local exaction. As now administered, the property tax is no longer a unified tax. Separate assessment criteria make it a tax on mines, utilities, business property, household personalty and on housing. The latter is modified in different ways by homestead exemption (41 states), circuit breakers (50 sates) and use of classified schedules (17 states). Along with unprofessional and inaccurate assessments as well as politicized assessment practices, this has changed the tax to a general title for disparate fiscal activities in the 68,000 jurisdictions that use the property tax.     

对开征物业税的几点质疑

为建立和健全我国财产税体系，我国正在酝酿新一轮的房地产税制改革，择机出台物业税。本对物业税的开征能否抑制当今的高房价，能否成为地方财政的主体税种，物业税可能会带来哪些负效应进行分析，并结合我国的实际情况提出相关的政策建议。     

论物业税与现行房地产税收的关系

目前房价居高不下,政府调控房地产市场的措施陆续出台,在众多调控措施中,备受关注的一项措施是开征物业税。在开征物业税的过程中,必然会涉及到如何处理物业税与现行房地产税收的关系。对此,专家学者从不同角度发表了各自的看法。本文认为,现行的房产税、城镇土地使用税、城市维护建设税、教育费附加应该并入物业税,耕地占用税应并入土地出让金,土地增值税应该取消或并入物业税,契税应继续保留。我国应该通过正确处理物业税与现行房地产税收的关系,健全房地产税收体系。     

关于物业税征收目的和效应之辨析

本文讨论了物业税的征收目的和物业税所产生的效应之差别，以及在实践中区分这些概念的意义。     

Assessment Lags and Property Tax Impacts

Abstract . A major administrative problem of the property tax is the difficulty of maintaining current assessments. If real estate is not reassessed as market values change, then the real tax rates on market value will diverge from the statutory rates. Within any taxing jurisdiction those properties with the highest rate of increase in market value will be taxed at the lowest real rate, while those with the lowest (including negative) rate of increase in market value will be taxed at the highest real rate. This investigation develops a straightforward method for calculating differentials in effective tax rates and describes the economic impacts of these differentials.     

Public Choice and Land Tax Fairness

Land value taxation (LVT) as desirable U.S. tax policy was brilliantly set forth by the American publicist and economist, Henry George, in the book Progress and Poverty, published 100 years ago. Economists concerned with state and local taxation have generally accepted the basic elements of George's analysis. The absence of substantial LVT legislation despite the economic efficiency and ethical strengths of land as a tax base arises from two sources. First, the public perception of land has not separated land's attributes from those possessed by other property. Second, land ownership data have not been gathered and publicized. Groups favoring taxes that promote economic justice and efficiency should support efforts to develop land ownership data. It would be an important first step toward fully utilizing the potential of LVT.     

On the Degree of Property Tax Assessment Inequity in Complex Tax Jurisdictions

A bstract . The extent of interest in the degree of inequity in property assessment is indicative of the importance of identifying determinants of assessment inequity. Previous attempts to identify such determinants were certainly incomplete. An additional variable is offered for the list that would be expected to explain statistically the degree of inequity in the distribution of property tax liabilities , in general, and to examine specifically the relationship between assessment, inequity and the degree of complexity for assessing Jurisdictions. The latter are often complex in the sense that individual properties, although subject to a set of two or more nominal tax rates on assessed values, are not subject to the same set of nominal tax rates. It is argued—to the extent that individual property tax liabilities are capitalized in sale prices for individual properties —that the greater the number of specific property tax rates on assessed value , the greater is the expected frequency of change in such specific property tax rates and, therefore, the higher the expected value of the measure of the degree of inequity.     

高覆盖率保障房建设的融资方式

高覆盖率保障房制度,是彻底解决住房问题的唯一途径.要建立这一体系,关键就是要解决大规模融资的问题.否则,覆盖率就无法提高,分配就不可能公平,保障房制度就无法持续,甚至引发社会问题.“先租后售”保障房模式,为大规模利用市场资本建设保障房提供了基础.通过发行资产担保债券(Covered Bonds),结合公积金制度,就可以为绝大多数新增城市居民建设保障房提供融资.为此需要对现有的制度进行相应的改造.     

Property Tax Assessment Rates and Residential Abandonment

A bstract Netghbothood abandonment rates is New York City are predieted Within a model which investigates the imporatnce of property tax assessments building conditions adn tenant characteristies in owners'abandonment decision The results indicate that tax assessment rate are a mojor determinant of abon donment, and point to policy changes capable of showing the spread of aban donment in vulnerble netghbot hoods     

税收增量融资:芝加哥的案例与启示

税收增量融资(TIF)是美国城市政府最常用的公共融资工具之一,提供了一套利用存量土地的增量收益来为公共项目融资的机制。这与我国地方利用增量土地开发的土地融资模式形成了鲜明的对比。尽管我国并不具有财产税的制度基础,房产税的制定也才刚提上议程,但税收增量所内涵的逻辑仍能为我们提供有益的启发和前瞻性的价值。借鉴TIF的机制,地方可以探索新的融资来源,搭建更完善的PPP框架,以至建立更合理的区域合作和利益分享机制。     

房产税经济效应测度研究

假设开发商满足理性人假设,利用数理模型分析了在其追求利润最大化时,开征房产税所产生的经济效应。研究发现,房产税不但会降低商品房租金价格和销售价格,还可以在增加消费者剩余、减少开发商利润的同时,带来税收收入的增加和社会福利的增进。