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Taxes and the fundamental value of houses

Date

Authors

Madsen, Jakob

Publisher

Elsevier

Abstract

This paper constructs a general equilibrium model of housing prices which can be used to analyze the effects of various taxes on house prices and housing stock. It is shown that taxes have effects on the housing market that are quite different from the effects generated from the conventional user-cost-based models. Empirical estimates for the US show that taxes are highly influential for house prices in the short run as well as in the long run.

Keywords

Keywords: empirical analysis; general equilibrium analysis; housing market; investment; tax system; North America; United States House prices; Housing investment; Taxes; Tobin's q

URI

http://hdl.handle.net/1885/19208

Collections

ANU Research Publications

Source

Regional Science and Urban Economics

Type

Journal article

DOI

10.1016/j.regsciurbeco.2009.01.004

Restricted until

2037-12-31

Downloads

File

Description

01_Madsen_Taxes_and_the_fundamental_2009.pdf (433.89 KB)