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題名 論房屋稅資本化情形—以臺北市調整房屋標準單價為例
An Analysis of House Tax Capitalization—Evidence from a Substantial Increase in the Standard Value of Houses in Taipei作者 張雅雯
Chang, Ya-Wen貢獻者 陳國樑
Chen, Kuo-Liang
張雅雯
Chang, Ya-Wen關鍵詞 房屋稅
租稅資本化
資本化程度
house tax
tax capitalization
degree of capitalization日期 2023 上傳時間 1-Dec-2023 11:51:57 (UTC+8) 摘要 本研究分析臺北市房屋稅資本化 (capitalization) 現象並估算資本化程度，運用2012年8月1日至2022年12月31日臺北市不動產買賣交易資料，對照臺北市政府稅捐稽徵處公告計算房屋課稅現值所需之要素，建構不動產交易資料結合房屋課稅現值之資料庫，並自行計算房屋稅稅額及房屋稅有效稅率。 普通最小平方法 (ordinary least squares；OLS) 研究結果顯示，當房屋稅有效稅率上升1% 時，整體房屋交易價格下跌1.07%；適用新標準單價的房屋下跌幅度 (4.21%) 比適用舊標準單價的房屋下跌幅度 (0.98%) 來得更大。全體房屋、適用新標準單價之房屋及適用舊標準單價之房屋資本化程度則分別是2.77%、11.46% 及2.53%。此外，斷點迴歸設計 (regression discontinuity design；RDD) 再次確認不動產交易價格及房屋稅有效稅率呈現負向關係，門檻處也有觀察到適用新標準單價會使不動產交易價格產生不連續下跌及房屋稅有效稅率出現不連續上升的狀況。 綜上，房屋稅有效稅率對於不動產交易價格呈現顯著負相關，惟資本化程度偏低，代表所增加的房屋稅大多數已轉嫁予購屋者承擔，未來政府在制定房屋稅政策時，應將租稅轉嫁情形納入考量。
This paper examines the impact of house taxes on housing prices and estimate the degree of house tax capitalization in the Taipei City. We compiled a comprehensive database encompassing real estate transaction records from the period of August 1, 2012, to December 31, 2022, and for each of the observations, we calculated the current values of the house, together with the corresponding house tax liability. The results of ordinary least squares (OLS) suggest that for a one percentage point increase in the house tax effective tax rate, there is a 1.07% reduction in the price of all properties. The reduction in prices is more pronounced for properties subject to the new standard value of houses (4.21%) when compared to the reduction in prices of properties subject to the old standard value of houses (0.98%). The degrees of capitalization vary accordingly, which are 2.77% for all properties, 11.46% for properties subject to the new standard value of houses, and 2.53% for properties subject to the old standard value of houses. In addition, results from the regression discontinuity design (RDD) analysis confirm the negative relationship between the effective tax rates and the prices of properties. Furthermore, we find a discontinuous decline in transaction prices and an increase in the house tax effective tax rate at the cutoff of the introduction of the new standard value of houses. In summary, this study demonstrates a negative association between the effective tax rate of house tax and the transaction price of properties. However, the low degree of capitalization suggests that a substantial portion of the increase in the house tax liability is shifted to home buyers. In the discussion of the house tax reform, tax incidence is a key element to be considered.參考文獻 李明軒、林祖嘉與鄭輝培 (2022)，「不動產有效稅率對於房地產市場價量影響之探討：臺灣縣市級資料之應用」，《住宅學報》，31，1–27。 李若維 (2021)，《不動產價格與財產稅資本化之研究》，國立政治大學財政學系碩士論文。 李佳臻 (2022)，《以財稅資料分析臺灣地價稅資本化情形：縣市合併的準實驗》，國立政治大學財政學系碩士論文。 林祖嘉與林素菁 (1994)，「台灣地區住宅需求價格彈性與所得彈性之估計」，《住宅學報》，2，25–48。 林雯琪與陳奉瑤 (2020)，「不動產持有稅與住宅價格關係之研究—以桃園市中壢區為例」，《財稅研究》，49，42–57。 洪世洋 (2020)，《高層住宅景觀陽臺設計現況調查與建議研究—以高雄市為例》，東方設計大學室內設計系居住整合設計所碩士論文。 俞錚 (2020)，《農地面積管制政策轉變對農地價格之影響—台灣之實證研究》，國立政治大學地政學系碩士論文。 陳玠安 (2019)，《房屋稅有效稅率對建物價格之影響—以台北市萬華區為例》，國立政治大學財政學系碩士論文。 許明翔 (2018)，《城市邊界與房價差異–以雙北地區為例》，國立成功大學經濟系碩士論文。 陳亞筠 (2019)，《我國不動產稅制及地方支出對不動產市場價格之影響》，國立臺北大學財政學系碩士論文。 陳美辰 (2015)，《地方支出及不動產持有稅對房價影響之實證分析》，國立高雄應用科技大學財富與稅務管理系碩士在職專班碩士論文。 陳建新 (2020)，《囤房稅對房價的影響-合成控制法的應用》，國立臺中科技大學財政稅務系租稅管理與理財規劃碩士班碩士論文。 陳國樑 (2023)，「【專家之眼】囤房稅2.0是為選票客製的假正義」，聯合報，取自：https://rer.nccu.edu.tw/article/detail/2208091849862 彭建文、吳森田與吳祥華 (2007)，「不動產有效稅率對房價影響分析—以台北市大同區與內湖區為例」，《臺灣土地研究》，10，49–66。 傅健豪與曾中信 (2021)，「以財稅資料分析台灣不動產稅制公平性」，《經濟論文》，49，411–444。 楊子霆 (2018)，「簡介 Regression Discontinuity Design：理論與應用」，《會計審計論叢》，8，29–48。 謝文盛 (2000)，《公共支出,租稅收入與住宅市場之研究》，國立政治大學經濟學系博士論文。 Calonico, S., M. Cattaneo, and M. Farrell (2017), “Rdrobust: Software for Regression-Discontinuity Designs,” The Stata Journal, 17, 372–404. Calonico, S., M. Cattaneo, and M. Farrell (2020), “Optimal Bandwidth Choice for Robust Bias-Corrected Inference in Regression Discontinuity Designs,” The Econometrics Journal, 23, 192–210. Cattaneo, M., N. Idrobo, and R. Titiunik (2019), “A Practical Introduction to Regression Discontinuity Designs: Foundations,” in M. Alverez and N. Beck (eds.), Elements in Quantitative and Computational Methods for the Social Sciences, 1–105, Cambridge: Cambridge University Press. Edel, M. and E. Sclar (1974), “Taxes, Spending, and Property Values: Supply Adjustment in a Tiebout-Oates Model,” Journal of Political Economy, 82, 941–954. Elinder, M. and L. Persson (2017), “House Price Responses to A National Property Tax Reform,” Journal of Economic Behavior & Organization, 144, 18–39. Goodman, A. and T. Thibodeau (1998), “Housing Market Segmentation,” Journal of Housing Economics, 7, 121–143. Hahn, J., P. Todd, and W. Van der Klaauw (2001), “Identification and Estimation of Treatment Effects with a Regression-Discontinuity Design,” Econometrica, 69, 201–209. Høj, A., M. Jørgensen and P. Schou (2018), “Land Tax Changes and Full Capitalisation,” Fiscal Studies, 39, 365–380. Hodge, T. and T. Komarek (2016), “Capitalizing on Neighborhood Enterprise Zones: Are Detroit Residents Paying for the NEZ Homestead Exemption?,” Regional Science and Urban Economics, 61, 18–25. Krantz, D., R. Weaver, and T. Alter (1982), “Residential Property Tax Capitalization: Consistent Estimates Using Micro-Level Data,” Land Economics, 58, 488–496. Lee, D. and T. Lemieux (2010), “Regression Discontinuity Designs in Economics,” Journal of Economic Literature, 48, 281–355. Livy, M. (2018), “Intra-School District Capitalization of Property Tax Rates,” Journal of Housing Economics, 41, 227–236. Oates, W. (1969), “The Effects of Property Taxes and Local Public Spending on Property Values: An Empirical Study of Tax Capitalization and the Tiebout Hypothesis,” Journal of Political Economy, 77, 957–971. Palmon, O. and B. Smith (1998), “New Evidence on Property Tax Capitalization,” Journal of Political Economy, 106, 1099–1111. Richardson, D. and R. Thalheimer (1981), “Measuring the Extent of Property Tax Capitalization for Single Family Residences,” Southern Economic Journal, 47, 674–689. Stull, W. and J. Stull (1991), “Capitalization of Local Income Taxes,” Journal of Urban Economics, 29, 182–190. Tiebout, C. (1956), “A Pure Theory of Local Expenditures,” Journal of Political Economy, 64, 416–424. 描述 碩士
國立政治大學
行政管理碩士學程
110921080資料來源 http://thesis.lib.nccu.edu.tw/record/#G0110921080 資料類型 thesis dc.contributor.advisor 陳國樑 zh_TW dc.contributor.advisor Chen, Kuo-Liang en_US dc.contributor.author (Authors) 張雅雯 zh_TW dc.contributor.author (Authors) Chang, Ya-Wen en_US dc.creator (作者) 張雅雯 zh_TW dc.creator (作者) Chang, Ya-Wen en_US dc.date (日期) 2023 en_US dc.date.accessioned 1-Dec-2023 11:51:57 (UTC+8) - dc.date.available 1-Dec-2023 11:51:57 (UTC+8) - dc.date.issued (上傳時間) 1-Dec-2023 11:51:57 (UTC+8) - dc.identifier (Other Identifiers) G0110921080 en_US dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/148519 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 行政管理碩士學程 zh_TW dc.description (描述) 110921080 zh_TW dc.description.abstract (摘要) 本研究分析臺北市房屋稅資本化 (capitalization) 現象並估算資本化程度，運用2012年8月1日至2022年12月31日臺北市不動產買賣交易資料，對照臺北市政府稅捐稽徵處公告計算房屋課稅現值所需之要素，建構不動產交易資料結合房屋課稅現值之資料庫，並自行計算房屋稅稅額及房屋稅有效稅率。 普通最小平方法 (ordinary least squares；OLS) 研究結果顯示，當房屋稅有效稅率上升1% 時，整體房屋交易價格下跌1.07%；適用新標準單價的房屋下跌幅度 (4.21%) 比適用舊標準單價的房屋下跌幅度 (0.98%) 來得更大。全體房屋、適用新標準單價之房屋及適用舊標準單價之房屋資本化程度則分別是2.77%、11.46% 及2.53%。此外，斷點迴歸設計 (regression discontinuity design；RDD) 再次確認不動產交易價格及房屋稅有效稅率呈現負向關係，門檻處也有觀察到適用新標準單價會使不動產交易價格產生不連續下跌及房屋稅有效稅率出現不連續上升的狀況。 綜上，房屋稅有效稅率對於不動產交易價格呈現顯著負相關，惟資本化程度偏低，代表所增加的房屋稅大多數已轉嫁予購屋者承擔，未來政府在制定房屋稅政策時，應將租稅轉嫁情形納入考量。 zh_TW dc.description.abstract (摘要) This paper examines the impact of house taxes on housing prices and estimate the degree of house tax capitalization in the Taipei City. We compiled a comprehensive database encompassing real estate transaction records from the period of August 1, 2012, to December 31, 2022, and for each of the observations, we calculated the current values of the house, together with the corresponding house tax liability. The results of ordinary least squares (OLS) suggest that for a one percentage point increase in the house tax effective tax rate, there is a 1.07% reduction in the price of all properties. The reduction in prices is more pronounced for properties subject to the new standard value of houses (4.21%) when compared to the reduction in prices of properties subject to the old standard value of houses (0.98%). The degrees of capitalization vary accordingly, which are 2.77% for all properties, 11.46% for properties subject to the new standard value of houses, and 2.53% for properties subject to the old standard value of houses. In addition, results from the regression discontinuity design (RDD) analysis confirm the negative relationship between the effective tax rates and the prices of properties. Furthermore, we find a discontinuous decline in transaction prices and an increase in the house tax effective tax rate at the cutoff of the introduction of the new standard value of houses. In summary, this study demonstrates a negative association between the effective tax rate of house tax and the transaction price of properties. However, the low degree of capitalization suggests that a substantial portion of the increase in the house tax liability is shifted to home buyers. In the discussion of the house tax reform, tax incidence is a key element to be considered. en_US dc.description.tableofcontents 第壹章 緒論 1 第一節 研究背景 1 一、國泰房地產指數 1 二、房價所得比 3 三、購屋貸款年齡 3 四、不動產稅制變革 5 第二節 研究動機與目的 8 第三節 研究架構 10 第貳章 文獻回顧 11 第一節 租稅轉嫁與財產稅理論 11 第二節 資本化文獻探討 12 第三節 房屋標準單價變革 21 第參章 研究方法 25 第一節 資料特性 25 一、樣本來源 25 二、樣本篩選 26 三、房屋課稅現值及有效稅率之計算 29 第二節 普通最小平方法 30 第三節 斷點迴歸設計 36 第四節 敘述性統計 38 第肆章 實證結果 41 第一節 普通最小平方 法 41 第二節 斷點迴歸設計 43 第三節 資本化程度計算 49 第伍章 結論與建議結論與建議 53 參考文獻 56 附錄 60 zh_TW dc.format.extent 3259975 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0110921080 en_US dc.subject (關鍵詞) 房屋稅 zh_TW dc.subject (關鍵詞) 租稅資本化 zh_TW dc.subject (關鍵詞) 資本化程度 zh_TW dc.subject (關鍵詞) house tax en_US dc.subject (關鍵詞) tax capitalization en_US dc.subject (關鍵詞) degree of capitalization en_US dc.title (題名) 論房屋稅資本化情形—以臺北市調整房屋標準單價為例 zh_TW dc.title (題名) An Analysis of House Tax Capitalization—Evidence from a Substantial Increase in the Standard Value of Houses in Taipei en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 李明軒、林祖嘉與鄭輝培 (2022)，「不動產有效稅率對於房地產市場價量影響之探討：臺灣縣市級資料之應用」，《住宅學報》，31，1–27。 李若維 (2021)，《不動產價格與財產稅資本化之研究》，國立政治大學財政學系碩士論文。 李佳臻 (2022)，《以財稅資料分析臺灣地價稅資本化情形：縣市合併的準實驗》，國立政治大學財政學系碩士論文。 林祖嘉與林素菁 (1994)，「台灣地區住宅需求價格彈性與所得彈性之估計」，《住宅學報》，2，25–48。 林雯琪與陳奉瑤 (2020)，「不動產持有稅與住宅價格關係之研究—以桃園市中壢區為例」，《財稅研究》，49，42–57。 洪世洋 (2020)，《高層住宅景觀陽臺設計現況調查與建議研究—以高雄市為例》，東方設計大學室內設計系居住整合設計所碩士論文。 俞錚 (2020)，《農地面積管制政策轉變對農地價格之影響—台灣之實證研究》，國立政治大學地政學系碩士論文。 陳玠安 (2019)，《房屋稅有效稅率對建物價格之影響—以台北市萬華區為例》，國立政治大學財政學系碩士論文。 許明翔 (2018)，《城市邊界與房價差異–以雙北地區為例》，國立成功大學經濟系碩士論文。 陳亞筠 (2019)，《我國不動產稅制及地方支出對不動產市場價格之影響》，國立臺北大學財政學系碩士論文。 陳美辰 (2015)，《地方支出及不動產持有稅對房價影響之實證分析》，國立高雄應用科技大學財富與稅務管理系碩士在職專班碩士論文。 陳建新 (2020)，《囤房稅對房價的影響-合成控制法的應用》，國立臺中科技大學財政稅務系租稅管理與理財規劃碩士班碩士論文。 陳國樑 (2023)，「【專家之眼】囤房稅2.0是為選票客製的假正義」，聯合報，取自：https://rer.nccu.edu.tw/article/detail/2208091849862 彭建文、吳森田與吳祥華 (2007)，「不動產有效稅率對房價影響分析—以台北市大同區與內湖區為例」，《臺灣土地研究》，10，49–66。 傅健豪與曾中信 (2021)，「以財稅資料分析台灣不動產稅制公平性」，《經濟論文》，49，411–444。 楊子霆 (2018)，「簡介 Regression Discontinuity Design：理論與應用」，《會計審計論叢》，8，29–48。 謝文盛 (2000)，《公共支出,租稅收入與住宅市場之研究》，國立政治大學經濟學系博士論文。 Calonico, S., M. Cattaneo, and M. Farrell (2017), “Rdrobust: Software for Regression-Discontinuity Designs,” The Stata Journal, 17, 372–404. Calonico, S., M. Cattaneo, and M. Farrell (2020), “Optimal Bandwidth Choice for Robust Bias-Corrected Inference in Regression Discontinuity Designs,” The Econometrics Journal, 23, 192–210. Cattaneo, M., N. Idrobo, and R. Titiunik (2019), “A Practical Introduction to Regression Discontinuity Designs: Foundations,” in M. Alverez and N. Beck (eds.), Elements in Quantitative and Computational Methods for the Social Sciences, 1–105, Cambridge: Cambridge University Press. Edel, M. and E. Sclar (1974), “Taxes, Spending, and Property Values: Supply Adjustment in a Tiebout-Oates Model,” Journal of Political Economy, 82, 941–954. Elinder, M. and L. Persson (2017), “House Price Responses to A National Property Tax Reform,” Journal of Economic Behavior & Organization, 144, 18–39. Goodman, A. and T. Thibodeau (1998), “Housing Market Segmentation,” Journal of Housing Economics, 7, 121–143. Hahn, J., P. Todd, and W. Van der Klaauw (2001), “Identification and Estimation of Treatment Effects with a Regression-Discontinuity Design,” Econometrica, 69, 201–209. Høj, A., M. Jørgensen and P. Schou (2018), “Land Tax Changes and Full Capitalisation,” Fiscal Studies, 39, 365–380. Hodge, T. and T. Komarek (2016), “Capitalizing on Neighborhood Enterprise Zones: Are Detroit Residents Paying for the NEZ Homestead Exemption?,” Regional Science and Urban Economics, 61, 18–25. Krantz, D., R. Weaver, and T. Alter (1982), “Residential Property Tax Capitalization: Consistent Estimates Using Micro-Level Data,” Land Economics, 58, 488–496. Lee, D. and T. Lemieux (2010), “Regression Discontinuity Designs in Economics,” Journal of Economic Literature, 48, 281–355. Livy, M. (2018), “Intra-School District Capitalization of Property Tax Rates,” Journal of Housing Economics, 41, 227–236. Oates, W. (1969), “The Effects of Property Taxes and Local Public Spending on Property Values: An Empirical Study of Tax Capitalization and the Tiebout Hypothesis,” Journal of Political Economy, 77, 957–971. Palmon, O. and B. Smith (1998), “New Evidence on Property Tax Capitalization,” Journal of Political Economy, 106, 1099–1111. Richardson, D. and R. Thalheimer (1981), “Measuring the Extent of Property Tax Capitalization for Single Family Residences,” Southern Economic Journal, 47, 674–689. Stull, W. and J. Stull (1991), “Capitalization of Local Income Taxes,” Journal of Urban Economics, 29, 182–190. Tiebout, C. (1956), “A Pure Theory of Local Expenditures,” Journal of Political Economy, 64, 416–424. zh_TW
