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The Impact of Economic Growth on the Immovable Property Tax: Evidence from Panel Data for OECD Countries
Wu, Wen Chieh
immovable property tax
|Issue Date: ||2016-07-20 17:11:54 (UTC+8)|
|Abstract: ||本文旨在通過研究不動產稅收對經濟增長的反應揭示其充足性、穩定性以及週期性特徵。本文採用LSDV模型對OECD 34個國家1970年代以來的面板資料進行迴歸分析，結果顯示： GDP每增長1%，不動產稅收入增長0.720%，而不動產稅收占總稅收的比重無顯著變化。不動產稅收產出彈性小，收入長期成長慢於其他稅收和GDP，無法為地方政府提供充足財源。經濟衰退時不動產稅下降幅度相對較小，在總體稅收中的占比穩定，在全球經濟衰退風險增加的情況下，不動產的穩定性能在短期內為地方公共服務提供可靠財源。經濟成長對不動產稅收占GDP比重影響並不顯著，因此不具有明顯的週期性，無法發揮逆週期調節作用，而且經濟成長在景氣好與壞時對不動產稅收的影響具有不對稱性，相比減緩衰退，不動產稅收更難抑制景氣過熱。房價和家庭持有不動產價值的GDP彈性分別為1.909和1.396，而不動產稅收的房價和家庭持有不動產價值彈性卻僅為0.116和0.282，因此不動產稅收的弱充足、強穩定與非週期性質主要來源於稅基評估與稅率調整制度，而不是房地產資產市場。要改變不動產稅收與經濟成長聯結弱的狀況，需要改變不動產稅稅基評估滯後狀況以及減少不動產稅基和稅率調整面臨的諸多限制性規定。|
This thesis aims to reveal the adequacy, stability and cyclical properties of the immovable property tax through studying its responses to economic growth. The LSDV model is used to examine the panel data of 34 OECD countries since the 1970s. The regression results show that for every 1% growth of GDP, the immovable property tax revenue increases by 0.720%, but the proportion of immovable property tax in total tax revenue does not significantly change. Thus, the immovable property tax is lack of GDP elasticity, and its growth in long term is slower than other taxes and GDP, which means it can not ensure adequate revenues for local governments. In the other hand, the negligible change of the proportion of immovable property tax in total tax during the recession period provides comparatively stable revenues in short term, especially when the recession risk is rising at present. The tax burden measured by the proportion of immovable property tax in GDP is not effected significantly by the business cycle.So, the immovable property tax is a- cyclical. In addition, the impact of economic growth on the immovable property tax is asymmetric. Compared to slowing a recession, it is less likely for the immovable property tax to prevent an economy from overheating. The GDP elasticities of housing price and the value of households’ immovable assets are respectively1.909 and 1.396, while the market value elasticities of the tax revenue are only 0.116 and 0.282. So, the immovable property tax’s inadequacy, stability and a-cyclical properties come mainly from the process of tax base assessment and the system of tax rate adjustment, rather than the real estate market. To strengthen the connection between immovable property tax and economic growth, governments must decrease various restrictions and assessment lags of the immovable property tax.
|Reference: ||吳明彥 (2010)，《總體景氣波動對我國地方政府租稅努力之不對稱影響-以土地稅為例》，國立政治大學財政研究所碩士學位論文。|
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|Source URI: ||http://thesis.lib.nccu.edu.tw/record/#G0103255035|
|Data Type: ||thesis|
|Appears in Collections:||[財政學系] 學位論文|
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