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Taxation Housing Markets And The Markets For Building Land
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Book Synopsis Taxation, Housing Markets, and the Markets for Building Land by : Bernd Gutting
Download or read book Taxation, Housing Markets, and the Markets for Building Land written by Bernd Gutting and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 146 pages. Available in PDF, EPUB and Kindle. Book excerpt: Almost everywhere in the world housing policies play an important role in government programs. Especially in the industrialized Western economies housing policy issues are triggered mainly by two developments: growing population density and increasing environmental pollution enforce a systematic planning of regional and urban development; all social groups want to participate in the increasing welfare of the domestic economies; until today housing policy is considered an appropriate tool for redistribution and social policy. Taxation serves as an important instrument for the realization of the political objectives mentioned above. Surprisingly, there exists wide-spread consent (even on the academic side) on the effectivity of this instrument. However, strictly speaking this consent concerns only the short run. Long-term effects are usually ignored. Therefore, there is always the inherent risk in these policies that (supposed) market inefficiencies will not be cured, but merely carried forward, and possibly amplified. Moreover, it is characteristic for the political discussion that there is no consistent notion of what efficient housing and land markets ought to look like. Generally accepted for example, is the position that land speculation should be fought whereever possible. Hardly anyone asks the question whether the holding of building land will be beneficial to the economy as a whole, and not only to the speculant.
Book Synopsis Housing Markets and the Economy by : Karl E. Case
Download or read book Housing Markets and the Economy written by Karl E. Case and published by Lincoln Inst of Land Policy. This book was released on 2009 with total page 417 pages. Available in PDF, EPUB and Kindle. Book excerpt: Based on the work of Karl "Chip" Case, who is renowned for his scientific contributions to the economics of housing and public policy, this is a must read during a time of restructuring our nation's system of housing finance.
Book Synopsis Housing Crisis and State and Local Government Tax Revenue by : Byron Lutz
Download or read book Housing Crisis and State and Local Government Tax Revenue written by Byron Lutz and published by DIANE Publishing. This book was released on 2011-05 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: State and local government tax revenues dropped steeply following the most severe housing market contraction since the Great Depression. The authors identify five main channels through which the housing market affects state and local tax revenues: property tax revenues, transfer tax revenues, sales tax revenues, and personal income tax revenues. They find that property tax revenues do not tend to decrease following house price declines. The other four channels have had a relatively modest effect on state tax revenues. These channels jointly reduced tax revenues by $15 billion from 2005 to 2009, which is about 2% of total state own-source revenues in 2005. Charts and tables. This is a print on demand publication.
Book Synopsis Taxation and the Owner Occupied Housing Market by : Michael Ball
Download or read book Taxation and the Owner Occupied Housing Market written by Michael Ball and published by . This book was released on 1990 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Intra-area Equity in Property Taxation by : John M. Clapp
Download or read book Intra-area Equity in Property Taxation written by John M. Clapp and published by . This book was released on 1976 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Understanding German Real Estate Markets by : Tobias Just
Download or read book Understanding German Real Estate Markets written by Tobias Just and published by Springer Science & Business Media. This book was released on 2012-01-03 with total page 409 pages. Available in PDF, EPUB and Kindle. Book excerpt: Real estate is the biggest real asset class in an economy, and Germany is the biggest economy in Europe. This implies opportunities as well as specific risks for investors and policy makers. As the German real estate markets have by and large been spared severe disruptions in the course of the economic crisis, many questions arise for investors and academics alike. What are the key institutional characteristics of the German real estate markets that make it different? What are the short and long-term drivers of demand and supply? Which regional and functional market segments are most likely to outperform in the next few years? What are the most important pitfalls for investors in Germany? This book gives answers to these and many more questions. The editors have invited a broad range of extensively knowledgeable practitioners and academics from across the relevant real estate spectrum, i.e. economic, legal, tax, planning and financing issues, to express their views. There is no better English publication that gives such a profound and simultaneously entertaining overview of Germany’s real estate markets.
Book Synopsis Can Property Taxes Reduce House Price Volatility? Evidence from U.S. Regions by : Mr.Tigran Poghosyan
Download or read book Can Property Taxes Reduce House Price Volatility? Evidence from U.S. Regions written by Mr.Tigran Poghosyan and published by International Monetary Fund. This book was released on 2016-11-27 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: We use a novel dataset on effective property tax rates in U.S. states and metropolitan statistical areas (MSAs) over the 2005–2014 period to analyze the relationship between property tax rates and house price volatility. We find that property tax rates have a negative impact on house price volatility. The impact is causal, with increases in property tax rates leading to a reduction in house price volatility. The results are robust to different measures of house price volatility, estimation methodologies, and additional controls for housing demand and supply. The outcomes of the analysis have important policy implications and suggest that property taxation could be used as an important tool to dampen house price volatility.
Book Synopsis Essays on Housing Markets, Housing Market Policies, and Taxation by : Shahar Rotberg
Download or read book Essays on Housing Markets, Housing Market Policies, and Taxation written by Shahar Rotberg and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis collects three papers studying topics related to housing markets, taxation, and macroeconomics. In Chapter 1, I study how capital and housing should be taxed. I formulate a housing model where credit is limited and the ability to invest capital varies across households. I calibrate the model to U.S. data and use it to determine the effect of housing and capital income taxation on the housing market and societal welfare. My main finding is that housing should be taxed at a positive rate and capital income should be subsidized. On the one hand, the housing tax raises housing costs for both renters and home-owners. On the other hand, the capital income subsidy encourages the most productive households to increase their capital investments, and thus, wages paid to labor rise. Since wages rise more rapidly than housing costs, overall welfare rises. In Chapter 2, I examine the misallocation of residential land in Israel and its implications for income taxation and societal welfare. I develop a methodology to calibrate a housing model to a transition path of over 50 years of Israeli data on land sales and show that Israel's government substantially oversold land and could have reduced its income tax rate by 1.8 percentage points. Restricting land sales is optimal because initial retired households own little land, initial housing demand is low and grows faster than interest rates, and because of the need to preserve land for large future generations. In Chapter 3, I explore the effect of wage income expectations on housing prices. I build a housing model, calibrate it to U.S. data, and show that wage income expectations alone can explain about 20% of the 2008 boom-bust in U.S. housing prices. The result is an outcome of households' perception that their expected life-time wage income is going up (down) during a sequence of good (bad) income shocks, which leads to a rapid increase (decrease) in housing demand and thus housing prices. This phenomenon is absent with rational expectations.
Book Synopsis A Study of Property Taxes and Urban Blight: Report to U. S. Dept. of Housing & Urban Development by : Arthur D. Little, Inc
Download or read book A Study of Property Taxes and Urban Blight: Report to U. S. Dept. of Housing & Urban Development written by Arthur D. Little, Inc and published by . This book was released on 1973 with total page 356 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis House Price Developments in Europe by : Angana Banerji
Download or read book House Price Developments in Europe written by Angana Banerji and published by International Monetary Fund. This book was released on 2008-09-01 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: House prices in Europe have shown diverging trends, and this paper seeks to explain these differences by analyzing three groups of countries: the "fast lane", the average performers, and the slow movers. Price movements in the first two groups are found to be driven mostly by income and trends in user costs, and housing markets in these countries seem relatively more susceptible to adverse developments in fundamentals. Real house price declines among the slow movers are harder to explain, although ample supply, low home ownership, and less complete mortgage markets are likely factors. The impact of macroeconomic, prudential and structural policies on housing markets can be large and should be a factor in policy decisions.
Book Synopsis Applying Research to Policy Issues in Distressed Housing Markets: Data-Driven Decision Making by : Firschein, Joseph
Download or read book Applying Research to Policy Issues in Distressed Housing Markets: Data-Driven Decision Making written by Firschein, Joseph and published by Federal Reserve Bank of Cleveland. This book was released on 2015-06-01 with total page 210 pages. Available in PDF, EPUB and Kindle. Book excerpt: A compilation of research published by the Federal Reserve Bank of Cleveland on housing markets experiencing foreclosure and/or a large number of vacant properties which sheds light on a wide range of housing markets. It provides possible policy solutions applicable to both regional and national policy discussions.
Book Synopsis Property Tax Reductions to Diminish as Housing Market Improves by :
Download or read book Property Tax Reductions to Diminish as Housing Market Improves written by and published by . This book was released on 2014 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Assessing the Theory and Practice of Land Value Taxation by : Richard F. Dye
Download or read book Assessing the Theory and Practice of Land Value Taxation written by Richard F. Dye and published by Lincoln Inst of Land Policy. This book was released on 2010 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: The land value tax is the focus of this Policy Focus Report, Assessing the Theory and Practice of Land Value Taxation. A concept dating back to Henry George, the land value tax is a variant of the property tax that imposes a higher tax rate on land than on improvements, or taxes only the land value. Many other types of changes in property tax policy, such as assessment freezes or limitations, have undesirable side effects, including unequal treatment of similarly situated taxpayers and distortion of economic incentives. The land value tax can enhance both the fairness and the efficiency of property tax collection, with few undesirable effects; land is effectively in fixed supply, so an increase in the tax rate on land value will raise revenue without distorting the incentives for owners to invest in and use their land. A land value tax has also been seen as a way to combat urban sprawl by encouraging density and infill development. Authors Richard F. Dye and Richard W. England examine the experience of those who have implemented the land value tax -- more than 30 countries around the world, and in the United States, several municipalities dating back to 1913, when the Pennsylvania legislature permitted Pittsburgh and Scranton to tax land values at a higher rate than building values. A 1951 statute gave smaller Pennsylvania cities the same option to enact a two-rate property tax, a variation of the land value tax. About 15 communities currently use this type of tax program, while others tried and rescinded it. Hawaii also has experience with two-rate taxation, and Virginia and Connecticut have authorized municipalities to choose a two-rate property tax. The land value tax has been subjected to studies comparing jurisdictions with and without it, and to legal challenges. A land value tax also raises administrative issues, particularly in the area of property tax assessments. Land value taxation is an attractive alternative to the traditional property tax, especially to much more problematic types of property tax measures such as assessment limitations, the authors conclude. A land value tax is best implemented if local officials use best assessing practices to keep land and improvement values up to date; phase in dual tax rates over several years; and include a tax credit feature in those communities where land-rich but income-poor citizens might suffer from land value taxation.
Book Synopsis The Routledge Companion to International Housing Markets by : Magnus Andersson
Download or read book The Routledge Companion to International Housing Markets written by Magnus Andersson and published by Routledge. This book was released on 2022-06-22 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is a lack of international comparative housing studies, possibly because it requires thorough knowledge of the real estate market in question. This book brings together scholars with knowledge of different national markets in order to facilitate comparisons for real estate and housing and urban studies scholars and practitioners. By studying international markets using new data as well as new analysis of existing data, the chapters in this book present insights into the institutional constraints on national housing markets. Specifically, the contributors seek to examine the role of institutional factors and their influence on transaction costs in these markets. Exhibiting a diverse range of geographical, legal, and economic perspectives, the countries are grouped together based on legal institutional similarities, and each group includes an introduction and a conclusion highlighting similarities and differences from the institutional perspective. The book is divided into 3 parts: Part I sets the theoretical context and the reasons for writing a book focusing on national housing markets. Part II presents national markets from the perspective of the transaction process and covers Europe, North and South America, East Asia, the Pacific, and Africa. Part III contains conclusions with a critical discussion on how to compare national housing markets and a reflection on future directions of housing markets in an increasingly competitive international environment. The Routledge Companion to International Housing Markets is essential reading for academics and professionals in housing studies, real estate, economics, and urban studies.
Book Synopsis The Housing Crisis and State and Local Government Tax Revenue by : Byron F. Lutz
Download or read book The Housing Crisis and State and Local Government Tax Revenue written by Byron F. Lutz and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: State and local government tax revenues dropped steeply following the most severe housing market contraction since the Great Depression. We identify five main channels through which the housing market affects state and local tax revenues: property tax revenues, transfer tax revenues, sales tax revenues (including a direct effect through construction materials and an indirect effect through the link between housing wealth and consumption), and personal income tax revenues. We find that property tax revenues do not tend to decrease following house price declines. We conclude that the resilience of property tax receipts is due to significant lags between market values and assessed values of housing and the tendency of policy makers to offset declines in the tax base with higher tax rates. The other four channels have had a relatively modest effect on state tax revenues. We calculate that these channels jointly reduced tax revenues by $15 billion from 2005 to 2009, which is about 2 percent of total state own-source revenues in 2005. We conclude that the recent contraction in state and local tax revenues has been driven primarily by the general economic recession, rather than the housing market per-se.
Book Synopsis The Property Tax, Land Use, and Land Use Regulation by : Dick Netzer
Download or read book The Property Tax, Land Use, and Land Use Regulation written by Dick Netzer and published by Edward Elgar Publishing. This book was released on 2003 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt: This text brings together essays by scholars connecting the property tax with land use. They explore the idea that the property tax is used as a partial substitute for land use regulation and other policies designed to affect how land is utilized. Like many economists, the contributors see some type of property taxation as the more efficient means of helping to shape land use. Some of the essays analyze a conventional property tax, while others consider radically different systems of property taxation. context of a dynamic model of real estate markets. The remaining papers examine how various tax mechanisms and non-tax alternatives to regulating and determining land use, such as zoning and private neighbourhood associations, complement or substitute for one another. Urban planners and economists interested in local public finance should find this a useful study.
Book Synopsis Urban Land and Property Markets in France by : Rodrigo Acosta
Download or read book Urban Land and Property Markets in France written by Rodrigo Acosta and published by Routledge. This book was released on 2018-05-20 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt: Originally published in 1994, Urban Land and Property Markets in the United Kingdom, adopts a perspective that encompasses the distinctive nature of the legal framework, land law, property market and procedures of Scotland, England and Wales. The book provides detailed accounts of the structure of property, planning and tax law governing urban land and property markets, registration procedures and transactions charges, market processes and how they all work in practice. The book is based on a report commissioned by the German Federal Government as part of a five-country study completed in 1991.
