The Impact of Integrated Housing and Land Taxation on Domestic Housing Prices

• Main Authors: Yu-Ting Chou, 周宥廷
• Other Authors: Yen-Ju Lin
• Format: Others
• Language: zh-TW
• Published: 2018
• Online Access: http://ndltd.ncl.edu.tw/handle/ext73v

碩士 === 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 === 106 === Housing problem such as high housing prices, high vacancy rate, and high homeownership rates is severely increased in Taiwan recently. In order to solve the living problems, Taiwan government amend the tax law and legislate "The Integrated Housing and Land Taxation" on January 1, 2016. The new taxation imposes the heavy tax on the short-swing trader and flipping real estate holder for reducing property speculation, making housing prices tend to the reasonable price level, promoting domestic fairness in the real estate tax system, and finally defending the living justice. Based on the ordinary least squares, this study conduct an empirical model in which the 2014-2017 Cathay Real Estate Indexes are dependent variables, The main variables in independent variables are economic variables, including Consumer Price Index （CPI）, Gross Domestic Product （GDP）, Money Supply （M2）, Issuance of Construction Licensed Floor Area （PE）, Stock Price Index （Stock）, etc. variable. As the purpose of this study is to explore the effect of the impact of integrated housing and land taxation on domestic housing prices, the integrated housing and land taxation were set as a dummy variable. This study period was divided into two phases, namely pre-implementation from January 2014 to December 2015 and after implementation of the policy from January 2016 to December 2017. In addition, there are seven research regions in Taiwan, Taipei, New Taipei City, Taoyuan and Hsinchu City, Taichung City, Tainan City and Kaohsiung City. There are 48 samples in each region. According to the empirical results that the implementation of Integrated Housing and Land Taxation has caused the overall housing price to decline slightly in Taiwan overall house prices and has the inhibitory effect on local house prices. However, the effectiveness of each district is different. Among them, the Integrated Housing and Land Taxation has led to a slight decrease in housing prices in Taipei, New Taipei City, and Tainan, but in Taoyuan and Hsinchu City, Taichung City, and Kaohsiung City, the effect is limited, only slow down the upward trend. However, as far as the two-year implementation results are concerned, it appears that there are achievements that make short-swing trader less likely to the hype, but we hope that this result will not be a flash in the pan. Looking ahead, this policy will allow Taiwan’s house price ratio to fall to the normal range, enabling the market to Return to normal demand for home ownership and investment.