Arbeitspapier

Heterogeneous price and quantity effects of the real estate transfer tax in Germany

Using quarterly data for German counties, we study how housing prices and offers respond to higher transaction costs induced by tax increases. Since 2006, states can set their own tax rates on real estate transfers. Several and substantial tax hikes generate variation across time and states which we exploit in our empirical analysis using an event study design. Our results indicate that prices and offers decrease significantly by 3% and 6% already in the quarter in which the tax increase is announced in press but rise subsequently. Furthermore, we find heterogeneous responses when distinguishing between different types of counties. Housing prices decrease persistently in shrinking counties, while this is at most temporarily the case in growing, central and peripheral counties. This implies that the economic incidence of this tax varies across transactions.

Sprache
Englisch

Erschienen in
Series: Arbeitspapier ; No. 10/2020

Klassifikation
Wirtschaft
Taxation, Subsidies, and Revenue: General
Taxation and Subsidies: Incidence
State and Local Taxation, Subsidies, and Revenue
Other Spatial Production and Pricing Analysis
Production Analysis and Firm Location: Government Policy
Thema
Real estate transfer tax
real estate prices
housing market
tax incidence
anticipation effects

Ereignis
Geistige Schöpfung
(wer)
Christofzik, Désirée I.
Feld, Lars P.
Yeter, Mustafa
Ereignis
Veröffentlichung
(wer)
Sachverständigenrat zur Begutachtung der Gesamtwirtschaftlichen Entwicklung
(wo)
Wiesbaden
(wann)
2020

Handle
Letzte Aktualisierung
10.03.2025, 11:46 MEZ

Datenpartner

Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.

Objekttyp

  • Arbeitspapier

Beteiligte

  • Christofzik, Désirée I.
  • Feld, Lars P.
  • Yeter, Mustafa
  • Sachverständigenrat zur Begutachtung der Gesamtwirtschaftlichen Entwicklung

Entstanden

  • 2020

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