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<p>This research consolidates three views of property tax incidence into a dynamic stochastic general equilibrium (DSGE) model and analyzes the effects of property tax shocks on housing markets. We show that the elasticity of substitution between residential housing (owner-occupied) and investment housing (non-owner-occupied) plays an important role for the&#xa0;incidence of the property tax. When applying the model to Taiwan’s housing tax reform, the results indicate that the implementation of a hoarding tax on investment housing fails to curb the investment housing price; the tax effect is passed on to the residential housing price when investment housing and residential housing are considered as complements. A tax on residential housing can effectively moderate residential housing consumption and residential housing prices.</p>

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Property tax incidence and housing market in Taiwan

  • 期刊论文

  • 出版模式：

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  • 发表日期：

    2026年7月16日

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  • Shiou-Yen Chu

摘要

This research consolidates three views of property tax incidence into a dynamic stochastic general equilibrium (DSGE) model and analyzes the effects of property tax shocks on housing markets. We show that the elasticity of substitution between residential housing (owner-occupied) and investment housing (non-owner-occupied) plays an important role for the incidence of the property tax. When applying the model to Taiwan’s housing tax reform, the results indicate that the implementation of a hoarding tax on investment housing fails to curb the investment housing price; the tax effect is passed on to the residential housing price when investment housing and residential housing are considered as complements. A tax on residential housing can effectively moderate residential housing consumption and residential housing prices.