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<p>To limit excessive real estate speculation and curb rising real estate property prices in Taiwan, in June 2011, the government imposed a transaction tax (i.e., the Specifically Selected Goods and Services Tax; SSGST) on short-term real estate transactions. The findings in the literature on the effects of transaction taxation on housing prices are inconsistent. To investigate the influence of the SSGST on real estate market prices in Taiwan, we adopted the hedonic pricing model, which can be used to determine the effects of houses’ intrinsic characteristics on their prices, and used merged administrative data. The results demonstrate that the special ad valorem tax was effective in reducing housing prices in short-term transactions, with larger declines observed at higher tax rates. Furthermore, its influence gradually extended to the broader housing market. However, housing prices in municipalities under the control of the central government were less sensitive to the SSGST policy.</p>

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Influence of a special tax-cooling measure on housing prices in Taiwan: a hedonic pricing model with consideration of the spillover effect

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  • 发表日期：

    2025年7月1日

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  • Yiwen Yang

摘要

To limit excessive real estate speculation and curb rising real estate property prices in Taiwan, in June 2011, the government imposed a transaction tax (i.e., the Specifically Selected Goods and Services Tax; SSGST) on short-term real estate transactions. The findings in the literature on the effects of transaction taxation on housing prices are inconsistent. To investigate the influence of the SSGST on real estate market prices in Taiwan, we adopted the hedonic pricing model, which can be used to determine the effects of houses’ intrinsic characteristics on their prices, and used merged administrative data. The results demonstrate that the special ad valorem tax was effective in reducing housing prices in short-term transactions, with larger declines observed at higher tax rates. Furthermore, its influence gradually extended to the broader housing market. However, housing prices in municipalities under the control of the central government were less sensitive to the SSGST policy.