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Real Estate Transfer Taxes and Property Values: The Philadelphia Story

Author

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  • Benjamin, John D
  • Coulson, N Edward
  • Yang, Shiawee X

Abstract

We examine the effect of the 1988 increase in the Philadelphia real estate transfer tax on the sale price of residential property. We find that sales prices fell, as expected. While sampling variability is slightly higher than desirable, the point estimate of the key coefficient indicates a decrease in house price far greater than what would be expected with perfect capital markets. This may be attributed to either capital market imperfections or the news value of the tax increase. The burden of the transfer tax thus rests on the seller. Copyright 1993 by Kluwer Academic Publishers

Suggested Citation

  • Benjamin, John D & Coulson, N Edward & Yang, Shiawee X, 1993. "Real Estate Transfer Taxes and Property Values: The Philadelphia Story," The Journal of Real Estate Finance and Economics, Springer, vol. 7(2), pages 151-157, September.
    • Handle: RePEc:kap:jrefec:v:7:y:1993:i:2:p:151-57
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    Cited by:

    1. Wojciech Kopczuk & David Munroe, 2015. "Mansion Tax: The Effect of Transfer Taxes on the Residential Real Estate Market," American Economic Journal: Economic Policy, American Economic Association, vol. 7(2), pages 214-257, May.
    2. Fritzsche, Carolin & Vandrei, Lars, 2019. "The German real estate transfer tax: Evidence for single-family home transactions," Regional Science and Urban Economics, Elsevier, vol. 74(C), pages 131-143.
    3. Ghent, Andra C., 2021. "What’s wrong with Pittsburgh? Delegated investors and liquidity concentration," Journal of Financial Economics, Elsevier, vol. 139(2), pages 337-358.
    4. Carolin Fritzsche & Lucas Rohleder, 2017. "Effekte von Änderungen der Grunderwerbsteuer – Ein Überblick über die Ergebnisse internationaler Studien," ifo Dresden berichtet, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 24(05), pages 09-14, October.
    5. Terri A. Sexton, 2008. "Taxing Property Transactions versus Taxing Property Ownership," International Center for Public Policy Working Paper Series, at AYSPS, GSU paper0820, International Center for Public Policy, Andrew Young School of Policy Studies, Georgia State University.
    6. Guillaume Bérard & Alain Trannoy, 2017. "The Impact of a Rise in the Real Estate Transfer Taxes on the French Housing Market," AMSE Working Papers 1732, Aix-Marseille School of Economics, France.
    7. Lozano Navarro, Francisco-Javier & Idrovo Aguirre, Byron, 2023. "Shocks regulatorios al mercado inmobiliario de Chile: ¿Cuánto del IVA a la vivienda se transfiere a precio de venta? [Regulatory shocks to housing market: How much of the Chilean VAT on housing sal," MPRA Paper 120017, University Library of Munich, Germany.
    8. Muhammad Adil Rauf & Olaf Weber, 2022. "Housing Sustainability: The Effects of Speculation and Property Taxes on House Prices within and beyond the Jurisdiction," Sustainability, MDPI, vol. 14(12), pages 1-19, June.
    9. Manning Clifford & John Freebairn, 2021. "Stamp duty and equity in Australia," Melbourne Institute Working Paper Series wp2021n08, Melbourne Institute of Applied Economic and Social Research, The University of Melbourne.
    10. Tri Vi Dang & Xiaoxi Liu & Florian Morath, 2022. "Taxation, Information Acquisition, and Trade in Decentralized Markets: Theory and Test," Working Papers 2022-08, Faculty of Economics and Statistics, Universität Innsbruck.
    11. Benjamin Dachis & Gilles Duranton & Matthew A. Turner, 2008. "Sand in the Gears: Evaluating the Effects of Toronto's Land Transfer Tax," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 277, December.
    12. Ian Davidoff & Andrew Leigh, 2013. "How Do Stamp Duties Affect the Housing Market?," The Economic Record, The Economic Society of Australia, vol. 89(286), pages 396-410, September.
    13. Muhammad Adil Rauf & Bruce Frayne, 2024. "Affordable Housing – Challenges and Constraints for Local Governance in Canada," Journal of Sustainable Development, Canadian Center of Science and Education, vol. 17(1), pages 103-103, January.
    14. Benjamin Dachis, 2012. "Stuck in Place: The Effect of Land Transfer Taxes on Housing Transactions," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 364, October.
    15. Lester, T. William, 2013. "Dedicating new real estate transfer taxes for energy efficiency: A revenue option for scaling up Green Retrofit Programs," Energy Policy, Elsevier, vol. 62(C), pages 809-820.
    16. Vivekananda Mukherjee, 2013. "Determinants of Stamp Duty Revenue in Indian States," South Asian Journal of Macroeconomics and Public Finance, , vol. 2(1), pages 33-58, June.
    17. Chu, Shiou-Yen, 2018. "Macroeconomic policies and housing market in Taiwan," International Review of Economics & Finance, Elsevier, vol. 58(C), pages 404-421.

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