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Recurrent property taxes and house price risks

Author

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  • O'Brien, Martin

    (Central Bank of Ireland)

  • Staunton, David

    (Central Bank of Ireland)

  • Wosser, Michael

    (Central Bank of Ireland)

Abstract

Recurrent property taxes form part of the tax system in most advanced economies. In this Letter we examine whether these taxes have broader benefits in terms of reducing down-side risk to house prices, and the volatility of potential house price outcomes overall. The results suggest that such benefits do exist. Combined with the steadiness of these tax revenues through the economic cycle, fiscal authorities could benefit from appropriately calibrated recurrent property taxes while also contributing to wider economic and financial stability.

Suggested Citation

  • O'Brien, Martin & Staunton, David & Wosser, Michael, 2022. "Recurrent property taxes and house price risks," Economic Letters 4/EL/22, Central Bank of Ireland.
    • Handle: RePEc:cbi:ecolet:4/el/22
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    File URL: https://www.centralbank.ie/docs/default-source/publications/economic-letters/recurrent-property-taxes-and-house-price-risks.pdf?sfvrsn=6997971d_5
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    Cited by:

    1. Hallissey, Niamh & Killeen, Neill & Wosser, Michael, 2022. "Identifying and assessing systemic risks in Ireland: a review of the Central Bank’s toolkit," Financial Stability Notes 16/FS/22, Central Bank of Ireland.

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