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Taxes and the User Cost of Capital for Owner-Occupied Housing

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Author Info
Patric H. Hendershott
Joel Slemrod

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Abstract

Owner-occupied housing is said to be favored in the tax code because mortgage interest and property taxes can be deducted in the computation of one's income tax base in spite of the fact that the returns from owner- occupied housing = not taxed. The special tax treatment reduces the user cost of capital for owner-occupied homing. The issue treated in this paper is the measurement of the tax rate to be employed in the user cost calculations. It is argued that different tax rates am appropriate for the tenure choice and quantity-demanded decisions, and that these values depend on the detailed tax position of the household and the method of finance. Average 1977 tax rates for households in different income ranges are calculated using the NBER TAXSIM microeconomic data file on individual tax returns

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 0929.

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Date of creation: Sep 1983
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Handle: RePEc:nbr:nberwo:0929

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  1. Todd Sinai & Joseph Gyourko, 2001. "The Spatial Distribution of Housing-Related Tax Benefits in the United States," NBER Working Papers 8165, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  2. Kaizoji, Taisei, 2009. "Root Causes of The Housing Bubble," MPRA Paper 16807, University Library of Munich, Germany. [Downloadable!]
  3. Patric H. Hendershott & David C. Ling, 1985. "The Administration Tax Reform Proposal and Housing," NBER Working Papers 1740, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  4. Edward L. Glaeser & Joseph Gyourko, 2006. "Housing Dynamics," NBER Working Papers 12787, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  5. Christian A.L. Hilber, 2003. "Neighborhood externality risk and the homeownership status of properties," Proceedings, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
    Other versions:
  6. Donald R. Haurin & Patric H. Hendershott & David C. Ling, 1989. "Homeownership Rates of Married Couples: An Econometric Investigation," NBER Working Papers 2305, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  7. Patric H. Hendershott & Gwilym Pryce, 2005. "The Sensitivity of Homeowner Leverage to the Deductibility of Home Mortgage Interest," NBER Working Papers 11489, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  8. Patric H. Hendershott, 1985. "Tax Reform, Interest Rates and Capital Allocation," NBER Working Papers 1708, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  9. Charles Himmelberg & Christopher Mayer & Todd Sinai, 2005. "Assessing High House Prices: Bubbles, Fundamentals, and Misperceptions," NBER Working Papers 11643, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  10. Todd Sinai & Nicholas S. Souleles, 2005. "Owner-occupied housing as a hedge against rent risk," Working Papers 05-10, Federal Reserve Bank of Philadelphia. [Downloadable!]
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  11. Andrea Finicelli, 2007. "House price developments and fundamentals in the United States," Questioni di Economia e Finanza (Occasional Papers) 7, Bank of Italy, Economic Research Department. [Downloadable!]
  12. Patric H. Hendershott, 1989. "Household Formation and Home Ownership: The Impacts of Demographics andTaxes," NBER Working Papers 2375, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  13. Stephen H. Shore & Todd Sinai, 2005. "Commitment, Risk, and Consumption: Do Birds of a Feather Have Bigger Nests?," NBER Working Papers 11588, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  14. Steven C. Bourassa & Donald R. Haurin & R. Jean Haurin & Patric H. Hendershott, 1993. "Independent Living and Homeownership: An Analysis of Australian Youth," NBER Working Papers 4450, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  15. Donald R. Haurin & Patric H. Hendershott & Dongwook Kim, 1990. "Tenure Choice of American Youth," NBER Working Papers 3310, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  16. Harvey S. Rosen & Kenneth T. Rosen & Douglas Holtz-Eakin, 1984. "Housing Tenure, Uncertainty, and Taxation," NBER Working Papers 1168, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  17. Joel Slemrod, 1986. "The Impact of Tax Reform on Households," NBER Working Papers 1765, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  18. Todd Sinai & Joseph Gyourko, 2004. "The (Un)changing Geographical Distribution of Housing Tax Benefits: 1980 to 2000," NBER Working Papers 10322, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  19. Joel Slemrod, 1984. "A General Equilibrium Model of Taxation That Uses Micro-Unit Data: Withan Application to the Impact of Instituting a Flat-Rate Income Tax," NBER Working Papers 1461, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  20. Patric H. Hendershott, 1986. "Tax Changes and Capital Allocation in the 1980s," NBER Working Papers 1911, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  21. Jonathan Skinner, 1989. "Housing Wealth and Aggregate Saving," NBER Working Papers 2842, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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