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Real Estate Transfer Taxes and Property Values: The Philadelphia Story

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

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

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Article provided by Springer in its journal Journal of Real Estate Finance & Economics.

Volume (Year): 7 (1993)
Issue (Month): 2 (September)
Pages: 151-57

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Handle: RePEc:kap:jrefec:v:7:y:1993:i:2:p:151-57
Contact details of provider: Web page: http://www.springerlink.com/link.asp?id=102945

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