Recurrent property taxes and house price risks

Martin O'Brien (), David Staunton and Michael Wosser
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Michael Wosser: Central Bank of Ireland

No 4/EL/22, Economic Letters from 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.

Date: 2022-07
New Economics Papers: this item is included in nep-pbe, nep-pub, nep-rmg and nep-ure
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