The Effect of the Tax Reform Act of 1986 and Regional Economies on Apartment Values

Stanley D. Smith () and Larry R. Woodward ()
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Stanley D. Smith: Department of Finance College of Business Administration University of Central Florida Orlando, Florida 32816-1400, http://www.bus.ucf.edu/finance/
Larry R. Woodward: School of Business University of Mary Hardin-Baylor Belton, Texas 76513, http://www.umhb.edu/programs/Degrees/Business.htm

Journal of Real Estate Research, 1996, vol. 11, issue 3, pages 259-276

Abstract: The theoretical effects of the Tax Reform Act of 1986 on commercial real estate have been widely written about; however, little empirical work has been done that actually measures the hypothesized effects. We find that, after controlling for general national economic conditions and regional effects, the effect of the Tax Act of 1986 was negatively related to apartment values. The magnitude of the effect was a function of the local vacancy rates and economic growth where those regions with slow economic growth and high vacancy rates were strongly affected.

JEL-codes: L85 (search for similar items in EconPapers)
Date: 1996
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