Real Estate Transfer Taxes and Property Values: The Philadelphia Story

John D Benjamin, N. Edward Coulson and Shiawee X Yang

The Journal of Real Estate Finance and Economics, 1993, vol. 7, issue 2, 57 pages

Abstract: 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

Date: 1993
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